Document:

License of Technology, dated January 21, 2002

 Exhibit 10.21 
  
 DATED 21 January 2002 
  
 (1) ISIS INNOVATION LIMITED 
  
 (2) UNIVERSITY OF OXFORD 
  
 (3) UNIVERSITY OF ST ANDREWS 
  
 (4) OPSYS LIMITED 
  
 LICENCE OF TECHNOLOGY 
  
 CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED FROM THIS DOCUMENT. SUCH OMISSIONS ARE NOTED BY
“[**]”. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN SUBMITTED SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION. 

 THIS AGREEMENT dated 21 January 2002 (the “Effective Date”) is made BETWEEN: 

 

	(1)	ISIS INNOVATION LIMITED (Company No. 2199542) whose registered office is at University Offices, Wellington Square, Oxford OX1 2JD, England (“Isis”);

  

	(2)	THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD whose administrative offices are at Wellington Square, Oxford OX1 2JD, England (“Oxford”);

  

	(3)	THE UNIVERSITY COURT OF THE UNIVERSITY OF ST ANDREWS, incorporated by the Universities (Scotland) Act 1899, as amended by the Universities (Scotland) Act 1966 and having its
principal office at College Gate, North Street, St Andrews, Fife, KY16 9AJ (“St. Andrews”); and 

  

	(4)	OPSYS LIMITED (Company No. 3426174) whose registered office is at Unit 8 Begbroke Business & Science Park, Sandy Lane, Yarnton, Kidlington, Oxfordshire 0X5 1PF (the
“Licensee”). 

  
 BACKGROUND: 
  

	(A)	Isis and the Licensee have entered into the following licence agreements (the “Original Licence Agreements”): 

  

									
	 	  	 Agreement Type

	  	 Date

	  	 Title

	  	 Schedule No

	i)	  	Licence	  	20 May 1999	  	Light emitting dendrimers	  	Schedule 1
	ii)	  	Licence	  	17 February 1998	  	Organo-metallic complexes	  	Schedule 2
	ii)	  	Licence	  	17 July 2000	  	Divalent lanthanide metal complexes	  	Schedule 3
	iv)	  	Research: clause 9.2	  	1 December 1998	  	Application of new organo-metallic materials to flat panel displays	  	Schedule 4
	v)	  	Licence	  	25 Jul 2000	  	Improved dendrimers	  	Schedule 5
	vi)	  	Licence	  	6 October 2000	  	Electroluminescent complexes of terbium and dysprosium	  	Schedule 6
	vii)	  	Research: clause 9.2	  	21 December 1999	  	Improving OLPs for light emitting devices	  	Schedule 7
	viii)	  	Research: clause 9.2	  	1 September 1999	  	Lanthanide complexes 1	  	Schedule 8
	ix)	  	Research: clause 9.2	  	1 September 1999	  	Lanthanide complexes 1	  	Schedule 9
	x)	  	Research: clause 9.2	  	1 September 1999	  	Lanthanide complexes 1	  	Schedule 10
	xi)	  	Research: clause 9.2	  	21 December 1999	  	Electroluminescent and transport properties of new phosphor materials	  	Schedule 11

	(B)	Isis and the Licensee now wish to terminate the Original Licence Agreements, in accordance with their terms, and enter into a new Agreement to license the Licensed Technologies (as
defined below). 

  

	(C)	Isis, Oxford and St Andrews (separately or together) may wish to license Licensed Technology to the Licensee in the future, and the Licensee may wish to acquire a Licence to that
Licensed Technology from those parties, and may do so by adding another Schedule to this Agreement in accordance with its terms. 

  
 AGREEMENT: 
  

	1.	TERMINATION OF LICENCE AGREEMENTS 

  
 Isis and the Licensee agree to terminate each of the Original Licence Agreements, according to their terms, as of the Effective Date. 
  

	2.	SUBJECT-MATTER 

  
 This Agreement relates to the technology described in each Schedule appended and to be appended to this Agreement (each a “Licensed
Technology”, collectively the “Licensed Technologies”). 
  

	3.	GRANT 

  
 The licensor described in each Schedule to this Agreement (the “Licensor”) grants to the Licensee licence (the
“Licence”) to license pursuant to clause 5.3 and to use each Licensed Technology in the territory described in each Schedule (the “Territory”) in the production, sale, leasing and other commercial exploitation of
any products and services (the “Licensed Products”, an expression which shall be taken to mean and include only products and services entirely or partially produced by means of or with the use of each Licensed Technology) in the
field described in each Schedule (the “Field”). Licensed Products shall be further defined as: 
  

	 	3.1	any lighting product or device, or display product or device which can be used to display, or otherwise present, digital or analogue data on a screen or viewing surface such
that it is visible or discernible by the human eye as a picture, page of text or other type of representation of the data or signal fed to the device (“Lighting & Display Products”); 

  

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	 	3.2	any chemical compound or polymer or blend of polymers or compounds, doped or co-polymerised, that uses or is composed of any or all of the Licensed Technologies
(“Materials”); and 

  

	 	3.3	any product, device or object which uses any of the Licensed Technologies in any field or for any use which is not otherwise included as a Lighting & Display Product or
Material (“Other Products”). 

  

	4.	UNDERTAKINGS BY THE LICENSOR 

  

	 	4.1	The Licensor will not license other undertakings to exploit a Licensed Technology in the Field. 

  

	 	4.2	Subject to clauses 4.3 and 4.4 (whichever is applicable), the Licensor itself will not exploit a Licensed Technology in the Field. 

  

	 	4.3	Where the Licensor is or includes Oxford and/or St Andrews, the Licensor reserves the right for its employees, students, agents and appointees to use and publish the
Licensor’s Licensed Technology for academic and research purposes (irrespective of fields): and this will include the right for the Licensor to use the Licensor’s Licensed Technologies as enabling technology in other research projects
(including projects which benefit from third-party funding). The Licensor will use reasonable endeavours to submit material intended for publication to the Licensee in writing not less than thirty (30) days in advance of the submission for
publication. The Licensee may request that submission for publication be delayed if such delay is necessary in order to protect the Licensee’s markets for Licensed Products. A delay imposed on submission for publication as a result of a request
made by the Licensee shall not exceed three (3) months from the date of receipt of the material by the Licensee, although the Licensee may ask for additional delay in the rare event that property rights would otherwise be lost. Notification of the
request for delay in submission for publication must be received by the Licensor within thirty (30) days after the receipt of the material by the Licensee, failing which the Licensor shall be free to assume that the Licensee has no objection to the
proposed publication. The material shall be deemed to have been received by the Licensee three (3) days after posting. 

  

	 	4.4	Where the Licensor is or includes Isis, the Licensor reserves the right to grant to Oxford a licence for Oxford and every employee, student, agent and appointee of Oxford, to
use and publish the Licensed Technology for academic and research purposes (irrespective of fields); and this will include the right for Oxford to use the Licensed Technologies as enabling technology in other research projects (including projects
which benefit 

  

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	 	    	from third-party funding). Oxford will use reasonable endeavours to submit material intended for publication to the Licensee in writing not less than thirty (30) days in advance of
the submission for publication. The Licensee may request that submission for publication be delayed if such delay is necessary in order to protect the Licensee’s markets for Licensed Products. A delay imposed on submission for publication as a
result of a request made by the Licensee shall not exceed three (3) months from the date of receipt of the material by the Licensee, although the Licensee may ask for additional delay in the rare event that property rights would otherwise be lost.
Notification of the request for delay in submission for publication must be received by the Licensor within thirty (30) days after the receipt of the material by the Licensee, failing which the Licensor shall be free to assume that the Licensee has
no objection to the proposed publication. The material shall be deemed to have been received by the Licensee three (3) days after posting. 

  

	 	4.5	Nothing in this Agreement shall prevent any registered student of Oxford or St Andrews from submitting for a degree of Oxford or St Andrews a thesis based on the Licensed
Technology, the examination of such a thesis by examiners appointed by Oxford or St Andrews, or the deposit of such a thesis in a library of Oxford or St Andrews in accordance with the relevant procedures of Oxford or St Andrews.

  

	 	4.6	Oxford and St Andrews insofar as they become aware of such information will communicate any improvements to the Licensed Technology which they are obliged to communicate to
the Licensee under any research agreements between Oxford and/or St Andrews and the Licensee which are relevant to the Field. An improvement for this purpose and for the purpose of Clause 5.5 shall be taken to be any development of a Licensed
Technology which, if commercially practised, would infringe and/or be covered by a claim being prosecuted in a patent application included in that Licensed Technology, or by a valid claim of an unexpired patent which issues in response to that
application. 

  

	 	4.7	The Licensor will use its reasonable endeavours not to divulge to third parties such of any know-how or reports marked as confidential communicated by the Licensee pursuant
to this Agreement except that this obligation shall not apply to anything which 

  

	 	4.7.1	is disclosed by any patents or published patent applications; or 

  

	 	4.7.2	is known to the Licensor before the Effective Date, and not impressed already with any obligation of confidentiality to the Licensee; or 

  

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	 	4.7.3	is or becomes publicly known without the fault of the Licensor; or 

  

	 	4.7.4	is obtained by the Licensor from a third party in circumstances where the Licensor has no reason to believe that there has been a breach of an obligation of confidentiality
owed to the Licensee; or 

  

	 	4.7.5	is independently developed by the Licensor; or 

  

	 	4.7.6	is approved for release in writing by an authorised representative of the Licensee; or 

  

	 	4.7.7	the Licensor is specifically required to disclose in order to fulfil an order of any Court of competent jurisdiction. 

  

	5.	UNDERTAKINGS BY THE LICENSEE 

  

	 	5.1	Subject to clause 5.3, the Licensee will use its reasonable endeavours not to divulge to third parties such of the know-how, reports and any other information marked as
confidential communicated by the Licensor pursuant to this Agreement (the “Confidential Technologies”) except that this obligation shall not apply to anything which 

  

	 	5.1.1	is disclosed by any patents or published patent applications included in the Licensed Technologies; or 

  

	 	5.1.2	is known to the Licensee before the Effective Date, and not impressed already with any obligation of confidentiality to the Licensor; or 

  

	 	5.1.3	is or becomes publicly known without the fault of the Licensee; or 

  

	 	5.1.4	is obtained by the Licensee from a third party in circumstances where the Licensee has no reason to believe that there has been a breach of an obligation of confidentiality
owed to the Licensor; or 

  

	 	5.1.5	is independently developed by the Licensee; or 

  

	 	5.1.6	is approved for release in writing by an authorised representative of the Licensor; or 

  

	 	5.1.7	the Licensee is specifically required to disclose in order to fulfil an order of any Court of competent jurisdiction. 

  

	 	5.2	The Licensee will not assign the Licence without the consent of the Licensor, provided that the Licensee may, without the consent of the 

  

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 Licensor, after the second anniversary of the Effective Date, assign this Agreement to a successor in
interest or a transferee of all or substantially all of the portion of the business to which this Agreement relates, after giving the Licensor reasonable prior written notice of such assignment, including a note of the name and address of the
assignee. 
  

	 	5.3	The Licensee may grant sub-licences and may disclose to sub-licensees such of the Confidential Technologies as is necessary for the exercise of the rights sub-licensed. No
sub-licence will carry any right to sub-sub-license without the prior consent of the Licensor which shall not be unreasonably withheld or delayed. Except that the Licensee may grant a sub-licence to Opsys US Corporation that, for so long as Opsys US
Corporation is a wholly owned subsidiary of the Licensee, shall carry the right to grant sub-sub-licences. Immediately following the grant of each sub-licence, the Licensee will forward to the Licensor in writing a note of the name and address of
the sub-licensee, a description of the technology sub-licensed and its intended applications, and confirmation of the duration of the sub-licence. By controlling the wording of its contracts with sub-licensees, the Licensee will ensure that
obligations and conditions matching those recorded in this Agreement, and sufficient to protect the security of the Confidential Technologies, the intellectual property rights in the Licensed Technologies, and the interests of the Licensor, are
imposed on every sub-licensee; and that in no circumstances do the terms of any sub-licence in force from time to time conflict with the terms of this Agreement. 

  

	 	5.4	The Licensee will not exploit the Licensed Technologies after the expiration or termination of this Agreement, insofar as the Licensed Technologies are still patented or
secret: provided that this sub-clause shall not prevent the Licensee from working an expired patent which can be worked by all other manufacturers. 

  

	 	5.5	The Licensee will communicate to the Licensor in writing all improvements which the Licensee makes to a Licensed Technology in the Field, and all new applications of a
Licensed Technology which the Licensee devises. The Licensee grants the Licensor a non-exclusive royalty free licence to use all such improvements for academic and research purposes only, with the right to sub-license (where necessary) Oxford and/or
St Andrews and every employee, student, agent and appointee of Oxford and/or St Andrews to use and publish all such improvements for academic and research purposes only. The Licensor will use reasonable endeavours to submit material intended for
publication to the Licensee in writing not less than thirty (30) days in advance of the 

  

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 submission for publication. The Licensee may request that submission for publication be delayed if such
delay is necessary in order to protect the Licensee’s markets for Licensed Products. A delay imposed on submission for publication as a result of a request made by the Licensee shall not exceed three (3) months from the date of receipt of the
material by the Licensee, although the Licensee may ask for additional delay in the rare event that property rights would otherwise be lost. Notification of the request for delay in submission for publication must be received by the Licensor within
thirty (30) days after the receipt of the material by the Licensee, failing which the Licensor shall be free to assume that the Licensee has no objection to the proposed publication. The material shall be deemed to have been received by the Licensee
three (3) days after posting. 
  

	 	5.6	The Licensee will inform the Licensor of any misappropriation or infringement of the Licensed Technologies of which the Licensee becomes aware; and whenever it is not the
case that the Licensee takes legal action against such misappropriation or infringement pursuant to clauses 5.10 and 5.11, the Licensee will on request assist the Licensor in taking such action. 

  

	 	5.7	In the event of any of the Confidential Technologies becoming publicly known other than by action or omission of the Licensor, the Licensee will continue paying royalties
under clause 6, until the end of this Agreement, without prejudice to the payment of any additional damages in the event of any of the Confidential Technologies becoming publicly known as a result of breach of this Agreement.

  

	 	5.8	The Licensee will be responsible for the design and construction of the Licensed Products and the Licensor shall have no responsibility or liability in that respect.

  

	 	5.9	The Licensee will ensure that the Licensed Products and the packages associated with them are marked suitably with any relevant patent or patent application numbers to
satisfy the laws of each of the countries in which the Licensed Products are sold or supplied and in which they are covered by the claims of any patent or patent application. 

  

	 	5.10	The Licensee shall, at its own cost and expense, apply for, renew and defend such patent, design, copyright and other registrations as the Licensor and the Licensee agree is
reasonably necessary for the protection of the Licensed Technologies. However, the Licensee must: 

  

	 	5.10.1	use a patent agent approved by the Licensor to assist it in so doing; 

  

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	 	5.10.2	not take any official actions arising from examination proceedings in relation to any patent applications included in the Licensed Technologies without obtaining the prior
written consent of the Licensor (such consent not to be unreasonably withheld or delayed); and 

  

	 	5.10.3	instruct the patent agent selected in accordance with clause 5.10.1 to promptly forward to each Licensor (in confidence and for its information only) copies of all
correspondence generated by the patent agent in respect of the Licensed Technologies. 

  

	 	5.11	If the Licensor believes a patent may be granted in a country but the Licensee is unwilling to prosecute the application there, the country in question shall be removed from
the scope of this Agreement provided the Licensor files in that country. In the event of the Licensor making such a filing the Licensee shall have the right to reconsider its position, and the country will be reinstated provided the Licensee agrees
to pay all historic and future patent costs. The Licensee shall have thirty (30) days to reconsider after being informed of such a filing. 

  

	 	5.12	Before abandoning or materially reducing the scope of any patent application included in the Licensed Technologies (other than an application which is replaced by another
application claiming the same priority in the same country as the first mentioned application) or before withholding payment of any fee necessary for procuring or keeping in force any patent to which this Agreement applies, the Licensee shall give
to the Licensor adequate notice of its intended course of action (at least 28 days), so as to enable the Licensor to discuss such course of action with the Licensee. If no agreement is reached then the Licensor shall itself be entitled to prosecute
such patent application at its own cost, such patent application shall be removed from the scope of this Agreement and the Licensee shall have no liability to the Licensor in relation to the same. 

  

	 	5.13	Prior to taking legal action against any misappropriation or infringements of the Licensed Technologies in accordance with clause 5.10, the Licensee must:

  

	 	5.13.1	provide the Licensor with an indemnity in terms satisfactory to the Licensor against all costs (including lawyers’ and patent agents’ fees and expenses) claims,
demands and liabilities arising out of or consequent upon such activities; and 

  

	 	5.13.2	agree with the Licensor the terms on which any damages or other recovery are to be shared with the Licensor. 

  

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	6.	ROYALTIES 

  

	 	6.1	The Licensee agrees to pay to the Licensor, the signing fee for each Licensed Technology set out in each Schedule to this Agreement (the “Signing Fee”) on
the date specified in each Schedule (“Signing Fee Date”). 

  

	 	6.2	For so long as any Licensed Products are used or marketed by the Licensee, the Licensee will pay to the Licensor, in respect of each Licensed Technology, a royalty, equal to
the royalty rate set out in clauses 6.2.1, 6.2.2 and 6.2.3 (the “Royalty Rate”), on the gross selling price of all Licensed Products in the form in which they are sold, leased or licensed to a customer by the Licensee (recorded as
required and appropriate pursuant to this Agreement in the standard customer pricing records of the Licensee if and to the extent that such records are applicable to the Licensed Product in question and provided that such records shall be true and
verifiable by independent auditors according to standard and accepted accounting practice). 

  

	 	6.2.1	[**] 

  

	 	6.2.2	[**] 

  

	 	6.2.3	For Other Products the parties involved shall negotiate an agreed Royalty Rate when such Other Product is first put on the market. 

  

	 	6.3	For so long as the Licensee sub-licenses the Licensed Technologies, the Licensee will pay to the Licensor, in respect of each licensed Technology, a royalty, equal to the
sub-licensing royalty rate set out in clauses 6.3.1, 6.3.2 and 6.3.3 (the “Sub-Licensing Royalty Rate”) on the total gross receipts received by the Licensee from a sub-licensee in respect of each Licensed Technology.

  

	 	6.3.1	[**] 

  

	 	6.3.2	[**] 

  

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	 	6.3.3	For Other Products the parties involved shall negotiate an agreed Sub-Licensing Royalty Rate when such Other Product is first put on the market. 

  

	 	6.4	In the event that the total of all the royalties paid to the Licensor under Clauses 6.2 and 6.3, in respect of all the Licensed Technologies, does not aggregate in each
applicable Licence Year (as defined below) to the total of all the minimum sums, Individually, described in each Schedule to this Agreement (the “Minimum Sums”), the Licensee will make up the difference between the total royalties
paid in respect of the Licensed Technologies and the total of all the Minimum Sums. 

  

	 	6.5	The Licensee shall provide each Licensor with a royalty report within sixty (60) days of each anniversary of the Effective Date of this Agreement (the “Licence
Year”) for each Licensed Product marketed, and for each Licensed Product brought into use by or within the groups of the Licensee. Each report shall state the gross selling prices, the gross receipts received from sub-licensees, identify
the applicable Licensed Technology by Schedule number and provide a calculation of the royalties due. 

  

	 	6.6	Within a reasonable time of receipt of a royalty report referred to in clause 6.5, the licensor nominated in each Schedule to this Agreement (the “Nominated
Licensor”) will invoice the Licensee for the royalties due in respect of each Licensed Technology and the Licensee will pay such invoice in full satisfaction of royalties due to the Licensor under this clause within 30 days of receipt.

  

	 	6.7	In marketing the Licensed Products, the Licensee will not accept or solicit any non-monetary consideration without the prior written consent of the Licensor. The use by the
Licensee of a commercially reasonable quantity of Licensed Products for promotional sampling shall not violate this prohibition. 

  

	 	6.8	[**] 

  

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	 	6.9	For the purpose of calculating royalties under this clause 6, a Licensed Product shall be regarded as sold, leased or licensed by the Licensee or a sub-licensee of the
Licensee which is a wholly owned subsidiary of the Licensee, when invoiced, or if not invoiced, when shipped or despatched by the Licensee. If a Licensed Product is marketed by a sub-licensee of the Licensee which is a wholly owned subsidiary of the
Licensee, the royalty on each such Licensed Product shall be calculated under clause 6.2. 

  

	 	6.10	[**] 

  

	 	6.11	All payments provided for under this clause 6 shall be made to the Licensor in pounds sterling without any deductions apart from any tax which is required to be withheld
under applicable local law. Any change of currency made to calculate sales for the purpose of this clause 6 shall be determined as at the last business day of each quarter, using the average dally buying and selling rates quoted by Barclays Bank plc
on that day. Where the Licensee is required to withhold tax under applicable local law, the Licensee shall deduct such tax, pay it to the relevant taxing authority, and supply the Licensor with a Certificate of Tax Deduction at the time of payment
to the Licensor. The parties shall co-operate under any applicable Double Taxation Treaty so that, if possible, payments are made gross or, if payment gross is not possible, the Licensor obtains appropriate relief under the Treaty.

  

	 	6.12	Where the Licensee is obliged to make a payment to the Licensor under this Agreement which attracts value-added, sales, use, excise or other similar taxes or duties, the
Licensee shall be responsible for paying such taxes and duties. 

  

	 	6.13	In the event that full payment of any amount due from the Licensee to the Licensor under this Agreement is not made by any of the dates stipulated, the Licensee shall be
liable to pay interest on the amount unpaid at the rate of four per cent (4%) per annum over the base rate for the time being of Barclays Bank plc, from the date when payment was due until the date of actual payment. 

  

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	 	6.14	The Licensee shall keep complete and accurate accounts of all Licensed Products used and marketed and all Licensed Technologies sub-licensed to third parties; and will permit
the Licensor or its agents to audit such accounts once per year solely for the purpose of determining the accuracy of the royalty reports and payments no more than once per Licence Year. The Licensee’s obligation concerning audit of its
accounts shall terminate as to any report six (6) years after the date of that report. 

  

	7.	DURATION AND TERMINATION 

  

	 	7.1	This Agreement shall take effect on the Effective Date and (subject to the remaining sub-clauses of this clause 7) shall continue in force in respect of each Licensed
Technology until the expiration of the period of ten (10) years from the date on which a Licensed Product is first put on the market by the Licensee or one of its sub-licensees. 

  

	 	7.2	Insofar as the rights and obligations in this Agreement concern Territories in which the commercial practice of a Licensed Technology is covered by a claim being prosecuted
in a patent application included in that Licensed Technology, or by a valid claim of an unexpired patent which issues in response to that application, those rights and obligations shall extend in respect of that particular Licensed Technology for
those Territories beyond the period defined in clause 7.1 if and for so long as the commercial practice of that Licensed Technology is so covered in those territories. 

  

	 	7.3	If any party commits a material breach of this Agreement, and the breach is not remedied (where remediable) within the period allowed by notice given by any of the other
parties in writing calling on the party in breach to effect such remedy (such period being not less than thirty (30) days), any of the parties may by further written notice terminate this Agreement immediately. 

  

	 	7.4	The Licensee will use its reasonable endeavours to protect, develop and exploit the Licensed Technologies. Within sixty (60) days after the end of each Licence Year, the
Licensee shall provide the Licensor with a report detailing the progress made and steps taken during the Licence Year for each Licensed Technology in: 

  

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	 	7.4.1	applying for and defending any patent, design, trade mark, copyright, mask work and other registrations which may be available for the protection of the Licensed Technology;

  

	 	7.4.2	taking legal action against any misappropriation or infringement of the Licensed Technologies of which the Licensee becomes or is made aware; 

  

	 	7.4.3	developing the Licensed Technologies in order to facilitate its commercial exploitation; and 

  

	 	7.4.4	promoting and marketing Licensed Products. 

  

	 	    	Any failure by the Licensee to provide the Licensor with such a report during the sixty-(60)-day period shall be regarded as a material breach of the provisions of this Agreement,
for the purpose of clause 7.3. Furthermore, if the Licensor, on reasonable and demonstrable grounds, concludes from any such report that the progress made and steps taken by the Licensee are insufficient or inadequate, the Licensed Technology in
relation to which the Licensee has taken insufficient or inadequate steps will be removed from the scope of this Agreement. 

  

	 	7.5	The Licensee may terminate this Agreement by six (6) months’ written notice at any time; whereupon the Licensee shall bring all sub-licences to an end on the same date.
Any such termination shall not absolve the Licensee of its obligation to accrue and pay royalties under the provisions of clause 6 of this Agreement. 

  

	 	7.6	The Licensor shall have the right to terminate this Agreement by serving written notice on the Licensee in the event that the Licensee has a petition presented for its
winding-up, or passes a resolution for voluntary winding-up otherwise than for the purposes of a bona fide amalgamation or reconstruction, or compounds with its creditors, or has a receiver or administrative receiver appointed of all or any part of
its assets, or enters into any arrangements with creditors, or takes or suffers any similar action in consequence of debts. Such notice may terminate this Agreement either immediately or at the end of such period as the Licensor shall select.

  

	 	7.7	If the Licensee contests the secret or substantial nature of the Confidential Technology, or challenges the validity of any patent contained within the Licensed Technology,
or raises the claim that such a patent is not necessary, the Licensed Technology challenged by the Licensee will be removed from the scope of this Agreement and the Licensee will have no further rights in that technology. 

 

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	 	7.8	The Licensor shall have the right by serving written notice on the Licensee to require the Licensee to prove that the Licensed Technology is not being licensed or used by the
Licensee for the production of products or the provision of services other than those licensed provided that in such notice the Licensor sets out in reasonable detail the reasons why it has cause to believe that the Licensee is so using the Licensed
Technology. 

  

	 	7.9	Clauses 4.7, 5.1, 5.4, 5.5 (in respect of only the licence of improvements made prior to termination or expiration of this agreement), 5.5 (in respect only of the obligation
to assist the Licensor in taking such legal action at the Licensor’s expense), 7.9, 8, 9, 10 and 11.6 shall survive the termination or expiration of this Agreement, for whatever reason. 

  

	8.	LIABILITY 

  

	 	8.1	The Licensee agrees to indemnify the Licensor and hold the Licensor harmless from and against any and all claims, damages and liabilities asserted by third parties (including
claims for negligence) which arise directly or indirectly from the use of the Licensed Technologies or the sale of Licensed Products by the Licensee and its sub-licensees. 

  

	 	8.2	The Licensor makes no representation or warranty that advice given to the Licensee pursuant to this Agreement by any employee, student, agent or appointee of the Licensor, or
the use of any works, designs or information which they or the Licensor provide in connection with this Agreement, will not result in infringement of third-party rights. 

  

	 	8.3	The Licensee undertakes to make no claim against any employee, student, agent or appointee of the Licensor, being a claim which seeks to enforce against any of them any
liability whatsoever in connection with this Agreement or its subject-matter. 

  

	 	8.4	The liability of any party for any breach of this Agreement, or arising in any other way out of the subject-matter of this Agreement, will not extend to any incidental or
consequential damages or losses or to any loss of profits. 

  

	 	8.5	In any event, the maximum liability of the Licensor to the Licensee under or otherwise in connection with this Agreement or its subject-matter shall not exceed the return of
all royalties paid by the Licensee to the Licensor under this Agreement, together with interest on the balance of such moneys from time to time outstanding, accruing from day to day at the rate of four percent (4%) per annum over the Barclays Bank
plc base rate from time to time in force and compounded annually as at 31 December. 

  

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	 	8.6	If any sub-clause of this clause 8 is held to be invalid or unenforceable under any applicable statute or rule of law, then it shall be deemed to be omitted, and if as a
result any party becomes liable for loss or damage which would otherwise have been excluded, then such liability shall be subject to the remaining sub-clauses of this clause 8. 

  

	9.	FORCE MAJEURE 

  
 If the performance by either party of any of its obligations under this Agreement (other than an obligation to make payment) shall be prevented by
circumstances beyond its reasonable control, then such party shall be excused from performance of that obligation for the duration of the relevant event. 
  

	10.	NOTICES 

  
 Isis’ representative for the purpose of receiving payments and notices shall until further notice be: 
  
 The Managing Director 
 Isis Innovation Limited 
 Ewert House, Ewert
Place 
 Summertown 
 OXFORD OX2
7SG 
  
 Oxford’s representative for the purpose of receiving
payments and notices shall until further notice be: 
  
 The
Director of Research Services 
 University of Oxford 
 Wellington Square 
 OXFORD OX1 2JD 
  
 St Andrews’ representative for the purpose of receiving notices shall until further notice be: 
  
 The Director or Research and Enterprise Services 
 University of St Andrews 
 St Andrews

 Fife KY16 9AJ 
  

 15 

 The Licensee’s representative for the purpose of receiving notices shall until further notice be:

  
 The Chief Executive Officer 
 Opsys Limited 
 Unit 8 
 Begbroke Business & Science Park 
 Sandy
Lane, Yarnton 
 Kidlington, OX5 1PF 
  

	11.	GENERAL 

  

	 	11.1	Clause headings are inserted in this Agreement for convenience only, and they shall not be taken into account in the interpretation of this Agreement.

  

	 	11.2	Nothing in this Agreement shall create, imply or evidence any partnership or joint venture between the Licensor and the Licensee or the relationship between them of principal
and agent. 

  

	 	11.3	This Agreement constitutes the entire agreement between the parties with regard to the Licence and all previous agreements with respect to the Licensed Technologies are
hereby terminated according to their terms. 

  

	 	11.4	This Agreement does not impose or imply any obligation on the Licensor to conduct development work; any arrangements for such work shall be the subject of a separate
agreement between the Licensor and the Licensee. 

  

	 	11.5	If the parties wish to include a new Licensed Technology within the scope of this Agreement, they may only do so by adding a new Schedule to this Agreement in the form of the
Sample Schedule (“Sample Schedule”) in the Appendix. For the avoidance of doubt, there is no obligation on either of the parties to add a new Schedule to this Agreement. Any variation of this Agreement, including the addition of a
new Licensed Technology by way of a new Schedule to this Agreement, shall be in writing and signed by authorised signatories for all parties. 

  

	 	11.6	This Agreement shall be governed by English Law, and the parties submit to the exclusive jurisdiction of the English Courts for the resolution of any dispute which may arise
out of this Agreement. 

  

	 	11.7	If any one or more clauses or sub-clauses of this Agreement would result in this Agreement being prohibited pursuant to any competition law, then it or they shall be deemed
to be omitted. The parties shall uphold the remainder of this Agreement, and shall negotiate an amendment which, as far as legally feasible, maintains the economic balance between the parties. 

  

 16 

	 	11.8	The parties to this Agreement intend that by virtue of the Contracts (Rights of Third Parties) Act 1999 the people referred to in clause 8.3 will be able to enforce the terms
of this Agreement as if the people referred to in clause 8.3 were a party to it. 

  

 17 

 AS WITNESS the hands of authorised signatories for the parties on the date first mentioned above 
  
 SIGNED for and on behalf of 
 ISIS INNOVATION LIMITED: 
  
 Name: Mr T Hockaday 
  
 Position:
Director of Special Projects Isis Innovation, Ltd 
  
 Signature: /s/ Mr T
Hockaday 
  
 SIGNED for and on behalf of 
 THE CHANCELLOR, MASTERS 
 AND SCHOLARS OF THE 
 UNIVERSITY OF OXFORD: 
  
 Name: R. Lewicki 
  
 Position: Head
of Contracts 
  
 Signature: /s/ R. Lewicki 
  
 SIGNED for and on behalf of 
 THE UNIVERSITY OF ST ANDREWS: 
  
 Name: Julie Clark 
  
 Position: Associate Director 
  
 Signature: /s/ Julie Clark 
  
 SIGNED for and on behalf of
 
 OPSYS LIMITED: 
  
 Name: Michael Holmes 
  
 Position: CEO 
  
 Signature: /s/
Michael Holmes 
  

 18Option Agreement, dated December 1, 2003

 Exhibit 10.22 
  
 DATED 1 DECEMBER 2003 
  
 (1) Cambridge Display Technology Limited 
  
 (2) CDT Oxford Ltd 
  

(3) Sumitomo Chemical Co., Ltd. 
  

  
 OPTION AGREEMENT 
  

  
 CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED FROM THIS DOCUMENT. SUCH OMISSIONS ARE NOTED BY “[**]”. AN UNREDACTED VERSION OF THIS DOCUMENT
HAS BEEN SUBMITTED SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION. 

 THIS OPTION AGREEMENT (this “Agreement”) is made as of December 1, 2003 (the “Effective
Date”) 
  
 BETWEEN: 
  
 Cambridge Display Technology Limited (company number 02672530) whose registered
office is at Greenwich House, Madingley Rise, Madingley Road, Cambridge CB3 0TX, England (“CDT”); 
  
 CDT Oxford Limited (company number 04421247) whose registered office is at Greenwich House, Madingley Rise, Madingley Road, Cambridge CB3 0TX, England
(“CDT Oxford”); and 
  
 Sumitomo Chemical Co. Ltd. with an
office at 27-1, Shinkawa 2-chome, Chuo-ku, Tokyo, 104-8260, Japan (“Sumitomo”). 
  
 BACKGROUND: 
  

	(A)	CDT is the owner of certain inventions relating to electroluminescent polymer devices, in respect of which CDT has obtained and made applications for patent protection in various
countries. 

  

	(B)	CDT Oxford is the owner of certain inventions relating to dendrimer materials, in respect of which CDT Oxford has obtained and made applications for patent protection in various
countries, CDT Oxford has acquired the exclusive right to sub-licence certain inventions relating to dendrimer materials, in respect of which patent protection has been obtained or applied for in various countries. 

  

	(C)	Sumitomo wishes to acquire (i) an option to a licence under CDT’s patents and patent applications to manufacture, have manufactured, use, and sell electroluminescent devices
using LEP (as defined below), and (ii) an option to a licence under CDT Oxford’s patents and patent applications and a sub-licence under the patents and patent applications to which CDT Oxford has the right to grant sub-licences (hereinafter
collectively referred to as the “CDT Oxford Background Dendrimer Intellectual Property”), to manufacture, have manufactured, use and sell the Dendrimers, Hybrids, Blends and Polymer Metal Complexes (each as defined below) and to
manufacture, have manufactured, use, and sell, electroluminescent devices using the Dendrimers, Hybrids, Blends and/or Polymer Metal Complexes and CDT and CDT Oxford are willing to grant such options upon and subject to the provisions set out in
this Agreement. 

 NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows: 
  

	1.	DEFINITIONS 

  
 The following terms, when capitalized herein, shall have the meanings set forth in this clause. 
  

			
	 Affiliate
	 	means, when used with reference to a specified entity, any person that directly or indirectly controls, is controlled by, or is under common control with, the specified entity. An entity
shall be deemed to control any partnership or corporation in which such entity owns or controls more than fifty percent (50%) of the partnership interests or securities having the right to vote for the management thereof;
		
	 Blend
	 	means a mixture of a host material and one or more of a Dendrimer, Hybrid or Light Emitting Metal Complex wherein light emission from the mixture arises from one or more of a Dendrimer,
Hybrid or Light Emitting Metal Complex;
		
	 Dendrimer
	 	means a molecule comprising one light emitting core and at least one conjugated and branched chain;
		
	 Hybrid
	 	means a polymer comprising at least one Dendrimer;
		
	Member of CDT Oxford’s Group	 	means CDT Oxford, CDT, the Affiliates of CDT, CDT Acquisition Group Corporation of 1151 Mandarin Forrest Drive, Jacksonville, Florida, 23332, USA (“CDT Acquisition”) and the
Affiliates of CDT Acquisition;

  

 3 

			
	 Light Emitting Metal
 Complex
	  	means an organometallic molecule which has no dendrons or conjugated chain and is not a Polymer Metal Complex;
		
	 LEP
	  	means any conjugated polymer with electro-luminescent properties;
		
	 Option A
	  	means the option granted under clause 2 hereto;
		
	 Option B
	  	means the options granted under clause 3 hereto;
		
	 Polymer Metal Complex
	  	means a polymer containing at least one light emitting metal complex that is not a Dendrimer;
		
	 Products
	  	means Dendrimers, Hybrids, Blends, Polymer Metal Complexes, Light Emitting Metal Complexes and Special Blends; and
		
	 Special Blends
	  	means a mixture of a host material and a Polymer Metal Complex wherein light emission from the mixture arises from a Polymer Metal Complex.

  

	2.	OPTION TO MATERIALS DENDRIMER LICENCE 

  

	2.1	CDT Oxford grants to Sumitomo and its Affiliates an option to a world-wide, non-exclusive licence, to manufacture, have manufactured, use, and sell Products under the CDT Oxford
Background Dendrimer Intellectual Property on the terms set out in the Patent Licence for Dendrimer Materials at Schedule 1 of this Agreement. 

  

	2.2	The option granted under clause 2.1 may be exercised by Sumitomo at any time up to the fifth anniversary of the date hereof upon 30 days prior written notice provided to CDT Oxford,
whereupon the parties shall execute the Patent Licence for Dendrimer Materials set out in Schedule 1 and Amendment to License Agreement set out in Schedule 2. 

  

 4 

	3.	OPTION TO DISPLAY LICENCE 

  

	3.1	CDT grants to Sumitomo and its Affiliates an option to a world-wide, non-exclusive licence, under its intellectual property to manufacture, have manufactured, use, and sell display
devices, including lighting devices, using LEP on terms and conditions which shall be separately agreed upon, through negotiations conducted in good faith, between CDT and Sumitomo. 

  

	3.2	CDT Oxford grants to Sumitomo and its Affiliates an option to a world-wide, non-exclusive licence, under its intellectual property to manufacture, use and sell display devices,
including lighting devices, which incorporate the Products on terms and conditions which shall be separately agreed upon, through negotiations conducted in good faith, between CDT Oxford and Sumitomo. 

  

	3.3	The options granted under clauses 3.1 and 3.2 may be exercised by Sumitomo at any time up to the third anniversary of the date hereof, upon 30 days prior written notice, at which
time the relevant parties hereto shall negotiate the terms and conditions of such license. 

  

	4.	CONSIDERATION 

  

	4.1	In consideration of the grant of Option A and Option B, Sumitomo shall pay to CDT the sum of [**] (the “Option Fee”). The Option Fee shall be non-refundable and
shall be paid within 30 days of the Effective Date. All sums payable pursuant to this Agreement are exclusive of value added tax or other applicable taxes or duties for which Sumitomo shall be additionally liable and shall be paid in cleared funds
to such bank account as CDT may from time to time nominate, without any set off, deduction or withholding except such amount (if any) of tax as Sumitomo is required to deduct or withhold by law. If Sumitomo is required by law to make any tax
deduction or withholding, Sumitomo shall do all things in its power which may be reasonably necessary to enable or assist CDT to claim exemption therefrom under any double taxation or similar agreement from time to time in force and shall from time
to time give CDT proper evidence as to the deduction or withholding and payment over of the tax deducted or withheld. 

  

	5.	TERM OF OPTIONS 

  

	5.1	This Agreement shall become effective on the Effective Date and shall remain in full force and effect until the fifth anniversary of the Effective 

  

 5 

 Date. Notwithstanding the foregoing, the parties agree that Option B shall expire on the third
anniversary of the Effective Date. 
  

	5.2	No expiration of this Agreement shall constitute a termination or waiver of any rights or obligation of any party hereto accruing at or prior to the date of expiration. In addition,
the provisions of clauses 5.2, 6.5 and 6.6 shall survive any expiration of this Agreement without limitation. 

  

	6.	NATURE OF AGREEMENT 

  

	6.1	CDT and CDT Oxford shall be entitled to transfer the monetary benefit of this Agreement by way of novation to any Member of CDT Oxford’s Group, provided that any act or
omission of any such Member of CDT Oxford’s Group shall, for all the purposes of this Agreement, be deemed to be the act or omission of CDT or CDT Oxford, whether jointly or severally. Any such transfer shall not relieve CDT or CDT Oxford, as
the case may be, from any liability or obligation arising on or prior to the date of such transfer. 

  

	6.2	CDT or CDT Oxford may transfer both the benefit and burden of this Agreement by way of a novation to any purchaser or other successor in title (whether by way of a flotation,
initial public offering, reorganisation, amalgamation or otherwise) of all or substantially all of its business. Any such transfer shall not relieve CDT or CDT Oxford, as the case may be, from any liability or obligation arising on or prior to the
date of such transfer. 

  

	6.3	This Agreement is personal to Sumitomo who shall not assign, mortgage, charge (otherwise than by floating charge) or (except as expressly provided herein) sub-license any of its
rights hereunder or sub-contract or otherwise delegate any of its obligations hereunder, unless otherwise explicitly stipulated hereunder, except with the written consent of the other parties hereto (which consent shall not be unreasonably withheld
or delayed). Notwithstanding the foregoing, the parties hereto agree that SUMITOMO shall be entitled to assign this Agreement to any of its Affiliates without any requirement to obtain the consent of CDT or CDT OXFORD. 

  

	6.4	The grant of Option A and Option B, pending their exercise, does not grant or imply to Sumitomo any licence under CDT’s or CDT Oxford’s intellectual property.

  

	6.5	This Agreement shall be governed by and construed in accordance with English law. 

  

 6 

	6.6	If it is not possible to resolve a disagreement or dispute arising under, out of, or in connection with or in relation to this Agreement through good faith negotiations among the
parties hereto, the matter shall be submitted to a panel of three arbitrators in accordance with the Rules of Arbitration of the International Chamber of Commerce. Sumitomo will chose one arbitrator and CDT and CDT Oxford shall jointly choose the
second arbitrator. The third arbitrator shall be selected by the first two arbitrators. The arbitration shall take place in Tokyo, Japan, if requested by CDT or CDT Oxford, and in London, England, if requested by Sumitomo. The parties hereto agree
that service of any notices in the course of such arbitration at their addresses as given in this Agreement shall be valid and sufficient. Any award rendered in such arbitration shall be final and binding upon the parties hereto, and judgment upon
the award rendered in the arbitration may be entered in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 

  

	7.	MISCELLANEOUS 

  

	7.1	Any notice, disclosure or report given under this Agreement shall be in writing (which for such purposes shall include e-mail), in English and legible, shall be served by hand on a
business day at or by being sent by facsimile (with confirmation of receipt) or email on a business day or by being sent by first class post or airmail to the address as given on page 1 or as otherwise notified in accordance with this clause, and
shall be deemed served on the date actually received by the other party. Notices, disclosures and reports shall, if sent to CDT OXFORD, be marked for the attention of Stephen Chandler, Director Legal & IP and, if sent to SUMITOMO, shall be
marked for the attention of Toshihiro Ohnishi, Corporate Planning & Coordination Office or, in either case, such other person whose details have been notified in accordance with this clause. 

  

	7.2	To the extent that any provision of this Agreement is found by any court or competent authority to be invalid, unlawful or unenforceable in any jurisdiction, that provision shall be
deemed not to be a part of this Agreement, it shall not affect the enforceability of the remainder of this Agreement nor shall it affect the validity, lawfulness or enforceability of that provision in any other jurisdiction.

  

	7.3	This Agreement comprises the entire agreement and understanding of the parties in relation to its subject matter and cancels and supersedes all previous communications, agreements
or understandings with regard to such subject matter. Each party hereto acknowledges that it has entered into this Agreement in reliance only upon the representations, warranties 

  

 7 

 and promises specifically contained in this Agreement. The parties hereto specifically agree that said
previous communications, agreements, representations, understandings, negotiations, proposals or undertakings shall not be admissible as evidence in any arbitration, litigation or other legal proceeding for interpretation of this Agreement.

  

	7.4	This Agreement may only be varied by an agreement in writing specifically referring to this clause 7.4 and signed by or on behalf of both parties hereto. 

 

	7.5	No delay or omission on the part of any party to this Agreement in exercising any right, power or remedy provided by law or under this Agreement shall impair such right, power or
remedy; or operate as a waiver thereof, nor shall the single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

  

	7.6	The rights, powers and remedies conferred on any party by this Agreement and remedies available to any party are cumulative and are additional to any right, power or remedy which it
may have under general law, this Agreement or otherwise. 

  

	7.7	This Agreement may be executed via facsimile and may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute
one and the same instrument. 

  

	7.8	Any party may, in whole or in part, release, compound, compromise, waive or postpone, in its absolute discretion, any liability owed to it or right granted to it in this Agreement
by any other party or parties without in any way prejudicing or affecting its rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed. 

  

 8 

 THIS AGREEMENT has been executed by the authorised signatories of each party on the Effective Date. 
  

			
	Cambridge Display Technology Limited
		
	 By:
	 	 /s/    David Fyfe

	 Name:
	 	 David Fyfe

	 Title:
	 	 CEO

  

			
	CDT Oxford Limited
		
	 By:
	 	 /s/    Ian Butcher

	 Name:
	 	 Ian Butcher

	 Title:
	 	 Chairman & Director

  

			
	Sumitomo Chemical Co., Ltd. By:
		
	 By:
	 	 /s/    Satoshi Kawachi

	 Name:
	 	 Satoshi Kawachi

	 Title:
	 	 Senior Managing Director

  

 9 

 DATED 1 DECEMBER 2003 
  
 (1) CDT Oxford Ltd 
  
 (2) Sumitomo Chemical Co., Ltd. 
  

  
 PATENT LICENCE FOR
DENDRIMER MATERIALS 
  

  
 “[**]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY
WITH THE COMMISSION.” 

 THIS PATENT LICENSE FOR DENDRIMER MATERIALS is made as of [date] (the “Effective Date”)

  
 BETWEEN: 
  

	(1)	CDT Oxford Limited (company number 04421247) whose registered office is at Greenwich House, Madingley Rise, Madingley Road, Cambridge CB3 0TX, England (“CDT
Oxford”); and 

  

	(2)	Sumitomo Chemical Co., Ltd. with an office at 27-1, Shinkawa 2-chome, Chuo-ku, Tokyo, 104-8260, Japan (the “Licensee”). 

  
 BACKGROUND: 
  

	(A)	CDT Oxford is the owner of certain inventions relating to dendrimer materials, in respect of which CDT Oxford has obtained and made applications for patent protection in various
countries. 

  

	(B)	CDT Oxford has acquired the exclusive right to sub-licence certain inventions relating to dendrimer materials, in respect of which patent protection has been obtained or applied for
in various countries. 

  

	(C)	The Licensee wishes to acquire a licence under CDT Oxford’s patents and patent applications and a sub-licence under the patents and patent applications to which CDT Oxford has
the right to grant sub-licences, to manufacture, have manufactured, use and sell dendrimer materials together with hybrid and other related materials and CDT Oxford is willing to grant such a licence upon and subject to the provisions set out in
this Agreement. 

  
 NOW, THEREFORE, in consideration of the
foregoing, the parties hereto agree as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	The following terms, when capitalized herein, shall have the meanings set forth in this clause: 

  

			
	 Affiliate
	  	means, when used with reference to a specified entity, any person that directly or indirectly controls, is controlled by, or is under common control with, the specified entity. An entity
shall be deemed to control any partnership or corporation in which such entity owns or controls more than fifty percent (50%) of the partnership interests or securities having the right to vote for the management thereof;

  

 2 

			
	 Agreement
	  	means this Patent Licence for Dendrimer Materials (including any schedule or annexure to it and any amendment or modification thereto in agreed form);
		
	 Blend
	  	means a mixture of a host material and one or more of a Dendrimer, Hybrid or Light Emitting Metal Complex wherein light emission from the mixture arises from one or more of a Dendrimer or
Hybrid or Light Emitting Metal Complex;
		
	 CDT Oxford
 Background
Dendrimer
 Intellectual Property
	  	means the CDT Oxford Patents, the CDT Oxford Licensed Patents and the Technology relating to such patents;
		
	 CDT Oxford Licensed
 Patents
	  	means the patents and patent applications licensed to CDT Oxford by the University of Oxford, Isis Innovations and the University of St Andrews as listed in Schedule 2 (“Schedule 2
Patents”), which shall be updated from time to time by adding to Schedule 2 the patents and patent applications licensed to CDT Oxford after the Effective Date by the University of Oxford, Isis Innovations and the University of St Andrews
regarding Products, and any and all family members of such patents and patent applications, including (a) counterpart foreign patents and counterpart foreign patent applications of the Schedule 2 Patents (“Schedule 2 Foreign Patents”), (b)
continuations, continuations in part, divisionals, extensions, revivals, renewals, reissues, and substitutes (“Derivatives”) of the Schedule 2 Patents and the Schedule 2 Foreign Patents, (c) patents and patent applications claiming
priority from (i) the Schedule 2 Patents, (ii) the Schedule 2 Foreign Patents, and (iii) the Derivatives of the Schedule 2 Patents and the Schedule 2 Foreign Patents (“Schedule 2 Priority Patents”), and (d) the Derivatives of the Schedule
2 Priority Patents;

  

 3 

			
	 CDT Oxford Patents
	  	means the patents and patent applications listed in Schedule 1 (“Schedule 1 Patents”), which shall be updated from time to time by adding to Schedule 1 the patents and patent
applications filed by CDT Oxford after the Effective Date regarding Products, and any and all family members of such patents and patent applications, including (a) counterpart foreign patents and counterpart foreign patent applications of the
Schedule 1 Patents (“Schedule 1 Foreign Patents”), (b) the Derivatives of the Schedule 1 Patents and the Schedule 1 Foreign Patents, (c) patents and patent applications claiming priority from (i) the Schedule 1 Patents, (ii) the Schedule 1
Foreign Patents, and (iii) the Derivatives of the Schedule 1 Patents and the Schedule 1 Foreign Patents (“Schedule 1 Priority Patents”), and (d) the Derivatives of the Schedule 1 Priority Patents;
		
	 Confidential
 Information
	  	means any and all information disclosed by one party hereto to the other party hereto during the term of this Agreement (whether in writing, orally or by any other means), which at the time
of disclosure is designated as confidential or proprietary, is disclosed in circumstances of confidence, or would be understood by parties hereto, exercising reasonable business judgement, to be confidential;
		
	 Dendrimer
	  	means a molecule comprising one light emitting core and at least one conjugated and branched chain;
		
	 Disclosing Party
	  	means the party disclosing its Confidential Information to the other party;
		
	 Hybrid
	  	means a polymer comprising at least one Dendrimer;
		
	 Intellectual Property
	  	means any patent, trade or service mark (whether registered or not), copyright, registered design,

  

 4 

			
	 	  	design right and topography right or any other form of protection, any right to apply or application for such protection, and any rights in any secret process, know-how, technical reports,
designs, confidential information or otherwise or any associated or similar right or protection subsisting at the relevant time in any jurisdiction, anywhere in the world;
		
	 Light Emitting Metal
 Complex
	  	means an organometallic molecule which has no dendrons or conjugated chain and is not a Polymer Metal Complex;
		
	 Member of CDT
 Oxford’s
Group
	  	means Cambridge Display Technology Ltd whose registered office is at Greenwich House, Madingley Rise, Madingley Road, Cambridge CB3 0TX and its Affiliates and CDT Acquisition Corporation of 1151
Mandarin Forrest Drive, Jacksonville, Florida, 23332, USA and its Affiliates;
		
	Polymer Metal Complex	  	means a polymer containing at least one light emitting metal complex that is not a Dendrimer;
		
	Net Sales	  	means the gross invoice price billed by Licensee to its customers for the sale of Products after deduction of (a) duties, sales taxes, value added or similar taxes, consumption taxes and
other governmental charges actually incurred and paid by Licensee in connection with sales and delivery of such Products if included in such gross invoice price, (b) costs of packaging, transportation charges and insurance, if included in such gross
invoice price, (c) credits or allowances given or made on account of the settlement of complaints, rejection of Products, return of Products or retroactive price reductions, if included in such gross invoice price, and (d) trade, cash, or quantity
discounts allowed and taken, if included in such gross invoice price;

  

 5 

			
	 Option Agreement
	  	means the option agreement relating to the licensing of CDT Oxford Background Dendrimer Intellectual Property entered into by the parties and dated as of December 1, 2003;
		
	 Products
	  	means Dendrimers, Hybrids, Blends, Polymer Metal Complexes, Light Emitting Metal Complexes and Special Blends;
		
	 Project
	  	means the joint development work to be conducted under the Joint Development Agreement dated as of December 1, 2003, between CDT Oxford and Sumitomo.
		
	 Quarter
	  	means the three months commencing on January 1, April 1, July 1, or October 1. The first Quarter under this Agreement shall be for a period commencing as of the effective date of this
Agreement and ending at the end of March, June, September or December, whichever comes first after the effective date of this Agreement. The last Quarter under this Agreement shall end on its termination or expiry. “Quarterly” shall
be construed accordingly;
		
	 Receiving Party
	  	means the party receiving Confidential Information from the Disclosing Party;
		
	 Recipient
	  	means any employee, agent, advisor or consultant of the Receiving Party.
		
	 Special Blends
	  	means a mixture of a host material and a Polymer Metal Complex wherein light emission from the mixture arises from a Polymer Metal Complex;
		
	 Technology
	  	means any discovery, invention, development, technical information, data, knowledge, technique, process, demonstrator, system, formula, result of experiment, design, statistic, record,
know-how, information, material or substance and all Intellectual Property relating to any of the foregoing, whether the subject of a patent, or patent application, or not;

  

 6 

	1.2	As used in this Agreement, unless the context otherwise requires: 

  

	 	(a)	words in the singular include the plural and vice versa and words in one gender include any other gender; 

  

	 	(b)	a reference to a statute or statutory provision includes any statute or statutory provision which modifies, consolidates, re-enacts or supersedes it; 

  

	 	(c)	a reference to clauses and schedules is to clauses of and schedules to this Agreement and references to sub-clauses and paragraphs are references to sub-clauses and paragraphs of
the clause or schedule in which they appear; and 

  

	 	(d)	the table of contents and headings are for convenience only and shall not affect the interpretation of this Agreement. 

  

	2.	GRANT OF LICENCE 

  

	2.1	CDT Oxford grants to Licensee and to its Affiliates and Licensee accepts on behalf of itself and its Affiliates, a non-exclusive licence to use the CDT Oxford Background Dendrimer
Intellectual Property upon and subject to the provisions of this Agreement, to manufacture, have manufactured, use and sell Products in any and all countries of the world. 

  

	2.2	The Licensee shall give written notification to CDT Oxford if any of the rights granted hereunder are exercised by an Affiliate of the Licensee. Any act or omission of any such
Affiliate shall, for all purposes of this Agreement, be deemed to be the act or omission of the Licensee. 

  

	2.3	CDT Oxford shall not grant any licences under the CDT Oxford Background Dendrimer Intellectual Property to any third party for a period of two years following the date of signature
of the Option Agreement. For the avoidance of doubt CDT Oxford retains the right to grant options to licences to the CDT Oxford Background Dendrimer Intellectual Property, provided that no such options are exercisable prior to the date set forth in
this clause 2.3. 

  

 7 

	2.4	In the event that following the Effective Date CDT Oxford grants one or more licences under the CDT Oxford Background Dendrimer Intellectual Property to any third party on terms
more favourable than those granted to Licensee in this Agreement, the Licensee shall be entitled to have this Agreement modified such that the more favourable terms shall apply to this Agreement. Any such modification of this Agreement shall be
subject to the Licensee undertaking such additional or different terms and conditions as are undertaken by such third party. Any more favourable royalty rate shall only apply from the date such royalty applies to such third party. The foregoing
provision shall not apply where: 

  

	 	(a)	CDT Oxford receives a grant of patent rights, other licence or other non-monetary consideration from such third party; or 

  

	 	(b)	the more favourable terms result from the settlement of a claim by CDT Oxford. 

  

	2.5	CDT Oxford agrees not to sue Licensee or its Affiliates for contributory infringement under CDT Oxford Background Dendrimer Intellectual Property to the extent that Products
supplied by Licensee are being used by Licensee’s customers for the purposes of research and development and not for the production of products for commercial sale. CDT Oxford will promptly notify Licensee if it believes Licensee is
contributorily infringing CDT Oxford Background Dendrimer Intellectual Property by supplying a particular customer and CDT Oxford will identify such customer of Licensee. CDT Oxford will not pursue any suit against Licensee for the alleged
contributory infringement unless Licensee has not ceased sales to such customer within three months of receiving such notice from CDT Oxford. 

  

	2.6	Licensee agrees to use, and to procure that its Affiliates use, such trademarks, designs or wording in conjunction with the sale of Products as CDT Oxford reasonably directs from
time to time, such trademarks, designs or wording being intended generally to indicate such licence and/or designate the materials in question as incorporating CDT Oxford technology. The Licensee shall not use any mark or name confusingly similar to
any trademark, design, or wording that may be stipulated by CDT Oxford pursuant to this clause 2.6 or otherwise prejudice their distinctiveness or reputation. 

  

	3.	WARRANTIES AND REPRESENTATION 

  

	3.1	CDT Oxford hereby represents and warrants to Licensee that; 

  

 8 

	 	(a)	it is the sole and exclusive owner of the CDT Oxford Patents; 

  

	 	(b)	it has been granted an exclusive license from the University of Oxford, Isis Innovations and the University of St Andrews, with the right to sublicense to any third party in the
field of light emitting materials and devices, under CDT Oxford Licensed Patents and it is specifically authorized to licence the manufacture, use and sale of Products in any and all countries of the world, 

  

	3.2	Should Licensee become aware that the exercise by Licensee of any of the rights granted to it under clause 2.1 above may amount to infringement of a patent owned by a third party,
or should the exercise by Licensee of any of the rights granted to it under clause 2.1 above give rise to a claim for infringement of any patent owned by a third party, Licensee shall inform CDT Oxford of such claim and both parties will discuss how
to defend such claim. CDT Oxford agrees to provide Licensee with such reasonable assistance as is reasonably necessary to enable Licensee to defend such claim. CDT Oxford’s assistance under this clause 3.2 shall be within CDT Oxford’s
capacity then available to CDT Oxford and shall be subject to the payment of compensation (limited to fees and actual costs incurred by CDT Oxford in connection with providing such assistance) by Licensee to CDT Oxford. Notwithstanding the above,
CDT Oxford shall provide Licensee with such technical information then available to it that is reasonably necessary for the purpose of Licensee’s defending itself. 

  

	3.3	CDT Oxford does not give and nothing contained in this Agreement shall be construed as: 

  

	 	(a)	a warranty or representation by it that any patent applications licensed hereunder will proceed to grant; 

  

	 	(b)	a warranty or representation by CDT Oxford as to the volume or quality of Products which may be manufactured through the use of the CDT Oxford Background Dendrimer Intellectual
Property; 

  

	 	(c)	conferring by implication, estoppel or otherwise, upon the Licensee or any other Affiliate, any licence or other right under any patent rights or other intellectual property except
for the licenses and rights expressly granted hereunder; 

  

	 	(d)	a representation or warranty as to the efficacy or usefulness of the CDT Oxford Background Dendrimer Intellectual Property or that they will produce materials of satisfactory
quality or fit for the purpose for which the Licensee or any other Affiliate intended; 

  

 9 

	 	(e)	a warranty or representation as to the validity or scope of any patent or patent application licensed hereunder; or 

  

	 	(f)	a warranty or representation that the manufacture, use, rental, lease, sale, transfer or other disposal of any Product is free from infringement of any patents or other rights of
third parties. 

  

	4.	FINANCIAL PROVISIONS 

  

	4.1	In consideration of the rights and licenses granted by CDT Oxford to Licensee under this Agreement, the Licensee will pay to CDT Oxford: 

  

	 	(a)	the initial lump sum fee of [**], due within thirty (30) days of the Effective Date; and 

  

	 	(b)	royalties of [**] in respect of the Net Sales of all Products manufactured by or for the Licensee or any Affiliate using the CDT Oxford Background Dendrimer Intellectual Property
and sold and, in the case of any non-cash transaction, transferred to third parties, in each Quarter. 

  

	4.2	The royalties due under clause 4.1 (b) shall be paid to CDT Oxford within sixty (60) days after the end of each Quarter during the term of this Agreement. On a quarterly basis,
Licensee shall submit to CDT Oxford a written report showing: 

  

	 	(a)	the Net Sales of all Products; and 

  

	 	(b)	the amount of royalties due pursuant to clause 4.1(b). 

  

	4.3	Where any Product is sold or otherwise disposed of by means of a commercial transaction other than on arm’s length terms then the Net Sales price shall be the fair market price
for such Product. Where the parties are unable to agree on such a fair market price, Licensee shall provide a letter signed by an independent accounting firm (which is reasonably agreeable to CDT Oxford) which establishes a fair market price for
such Product, provided that all expenses incurred by Licensee in connection with providing such letter shall be borne or promptly reimbursed by CDT Oxford. 

  

	4.4	All royalties or other sums payable under this Agreement shall be paid in US Dollars (US$), and where the underlying price in respect of which any 

  

 10 

 royalty is so payable is stated in a currency other than US$, it shall be converted into US$ by reference
to the Telegraphic Transfer Selling (TTS) rate quoted from the publication by Bank of Tokyo Mitsubishi on the last business day of the Quarter in question. 
  

	4.5	All sums payable pursuant to this Agreement are exclusive of value added tax or other applicable taxes or duties for which the Licensee shall be additionally liable and shall be
paid in cleared funds to such bank account as CDT Oxford may from time to time nominate, without any set off, deduction or withholding except such amount (if any) of tax as the Licensee is required to deduct or withhold by law. If the Licensee is
required by law to make any tax deduction or withholding, the Licensee shall do all things in its power which may be reasonably necessary to enable or assist CDT Oxford to claim exemption therefrom under any double taxation or similar agreement from
time to time in force and shall from time to time give CDT Oxford proper evidence as to the deduction or withholding and payment over of the tax deducted or withheld. 

  

	4.6	If the Licensee makes any default in payment of the royalties and other sums due hereunder the amount due shall bear interest, both before and after any judgement, at the rate of
1.0% per month compounded monthly from the due date until payment is made to CDT Oxford. In no event shall said annual rate exceed the maximum interest allowed by applicable law. 

  

	4.7	At the commencement of this Agreement the Licensee will give CDT Oxford a non-binding estimate of the likely royalties payable to CDT Oxford with respect to the calendar year in
which the commencement takes place. Thereafter, in the October preceding each complete calendar year, Licensee will furnish similar non-binding information with respect to the succeeding calendar year. It is understood by both parties that such
estimate shall be used only for the purpose of CDT Oxford’s budget planning, and shall not bind Licensee in any way. 

  

	4.8	Licensee’s reports submitted to CDT Oxford pursuant to clause 4.2 above shall be certified by an officer of Licensee or by a designee of such officer to be correct to the best
of Licensee’s knowledge and information. 

  

	5.	MATERIALS 

  

	5.1	Upon CDT Oxford’s written request, Licensee shall provide free of charge a reasonable quantity of samples of Products to CDT Oxford Provided always that the Licensee is able to
manufacture such samples without unreasonable interference to its other commercial activities. CDT Oxford agrees that it shall use such samples solely for CDT Oxford’s research 

  

 11 

 purposes and that it shall not provide any third party with such samples without first obtaining the
prior written consent of Licensee, such consent not to be unreasonably withheld, except that the parties hereto agree that Licensee may withhold its consent to CDT Oxford providing such samples to Licensee’s competitors. Licensee may terminate
the requirement to provide CDT Oxford with samples upon providing CDT Oxford with six (6) months prior written notice if (a) Licensee decides not to commercialize or decides to terminate selling Products or (b) Licensee has any other reasonable
reason to terminate the requirement set forth in this clause 5.1. 
  

	5.2	Licensee agrees to negotiate a supply agreement to supply CDT Oxford and/or Members of CDT Oxford’s Group with Products for use in manufacturing light emitting devices.
Licensee agrees that such supply agreement will be on terms and conditions which, taken as a whole, are at least as favorable to CDT Oxford as the most favorable terms and conditions that Licensee has or may grant from time to time to any third
party (except if primarily in settlement of a bona fide dispute regarding any light emitting devices) with respect to Products for use in manufacturing light emitting devices. In the event that while such supply agreement with CDT Oxford is in
effect, Licensee enters an agreement of similar scope (not including an agreement that is entered primarily to settle a bona fide dispute regarding infringement of Products for use in manufacturing light emitting devices or proprietary rights
relating thereto) for less consideration with a third party, then CDT Oxford may within sixty (60) days of notice of such agreement, elect to substitute the consideration provisions of such agreement for the consideration provisions of CDT
Oxford’s supply agreement; provided, however, that CDT Oxford adopts all of the additional restrictions, obligations and supply limitations imposed in such agreement. In determining whether an agreement is of a similar scope and the
consideration is less, (a) all the terms of CDT Oxford’s supply agreement then in effect and such agreement shall be analyzed as a whole and (b) only the value and consideration attributable to Products for use in manufacturing light emitting
devices will be taken into account. 

  

	6.	ACCOUNTS 

  

	6.1	During the term of this Agreement and for a period of two (2) years thereafter, Licensee shall keep, and shall ensure that its Affiliates keep, true and detailed accounts and
records of customer invoices and books of account, in sufficient detail to enable CDT Oxford to determine the amount of royalties due and payable under this Agreement in the manner provided in clause 6.2. 

  

 12 

	6.2	The Licensee shall, at the reasonable request of CDT Oxford, allow an independent royalty auditor, no more than once per year, to inspect the records and books of Licensee
referenced in clause 6.1 above at any reasonable time during normal business hours, provided that such auditor shall only report to CDT Oxford the amount of such royalty calculation, and, provided further, that CDT Oxford shall in advance bind such
auditor through proper contractual obligations not to disclose to any third party the information obtained through such inspection or to use such information for any purpose other than the purpose set forth in this clause 6.

  

	6.3	Inspections under clause 6.2 shall be carried out at CDT Oxford’s expense. However if the audit proves that the Licensee’s accounting of royalties was deficient by more
than 5% of the money actually due, the cost of such inspection shall be borne by the Licensee. 

  

	6.4	The provisions of this clause 6 shall remain in full force and effect for two years after the termination of this Agreement. 

  

	7.	DURATION AND TERMINATION 

  

	7.1	This Agreement shall be effective as of the Effective Date and, unless sooner terminated as hereinafter set forth, shall continue in full force and effect until the later of (a) ten
(10) years from the Effective Date or (b) the expiration of the last to expire of the CDT Oxford Patents and the CDT Oxford Licensed Patents that Licensee is using for the purpose of manufacturing, using or selling Products at the end of such ten
year period. After the expiration of this Agreement, all rights and licenses granted hereunder shall remain in full force and effect on a non-exclusive basis and shall be irrevocable, and Licensee shall be free to use all CDT Oxford Background
Dendrimer Intellectual Property in connection with the use, sale and manufacture of Products without any further payments to CDT Oxford. 

  

	7.2	CDT Oxford may forthwith terminate this Agreement by written notice to the Licensee if Licensee fails to make any payment when due under this Agreement and such payment is not made
within sixty (60) days of written notice from CDT Oxford to Licensee. 

  

	7.3	Either party may forthwith terminate this Agreement by written notice to the other if: 

  

	 	(a)	the other party has materially breached this Agreement. Such termination shall be automatically effective if such breach has not been cured within thirty (30) calendar days after
written notice of the breach to the breaching party; 

  

 13 

	 	(b)	an encumbrancer takes possession of, or a receiver is appointed with respect to, any of the property or assets of the other party; 

  

	 	(c)	the other party becomes subject to an administrative order or makes any voluntary arrangement with its creditors (within the meaning of the Insolvency Act 1986) or anything
analogous to the foregoing under the law of any other jurisdiction occurs in relation to that other party; 

  

	 	(d)	the other party goes into liquidation (except for the purposes of amalgamation or reconstruction and in such manner that the company resulting therefrom effectively agrees to be
bound by or assume the obligations imposed on that other party under this Agreement); 

  
 or any analogous event to the foregoing under the applicable law of any jurisdiction occurs in relation to the other party. 
  

	7.4	For the avoidance of doubt the rights to terminate this Agreement given by this clause shall not prejudice any other right or remedy of either party in respect of the breach
concerned (if any) or any other breach. 

  

	8.	EFFECTS OF TERMINATION 

  

	8.1	On termination of this Agreement: 

  

	 	(a)	if CDT Oxford terminates this Agreement in accordance with clause 7.2 or 7.3, the Licensee shall cease to use, either directly or indirectly, the CDT Oxford Background Dendrimer
Intellectual Property (unless and to the extent expired); 

  

	 	(b)	if CDT Oxford terminates this Agreement in accordance with clause 7.2 or 7.3, the Licensee shall consent to the cancellation of any formal licence granted to it, or of any recordal
of it in any register, in relation to any of the CDT Oxford Background Dendrimer Intellectual Property; 

  

	 	(c)	No termination or expiration of this Agreement shall constitute a termination or waiver of any rights or obligation of any party hereto accruing at or prior to the date of
expiration; and 

  

 14 

	 	(d)	the provisions of clause 9 shall survive any termination or expiration of this Agreement for the time period specified therein, and the provisions of clauses 2.5, 3, 6, 7.1, 8, 11,
12, and 18 shall survive any termination or expiration of this Agreement without limitation. 

  

	9.	CONFIDENTIALITY 

  

	9.1	The Receiving Party shall keep all Confidential Information of the Disclosing Party confidential and shall not, at any time during the term of this Agreement or within 10 years from
the date of any termination or expiration of this Agreement, disclose or divulge such Confidential Information of the Disclosing Party to any other person other than with the prior written consent of the Disclosing Party, or use the Confidential
Information of the Disclosing Party for any purpose except as contemplated by this Agreement. 

  

	9.2	During the term of this Agreement, the Receiving Party may only disclose the Confidential Information of the Disclosing Party to any Recipient to the extent that it is necessary for
the purposes of this Agreement, provided that the Receiving Party shall bind, in advance, such Recipient with a proper contractual obligation not to disclose the Confidential Information of the Disclosing Party to any third party.

  

	9.3	The Confidential Information may be disclosed by the Receiving Party to any governmental or other authority or regulatory body or any other person, to the extent required by law, if
any judicial, administrative or governmental proceeding requires disclosure of any Confidential Information, provided that the Receiving Party shall immediately notify the Disclosing Party of such requirement in writing so that the Disclosing Party
may seek an appropriate protective order. If such a disclosure is required, the Receiving Party shall provide all reasonable assistance to the Disclosing Party to obtain the appropriate protective order. 

  

	9.4	The Confidential Information may be disclosed by the Receiving Party to any actual or potential legitimate, customer or supplier of that party, or any person carrying out research
or development on its behalf, or any employee of that party or any Affiliate of that party, to the extent necessary for the purposes of the manufacture and sale of, and any other dealings in Products subject in each case to the party in question
first obtaining and providing the other party with a copy of a written undertaking from the person in question, as nearly as practicable in the terms of this clause, to keep the information confidential and to use it only for the purposes for which
the disclosure is made. 

  

 15 

	9.5	CDT OXFORD may disclose the existence and the principal terms of this Agreement to any potential purchaser or other potential successor in title of all or substantially all of its
business PROVIDED that such disclosure is only for the purposes of the evaluation of CDT OXFORD by such potential purchaser or successor in title, and subject to CDT OXFORD first (a) obtaining a written undertaking from the person in question to
keep such information confidential in accordance with the provisions of this clause 9, to not disclose it to any third parties and to use it only for the purposes for which the disclosure is made and (b) notifying the Licensee in writing of the
aforementioned disclosure. 

  

	9.6	The obligations contained in this clause 9 shall not apply to any Confidential Information which: 

  

	 	(a)	at the date of this Agreement or at any time after the date of this Agreement comes into the public domain other than through any act or omission of the Receiving Party or any
Recipient; 

  

	 	(b)	can be shown by the Receiving Party to the reasonable satisfaction of the Disclosing Party to have been known to the Receiving Party prior to it being disclosed by the Disclosing
Party to the Receiving Party; 

  

	 	(c)	subsequently comes lawfully into the possession of the Receiving Party from a third party entitled to disclose the same and free of restrictions on disclosure and use; or

  

	 	(d)	can be shown by the Receiving Party to the reasonable satisfaction of the Disclosing Party to have been independently developed by the Receiving Party without using any Confidential
Information of the Disclosing Party; or 

  

	9.7	To secure the confidentiality attaching to the Confidential Information of the Disclosing Party, the Receiving Party shall take reasonable and appropriate measures to safeguard it
against theft, loss or negligent disclosure to others, including but not limited to the same measures as it would take to protect its own confidential information. 

  

	9.8	Each party acknowledges and agrees that in the event of a breach or threatened breach of any of the provisions of this Agreement, the Disclosing Party shall have no adequate remedy
at law and shall therefore, in addition to any other rights or remedies that such Disclosing Party may have at law or in equity, be entitled to injunctive relief to restrain such breach or threatened breach, without the necessity of proving

  

 16 

 damages, posting any bond or other security, and without prejudice to or diminution of any other rights
or remedies which may be available at law or in equity. 
  

	10.	FORCE MAJEURE 

  

	10.1	Neither party shall be deemed to be in breach of this Agreement, or otherwise be liable to the other, by reason of any delay in performance or non-performance of any of its
obligations under this Agreement to the extent that such delay or non-performance is due to any cause beyond its reasonable control including but not limited to any strike, lockout or other form of industrial action (an “Event of Force
Majeure”). 

  

	10.2	The party affected by the Event of Force Majeure shall immediately give the other party written notification of the nature and extent of the Event of Force Majeure and the parties
shall enter into bona fide discussions with a view to alleviating its effects or to agreeing upon such alternative arrangements as may be fair and reasonable. 

  

	11.	NATURE OF AGREEMENT 

  

	11.1	CDT Oxford shall be entitled to transfer both the benefit and burden of this Agreement by way of novation to any Member of CDT Oxford’s Group or to perform any of the
obligations undertaken by it and to exercise any rights granted to it under this Agreement through any Member of CDT Oxford’s Group, provided that any act or omission of any such Member of CDT Oxford’s Group shall, for all the purposes of
this Agreement, be deemed to be the act or omission of CDT Oxford, provided further that any such transferee agree to assume all of the obligations of CDT or CDT Oxford, as the case may be, under this Agreement. 

  

	11.2	Either party may transfer both the benefit and burden of this Agreement by way of a novation to any purchaser or other successor in title (whether by way of a flotation, initial
public offering, reorganisation, amalgamation or otherwise) of all or substantially all of its business, provided that any such transferee agree to assume all of the obligations of CDT or CDT Oxford, as the case may be, under this Agreement.

  

	11.3	Subject to clauses 11.1 and 11.2, this Agreement is personal to each party hereto, who shall not assign, mortgage, charge (otherwise than by floating charge) or (except as expressly
provided herein) sub-license any of its rights hereunder or sub-contract or otherwise delegate any of its obligations hereunder, except with the written consent of the other party (which shall not be unreasonably withheld or delayed).
Notwithstanding 

  

 17 

 the foregoing, Licensee shall be entitled to assign this Agreement to any of its Affiliates without any
requirement to obtain the consent of CDT Oxford. Any transfer or assignment of this Agreement shall not relieve Licensee or CDT Oxford, as the case may be, from any liability or obligation arising on or prior to the date of such transfer.

  

	11.4	Nothing in this Agreement shall create, or be deemed to create, a partnership, or the relationship of principal and agent, between the parties, nor are the parties partners or joint
venturers . 

  

	11.5	Each party hereto warrants to the other party that: 

  

	 	(a)	it has the authority to enter into this Agreement; and 

  

	 	(b)	the execution of, and the performance of its obligations under, this Agreement require no governmental or other approvals or, if required, such approvals have been obtained.

  

	11.6	Neither party hereto shall be liable to the other party for any indirect or consequential losses, damages, costs or expenses incurred by reason of any duty at common law or under
any statute, or any term hereof, whether express or implied by statute, collaterally or otherwise, nor for any loss of profit, business, goodwill, anticipated savings or contracts, however the same may arise and whether occasioned by the negligence,
breach of contract or otherwise of the other party, its servants or agents or otherwise, which arises out of or in connection with this Agreement or its use by the other party. 

  

	11.7	The Licensee hereby agrees to indemnify and keep indemnified CDT Oxford, its servants and agents from and against all actions, claims, costs and demands which may be brought or made
against CDT Oxford and all losses, damages, costs and expenses of any kind suffered by CDT Oxford of whatever nature and howsoever arising in connection with any Product manufactured by or on behalf of the Licensee or any Affiliate, except in the
case of any misrepresentation by CDT Oxford. 

  

	11.8	To the extent permitted by law, the maximum limit of CDT Oxford’s liability under or in connection with this Agreement, whether in contract, tort, negligence, breach of
statutory duty or otherwise shall be such sum as equals the greater of US$500,000 and the amount of royalties in the previous year, except in the case of any misrepresentation by CDT Oxford. 

  

 18 

	11.9	The Licensee acknowledges that it has entered into this Agreement in reliance only upon the representations, warranties and promises specifically contained or incorporated in this
Agreement and, save as expressly set out in this Agreement, CDT Oxford shall have no liability in respect of any other representation, warranty or promise made prior to the date of this Agreement unless it was made fraudulently.

  

	11.10	Except as otherwise expressly set forth herein, CDT Oxford make no representations, extends no warranties of any kind and assumes no responsibility with respect to any use, sale or
other disposition of Dendrimers by Licensee or its customers. CDT Oxford specifically disclaims any and all implied warranties including warranties of merchantability and fitness for a particular purpose. 

  

	11.11	Except as otherwise expressly set forth herein, Licensee makes no representations, extends no warranties whether express or implied of any kind and assumes no responsibility with
respect to any use, sale or other disposition of Product or its customers. Licensee specifically disclaims any and all implied warranties including warranties of merchantability and fitness for a particular purpose. 

  

	12.	GOVERNING LAW AND JURISDICTION 

  

	12.1	This Agreement shall be governed by and construed in accordance with English law. 

  

	12.2	If it is not possible to resolve a disagreement or dispute arising under, out of, or in connection with or in relation to this Agreement through good faith negotiations among the
parties hereto, the matter shall be submitted to a panel of three arbitrators in accordance with the Rules of Arbitration of the International Chamber of Commerce. Licensee shall chose one arbitrator and CDT Oxford shall choose the second
arbitrator. The third arbitrator shall be selected by the first two arbitrators. The arbitration shall take place in Tokyo, Japan, if requested by CDT Oxford, and in London, England, if requested by Licensee. The parties hereto agree that service of
any notices in the course of such arbitration at their addresses as given in this Agreement shall be valid and sufficient. Any award rendered in such arbitration shall be final and binding upon the parties hereto, and judgment upon the award
rendered in the arbitration may be entered in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 

  

 19 

	12.3	Unless expressly provided in this Agreement, no term of this Agreement is enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party
to it. 

  

	13.	NOTICES 

  
 Any notice, disclosure or report given under this Agreement shall be in writing (which for such purposes shall include e-mail), in English and legible,
shall be served by hand on a business day at or by being sent by facsimile (with confirmation of receipt) or email on a business day or by being sent by first class post or airmail to the address as given on page 1 or as otherwise notified in
accordance with this clause, and shall be deemed served on the date actually received by the other party. Notices, disclosures and reports shall, if sent to CDT Oxford, be marked for the attention of Stephen Chandler, Director Legal & IP and, if
sent to Licensee, shall be marked for the attention of Toshihiro Ohnishi, Corporate Planning & Coordination Office or, in either case, such other person whose details have been notified to the other party in accordance with this clause. Any
notice provided in accordance with the terms of this clause shall be deemed to have been served at the time of delivery. 
  

	14.	FURTHER ASSURANCE 

  
 After this Agreement has been signed by both parties, each party shall execute such documents and take such steps as the other party may reasonably
require to fulfil the provisions of and to give to each party the full benefit of this Agreement. 
  

	15.	WAIVER 

  

	15.1	The rights, powers and remedies conferred on any party by this Agreement and remedies available to any party are cumulative and are additional to any right, power or remedy which it
may have under general law, this Agreement or otherwise. 

  

	15.2	Any party may, in whole or in part, release, compound, compromise, waive or postpone, in its absolute discretion, any liability owed to it or right granted to it in this Agreement
by any other party or parties without in any way prejudicing or affecting its rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed. 

  

	15.3	No delay or omission on the part of any party to this Agreement in exercising any right, power or remedy provided by law or under this 

  

 20 

 Agreement shall impair such right, power or remedy; or operate as a waiver thereof, nor shall the single
or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 
  

	16.	SEVERANCE 

  
 To the extent that any provision of this Agreement is found by any court or competent authority to be invalid, unlawful or unenforceable in any
jurisdiction, that provision shall be deemed not to be a part of this Agreement, it shall not affect the enforceability of the remainder of this Agreement nor shall it affect the validity, lawfulness or enforceability of that provision in any other
jurisdiction. 
  

	17.	ANNOUNCEMENTS 

  
 The parties shall make a joint announcement within 30 days of the signature of this Agreement. The text of such announcement shall be agreed by the
parties and it shall not be made public until such agreement is reached. In addition, the parties will use their reasonable endeavours to promote Dendrimer technology for the duration of this Agreement. 
  

	18.	NON SOLICITATION 

  
 Each party hereto agrees that, during the term of this Agreement and for a period of 12 months following the expiration or termination of this Agreement,
it shall not solicit the services (except as contemplated by the Project) or employment of or introduce to another employer either temporarily or permanently, directly or indirectly any person who is employed by the other party or its Affiliates,
and who was or is involved in the Project, and shall use commercially reasonable efforts to ensure that its Affiliates comply with this provision. Each party hereto agrees that if it or its Affiliates breaches this clause, in addition to any other
remedies that may be available to the other party, it shall pay to the other party a sum equivalent to two times the new annual starting salary and benefits of the person concerned. 
  

	19.	ENTIRE AGREEMENT 

  
 This Agreement comprises the entire agreement and understanding of the parties in relation to its subject matter and cancels and supersedes all previous
communications, agreements or understandings with regard to such subject matter. Each parry hereto acknowledges that it has entered into this Agreement in reliance only upon the representations, warranties 
  

 21 

 and promises specifically contained in this Agreement. The parties hereto specifically agree that said
previous communications, agreements, representations, understandings, negotiations, proposals or undertakings shall not be admissible as evidence in any arbitration, litigation or other legal proceeding for interpretation of this Agreement.

  

	20.	MISCELLANEOUS 

  

	20.1	This Agreement may only be varied by an agreement in writing specifically referring to this clause 20.1 and signed by or on behalf of both parties hereto. 

 

	20.2	The parties are not partners or joint venturers nor is either able to act as agent of the other. 

  

	20.3	This Agreement may be executed via facsimile and may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute
one and the same instrument. 

  

 22 

 THIS AGREEMENT has been executed by the authorised signatories of each party on the Effective Date. 
  

			
	CDT Oxford Limited
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	Sumitomo Chemical Co., Ltd.
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

  

 23

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