Document:

Manufacturing and Supply Agreement with OvaMed GmbH & Collingwood

 Exhibit 10.11 
 CONFIDENTIAL TREATMENT REQUESTED. 
 INFORMATION FOR WHICH CONFIDENTIAL
TREATMENT HAS BEEN 
 REQUESTED IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE 

CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS 

ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. 

MANUFACTURING AND SUPPLY AGREEMENT 
 by and among 
 COLLINGWOOD PHARMACEUTICALS, INC., 

and 
 OVAMED GMBH

 March 29, 2006 

 TABLE OF CONTENTS 

 

									
	1.	  	DEFINITIONS	  	 	1	  
	2.	  	MANUFACTURING AND SUPPLY AND PURCHASE	  	 	4	  
		  	2.1	  	Manufacturing	  	 	4	  
		  	2.2	  	Manufacturing Facilities	  	 	4	  
		  	2.3	  	Third Party Manufacturers	  	 	4	  
		  	2.4	  	Purchase Orders	  	 	4	  
		  	2.5	  	Inspection and Notifications	  	 	5	  
		  	2.6	  	Semi-Annual Relationship Review	  	 	6	  
		  	2.7	  	Documentation	  	 	6	  
	3.	  	DELIVERY, ACCEPTANCE, REJECTIONS.	  	 	6	  
		  	3.1	  	Delivery	  	 	6	  
		  	3.2	  	Acceptance and Rejection	  	 	7	  
		  	3.3	  	Late Delivery Credit	  	 	9	  
	4.	  	RECALLS, ADVERSE EVENT REPORTING, COMPLAINTS; REGULATORY	  	 	9	  
		  	4.1	  	Recalls	  	 	9	  
		  	4.2	  	Adverse Experience Reporting	  	 	10	  
		  	4.3	  	Complaints	  	 	11	  
		  	4.4	  	Regulatory Approvals	  	 	11	  
	5.	  	QUALITY AND CAPACITY	  	 	11	  
		  	5.1	  	Ovamed Representations, Warranties and Covenants	  	 	11	  
		  	5.2	  	Testing of Product for Conformance with Specifications	  	 	12	  
	6.	  	CHANGES IN SPECIFICATIONS OR MANUFACTURING PROCEDURES	  	 	12	  
		  	6.1	  	Sponsored Changes	  	 	12	  
		  	6.2	  	Impact on Inventory	  	 	13	  
	7.	  	PAYMENT	  	 	13	  
		  	7.1	  	Price	  	 	13	  
		  	7.2	  	Milestone Credit	  	 	14	  
		  	7.3	  	Payment	  	 	14	  
	8.	  	TERM AND TERMINATION	  	 	14	  
		  	8.1	  	Term	  	 	14	  
		  	8.2	  	Termination	  	 	15	  
		  	8.3	  	Survival	  	 	17	  
	9.	  	INDEMNIFICATION AND INSURANCE	  	 	17	  
		  	9.1	  	Ovamed Indemnification of Collingwood	  	 	17	  
		  	9.2	  	Collingwood Indemnification of Ovamed	  	 	17	  
		  	9.3	  	Insurance	  	 	18	  
	10.	  	LIABILITY	  	 	19	  
	11.	  	INTELLECTUAL PROPERTY	  	 	19	  
		  	11.1	  	Ownership of Intellectual Property	  	 	19	  
		  	11.2	  	Cooperation	  	 	19	  
		  	11.3	  	License of Ovamed Intellectual Property Rights	  	 	19	  
	12.	  	CONFIDENTIAL INFORMATION	  	 	20	  
		  	12.1	  	Confidentiality	  	 	20	  
		  	12.2	  	Authorized Disclosure	  	 	20	  
		  	12.3	  	No Confidential Information of Other Parties	  	 	21	  
		  	12.4	  	Equitable Relief	  	 	21	  

  
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	13.	  	MISCELLANEOUS	  	 	21	  
		  	13.1	  	Correspondence and Notices	  	 	21	  
		  	13.2	  	Compliance with the Laws; Permits and Licenses	  	 	22	  
		  	13.3	  	Assignment	  	 	22	  
		  	13.4	  	Force Majeure	  	 	23	  
		  	13.5	  	Use of Name	  	 	23	  
		  	13.6	  	Language of the Agreement	  	 	23	  
		  	13.7	  	UN Convention on Contracts for Sale of Goods	  	 	23	  
		  	13.8	  	Amendment	  	 	23	  
		  	13.9	  	Waiver	  	 	24	  
		  	13.10	  	Severability	  	 	24	  
		  	13.11	  	Descriptive Headings	  	 	24	  
		  	13.12	  	Governing Law	  	 	24	  
		  	13.13	  	Jurisdiction; Venue; Service of Process	  	 	24	  
		  	13.14	  	Entire Agreement	  	 	25	  
		  	13.15	  	Conflicts	  	 	25	  
		  	13.16	  	Independent Contractors	  	 	25	  
		  	13.17	  	Counterparts	  	 	25	  

  

			
	SCHEDULES AND EXHIBITS
		
	Exhibit A	  	Specifications
		
	Exhibit B	  	Work to be Performed
		
	Exhibit C	  	Raw Materials Index
		
	Exhibit D	  	Form of certificate of analysis
		
	Exhibit E	  	Clinical Plan for the Product

  
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 MANUFACTURING AND SUPPLY AGREEMENT 

This Manufacturing and Supply Agreement (the “Agreement”) is entered into this      day of
December, 2005 (the “Effective Date”), by and between Collingwood Pharmaceuticals, Inc., a corporation organized and existing under the laws of Delaware and having a principal place of business at 787 Seventh Avenue, 48th Floor, New York, New York 10019 (“Collingwood”),
and Ovamed GmbH, a corporation organized and existing under the laws of Germany and having a principal place of business at Kiebitzhörn 33-35, 22885 Barsbüttel, Germany (“Ovamed”). Collingwood and Ovamed may each be
referred to herein individually as a “Party” and collectively as the “Parties.” 
 Recitals

 A. Collingwood wishes to engage Ovamed to manufacture Products (as defined below) and supply them to Collingwood as an
active pharmaceutical ingredient and drug product for preclinical, clinical and commercial use. 
 B. Ovamed desires to
manufacture Products and supply them to Collingwood and Collingwood desires to purchase Products from Ovamed for such use as further described and in accordance with the terms and conditions of this Agreement. 

C. Ovamed has obtained an exclusive license (the “License”) from the University of Iowa Research Foundation
(“UIRF”) to practice certain patent rights in the United States, Canada, Japan, and Australia; 
 D.
Collingwood and Ovamed have entered an Exclusive Sublicense Agreement (the “Sublicense”), under which Ovamed granted to Collingwood an exclusive right to practice the patent rights discussed in the License in connection with the
prevention, treatment, cure or diagnosis of human diseases, with the exception of gastroenterology (e.g., inflammatory bowel disease) and hepatology in Europe (the “Field of Use”). 

Agreement 

NOW THEREFORE, the parties agree as follows: 
 1. DEFINITIONS 
 Capitalized terms used but not defined in this Agreement have the meanings
given to them as set forth below. 
 “Acceptance” has the meaning given to it in Section 3.2.1.

 “Approved Subcontractor” means, at any time, any member of the Ovamed Group or other subcontractor engaged
by Ovamed for the manufacture or supply of a principal component necessary for the manufacture of Product reasonably acceptable to Collingwood. 
 “Affiliate” of any person shall mean any general or limited partner of any such person that is a partnership, member of any such person that is a limited liability company or any person
or entity that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such person. 

  
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 “CGMP” means Current Good Manufacturing Practices, as defined in a
regulation in 21 CFR § 210, 211, or 600 or, as applicable, the applicable European Agency for the Evaluation of Medicinal Products (“EMEA”) Guidelines, or any other rules or regulations which may be applicable in any
jurisdiction in which Ovamed manufactures the Product pursuant to this Agreement. 
 “Change Request” means a
written request for a change to a Specification. 
 “Competing Party” means any third party manufacturing,
developing, or commercializing a product approved or intended to be approved by a Regulatory Authority for use within the Field of Use which includes the use of TSO. 
 “Confidential Information” means all information relating to a Party, its business or prospects (including, without limitation, data, know-how, trade secrets, business plans), disclosed
by such Party from time to time to the other Party in any manner, whether orally, visually or in tangible form (including, without limitation, documents, devices and computer readable media) and all copies thereof, created by either party.

 “Developments” has the meaning given to it in Section 11.1. 

“Disclosing Party” has the meaning given to it in Section 12.1. 

“FDA” means the United States Food and Drug Administration. 

“Field of Use” has the meaning given to it in the Recitals. 

“IND Milestone Payments” has the meaning given to it in Section 7.2. 

“Intellectual Property Rights” means patents, copyrights, design rights, trademarks, service marks, trade names, trade
secrets, know-how, and other intellectual property rights of any kind and nature. 
 “Late Delivery Credit” has
the meaning given to it in Section 3.3. 
 “Liabilities” means any liability, loss, damage, claim, cost or
expense (including reasonable fees of attorneys and other professionals and court costs). 
 “License” has the
meaning given to it in the Recitals. 
 “Minimum Batch Size” will be mutually agreed to by the parties in
writing in the event of changes to the Product pursuant to Article 6 below. There will be no Minimum Batch Size prior to any such entered agreement. 

  
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 “Ovamed Competitor” means any direct competitor of Ovamed that
(i) sells TSO and (ii) sells a product that directly competes with a product sold by Ovamed that constitutes [*******]% or more of Ovamed’s net revenues. 
 “Ovamed Group” means Ovamed and its Affiliates. 

“Products” means initially TSO manufactured in accordance with the Specifications, or as otherwise mutually agreed by
the Parties in the event changes are made to the Product pursuant to Article 6 below. 
 “Purchase Order” means
a written purchase order submitted to Ovamed by Collingwood or one of its affiliates under this Agreement for delivery of Products; provided that any terms and conditions contained or incorporated by reference in any such purchase order that
conflict with the terms and conditions of this Agreement or the attachments made a part hereof shall be of no force or effect whatsoever concerning the subject matter of this Agreement, and Ovamed’s failure to object thereto shall not be deemed
a waiver of Ovamed’s rights hereunder. 
 “Receiving Party” has the meaning given to it in
Section 12.1. 
 “Regulatory Approval” means with respect to a nation or multinational jurisdiction any
approvals, licenses, registrations or authorizations necessary for the manufacture, marketing and sale of the Product in such nation or jurisdiction. 
 “Regulatory Authority” means any federal, state or foreign government authority. 
 “Regulatory Information” means the following information (or the equivalent in any relevant non-United States jurisdiction): IND Safety Reports & Follow-ups (21 CFR
§312.32(c)&(d)), Post-marketing 15-day Alert Reports & Follow-ups (21 CFR §314.80(c)1), Periodic Adverse Drug Experience Reports (21 CFR §314.80(c)2), Field Alert Reports (21 CFR §314.81(b)(1)), Product Complaints
(21 CFR §211.198), IND Annual Reports (21 CFR §312.33(b)) and Post-marketing Annual Reports (21 CFR §314.81(b)(2)(i),(iv)&(v)). 
 “Specifications” means the finished product specifications for the Products and testing standards and procedures to be employed in determining compliance therewith attached hereto as
Exhibit A, as amended from time to time in accordance with this Agreement. 
 “Sublicense” has the meaning
given to it in the Recitals. 
 “Term” has the meaning given to it in Section 8.1. 

“Territory” means the entire world, to the extent Ovamed possesses a license to practice the Patent Rights (as defined
in the Sublicense) in specific countries and/or territories in the world. 
 “Transfer Assistance” has the
meaning given to it in Section 8.3. 
 “TSO” means Trichuris suis ova. 

  
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 “UIRF” has the meaning given to it in the Recitals. 

“Unit” means approximately [*******], or such other final dose as approved by the relevant Regulatory Authority, on the
basis that a treatment dose will require [*******] Units per year and maintenance dose will require [*******] Units per year. 

“Withdrawal Notice Date” has the meaning given to it in Section 8.2.5. 

2. MANUFACTURING AND SUPPLY AND PURCHASE. 
  

	 	2.1	Manufacturing. 

 Ovamed
agrees to manufacture and supply, and Collingwood agrees to purchase, Product solely for non-clinical, clinical and commercial use in the Field of Use in the Territory, according to the terms of this Agreement. Ovamed also agrees to engage in
development with Collingwood in connection with the Products as part of a Change Request pursuant to the terms and conditions as set forth in Section 6.1.1 of this Agreement. 

 

	 	2.2	Manufacturing Facilities.  

 In addition to the existing manufacturing facility in Germany, Ovamed shall establish at least two (2) more manufacturing facilities located in the United States, which will be in compliance with
CGMP and the first of which will be completed and operational upon [*******]. Ovamed will establish a second manufacturing facility located in the United States, which will be completed and operational prior to the [*******]. Upon the establishment
of the United States manufacturing facilities and any others, and on each twelve-month anniversary thereof, Ovamed will provide to Collingwood written certification that all manufacturing facilities in the United States at which Product is
manufactured are in compliance with CGMP and that all manufacturing facilities existing outside of the United States at which Product is manufactured are in compliance with the relevant regulations of such jurisdiction. 

 

	 	2.3	Third Party Manufacturers. 

Ovamed shall remain responsible for its obligations under this agreement notwithstanding any delegation hereunder. 

 

	 	2.4	Purchase Orders.  

All orders placed by Collingwood for the Products require a Purchase Order. Collingwood shall submit to Ovamed a [*******] rolling supply
forecast in writing and a firm Purchase Order for the purchase of any Products at least [*******] prior to the specified delivery date in writing, and Ovamed shall accept such Purchase Order in writing, subject to the adherence of such Purchase
Order to the terms and conditions of this Agreement. Each Purchase Order shall be signed by an employee of Collingwood and specify the quantity of Products ordered, the purchase price, the requested delivery date or dates, and delivery locations.
Ovamed reserves the right to cancel, suspend, refuse or delay any orders if Collingwood fails to make any payment when due, and such failure continues after [*******] notice of such non-payment

  
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from Ovamed. At the reasonable request of Ovamed, Collingwood will cooperate and submit to Ovamed any information required for Ovamed to obtain “accounts receivable insurance” from a
bona fide third party carrier (such information will be restricted to information that is customarily required for such types of insurance). 
  

	 	2.5	Inspection and Notifications. 

 2.5.1 Inspections. During regular business hours and upon reasonable advance notice, Ovamed shall permit, and upon reasonable notice and coordination of schedules shall use reasonable
efforts to cause each of its Approved Subcontractors to permit, Collingwood, its consultants and/or contractors reasonably acceptable to Ovamed (or if not reasonably acceptable to Ovamed, Ovamed will supply a list of appropriately qualified
consultants acceptable to it for Collingwood to use) and government personnel (including without limitation personnel from the FDA, for whom advance notice is not required, or any other Regulatory Authority in the Territory) to inspect the
facilities of Ovamed and each of its Approved Subcontractors and to review manufacturing activities related to the Products solely to the extent necessary for, and for the purpose of assessing Ovamed’s regulatory and quality compliance with,
CGMP and for the purpose of determining compliance with the Specifications; provided that, (i) Collingwood shall not be permitted to exercise its right of inspection under this Section more than [*******] times in any twelve month period
(ii) such restriction on the number of inspections shall not apply to governmental inspections, (iii) each party conducting an inspection, other than governmental, shall execute with Ovamed a nondisclosure agreement containing a
conventional penalty in case of breach not less than € [*******], reasonably acceptable to Ovamed with regard to all materials inspected. Ovamed shall permit, and use reasonable efforts, to cause each of its Approved Subcontractors to
permit, Collingwood and government personnel, to review and make copies of all relevant documents related to the Products that might reasonably be requested for such purposes. The costs of Ovamed’s reasonable expenses incurred in connection
with such inspections, shall be borne by Collingwood. 
 2.5.2 Notification. Ovamed shall promptly
provide Collingwood notice of all inspections of Ovamed’s facilities by any Regulatory Authority reasonably related to Ovamed’s performance hereunder or the subject matter of this Agreement, and each Party shall promptly provide the other
Party with notice of all (A) written claims and allegations, and (B) claims and allegations made orally that reasonably appear to warrant investigation or response, in either case of which Ovamed or Collingwood is aware, that Ovamed is not
complying with CGMP or with the relevant Specifications. The obligations of this Section apply equally to any such notices provided to Ovamed’s Approved Subcontractors to Ovamed’s knowledge. 

  
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 2.5.3 Records. Ovamed shall maintain all of its manufacturing
and analytical records, all records of shipments of Products and all reasonable validation data relating to Products for a minimum of five (5) years from Product shipment. Collingwood shall maintain all of its sales, and analytical records, all
records of shipments of Products and all reasonable validation data relating to Products for a minimum of two (2) years from Product shipment. Each Party agrees that, in response to any complaint, or in the defense by the other Party of any
litigation, hearing, regulatory proceeding or investigation relating to any Products, it shall make available to the other Party, at the other Party’s cost and expense, such employees and records reasonably necessary to permit the effective
response to, defense of, or investigation of such matters, subject to appropriate confidentiality protections and such records shall be deemed Confidential Information of the disclosing party hereunder. 

 

	 	2.6	Semi-Annual Relationship Review. 

 The Parties will meet or speak by telephone during the last month of each semi-annual period following the Effective Date and at such other times as mutually agreed upon by the parties, to review their
relationship and performance under this Agreement, including but not limited to, review of the Specifications. This review will not give rise to any amendment to the Agreement other than pursuant to Section 13.8 hereunder. 

2.7 Documentation. Ovamed will supply all reasonable documentation related to the Products to support Collingwood’s
effort to obtain and maintain Regulatory Approval for the Sale of Products that is required to comply with guidance documents and regulations of Regulatory Authorities that is relevant to biological agents for human use (the
“Documentation”). To the extent that the Documentation required to be supplied by Ovamed under this Section is documentation, or is substantially the same as documentation, that Ovamed has, at the time, in its possession, then
Ovamed shall supply such Documentation without any additional charge to Collingwood; otherwise, Collingwood shall pay to Ovamed an amount equal to Ovamed’s fully burdened costs, including, but not limited to, overhead, incurred in performing
the work required to prepare such Documentation. 
 3. DELIVERY, ACCEPTANCE, REJECTIONS. 

 

	 	3.1	Delivery. 

3.1.1 Delivery. Ovamed shall deliver all Products ordered under this Agreement corresponding to the
quantities, delivery dates and delivery locations set forth in each Purchase Order provided to Ovamed pursuant to and in accordance with Section 2.3. All Products shipped pursuant to the terms of this Agreement shall be manufactured not more
than [*******] preceding the shipment date, labeled and packed for shipment in accordance with the Specifications set forth on Exhibit A, and shall be marked for shipment to the designated location specified in the Purchase Order. All deliveries of
Products will be to the designated location specified in the Purchase Order. Ovamed will have no further responsibility for Products after, and all risk of damage to or loss or delay of Products will pass to Collingwood upon, delivery by Ovamed to
the designated carrier. The prices of the Products include all palletizing, packing, crating and storage charges at Ovamed facility, other than as set forth in Section 

  
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3.1.2 below. Collingwood will pay for all freight, insurance and other shipping expenses incurred during shipment to the designated location and Ovamed shall be responsible for clearing the
Product for import, export and for other customs matters. Both parties (Ovamed and Collingwood) shall consult with each other in advance of each shipment and shall cooperate with each other to permit Ovamed to make suitable shipping, insurance,
customs and related arrangements. Ovamed shall obtain all appropriate approvals and consents of any governmental authority in the United States or other relevant jurisdictions, as applicable, necessary for the manufacture (including packaging), and
exportation from the place of manufacture of the Products to Collingwood and Ovamed shall comply with all applicable laws and regulations pertaining thereto. 
 3.1.2 Except to the extent resulting from Ovamed’s failure to comply with its obligations under this Agreement, Collingwood will bear the actual and reasonable costs (including storage) resulting
from Collingwood’s failure to receive Products at scheduled times. 
  

	 	3.2	Acceptance and Rejection. 

 3.2.1 Acceptance. Ovamed will provide Collingwood with a certificate of analysis for each invoiced Product substantially in the form of Exhibit D. Each shipment of Product will be deemed
accepted by 5:00 p.m. EST on the [*******] after receipt by Collingwood unless Collingwood notifies Ovamed prior to such time that the shipment (i) contains any discrepancy between the actual quantity of Product supplied and the quantity of
Product quoted in the supply documents delivered with the applicable Products, (ii) is incorrectly invoiced, or (iii) does not contain a certificate of analysis showing conformity of the Product with the Specifications. The shipment will
be deemed rejected upon delivery of such notice by Collingwood; provided, however, if the original shipment of the Product is found to be conforming, then Collingwood shall pay to Ovamed any due amount plus interest in the amount of
[8]% per year of the unpaid amount. Each shipment of Product(s) accepted by Collingwood under this Agreement will be subject to inspection and performance testing by Collingwood within a period of [*******] after receipt of a particular shipment of
Product(s) (as applicable, the “Inspection Period”) to determine whether the Product(s) in such shipment complied at the time of delivery to the carrier at Ovamed’s facilities with the Specifications and any applicable warranties
under this Agreement. Collingwood shall promptly, but in no event more than [*******] after the Inspection Period (the “Notice Period”), notify Ovamed if any particular shipment did not so comply with the Specifications or
applicable warranties at the time of delivery to the carrier. Upon request by Collingwood, during the Inspection Period, Ovamed will promptly provide copies of completed batch records (including deviations and corrective actions), and Collingwood
shall pay for the actual costs of copying and sending such batch records on a cost basis. If Collingwood and Ovamed reasonably determine that the Product(s) did not comply with the Specifications or the applicable warranties under this Agreement at
the time of delivery to the carrier, Collingwood shall promptly notify Ovamed 

  
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of such non-compliance, but in no event more than the later of (x) [*******] after Collingwood’s receipt of all such completed batch records or (y) the expiration of the
Notice Period. If the Parties are unable to agree on whether such non-compliance has occurred within [*******], then the Parties shall promptly engage a third party testing laboratory, mutually agreed upon and that shall enter into a
confidentiality Agreement with Ovamed and Collingwood, to determine whether such non-compliance has occurred prior to the delivery of Product(s) to the carrier. The costs of such third party testing laboratory shall be borne by Collingwood, unless
such third party testing laboratory determines that the particular shipment of Product was non-compliant at Ovamed’s facilities at the time of delivery to the carrier, in which case such costs shall be borne by Ovamed. If Collingwood does not
deliver written notice to Ovamed during the Notice Period that Collingwood rejects such shipment because of a non-compliance at the time of delivery to the carrier at Ovamed’s facilities, Collingwood will be deemed to have accepted the
shipment, subject to any right it may have under law or this Agreement. 
 3.2.2 Replacement; Expenses.
If a Product shipment is rejected by Collingwood under Section 3.2.1(iii) or because such shipment did not comply at the time of delivery to the carrier with the Specifications and any applicable warranties under this Agreement as set forth
in Section 3.2.1 above (subject to the dispute resolution procedure set forth therein), then Collingwood may, at its discretion, either (i) obtain a credit or refund, in [*******]’s sole discretion, for the amount paid by Collingwood
for the non-conforming Product or (ii) require Ovamed to correct or replace, in [*******]’s sole discretion, the non-conforming Product so that it complies. If Collingwood requests, Ovamed agrees to correct or replace any such Product as
soon as is practicable but no later than [*******] after Collingwood’s request for such correction, and will bear all reasonable expenses of making such corrections. If Ovamed is unable to so correct or replace the Product within such [*******]
period, it will so notify Collingwood no later than [*******] after the end of such [*******] period, whereupon Collingwood will have the option, at its sole discretion, to (x) require Ovamed to credit Collingwood for the amount paid by
Collingwood for such Product or (y) require Ovamed to use all commercially reasonable efforts to promptly replace the Product at Ovamed’s expense. Upon Ovamed’s request and at Ovamed’s expense Collingwood shall return or dispose
of the non-conforming Products. Without limiting the foregoing, Ovamed will reimburse or credit Collingwood for any costs or expenses paid by Collingwood at the instructions of Ovamed or as required by relevant regulations related to the return,
repair or destruction of the non-conforming Product(s). Notwithstanding the foregoing, if the original shipment of Product is found to be conforming, then Collingwood shall pay for the replacement shipment in accordance with the terms of this
Agreement plus interest as applicable to late payment. Any credit or refund due under this Section will bear interest, which shall accrue at an annual percentage rate equal to the lesser of [*******] percent ([*******]%) per month or the maximum
rate allowable by law at the date of such credit or refund is due until such refund is paid or such credit is used. 

  
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	 	3.3	Late Delivery Credit. 

 3.3.1 Credit. Subject to a Force Majeure Event, if Ovamed fails to deliver any Products within [*******] after the delivery date specified in an accepted Purchase Order to the designated
location specified in the Purchase Order, Ovamed will give Collingwood a credit to be applied to the purchase price owed for such Product(s) (a “Late Delivery Credit”); provided, that (a) such credit shall be applied to future
payments due by Collingwood under this Agreement, if any; and (b) except as set forth in Section 8.2.1 and 8.2.2, such Late Delivery Credit shall be Collingwood’s sole and exclusive remedy for any such delay. The amount of the Late
Delivery Credit will vary based on the number of days a delivery follows the date specified in the accepted Purchase Order, and will equal the following percentage of the purchase price for the Product(s) that is delivered late: 

 

			
	 Number of Days Late
	  	 Late Delivery Credit

	 [*******]
	  	 [*******]% of the purchase price for late Product

	 [*******]
	  	 [*******]% of the purchase price for late Product

	 [*******]
	  	 [*******]% of the purchase price for late Product

 Collingwood may apply the Late Delivery Credit to reduce the amount due to Ovamed under the invoice for
late-delivered Product. In the event that Ovamed knows that any Product being shipped to Collingwood will be delivered more than [*******] after the delivery date specified in the accepted Purchase Order for such Product due to reasons that are
within Ovamed’s control, Ovamed will note the Late Delivery Credit that applies to that Purchase Order in the invoice for that Purchase Order. 
 4. RECALLS, ADVERSE EVENT REPORTING, COMPLAINTS; REGULATORY. 
  

	 	4.1	Recalls. 

4.1.1 Recalls of Product. Collingwood shall promptly notify Ovamed of any recall, product withdrawal, or
field correction to the Product, and provide copies of all press releases related to such action, whether or not effected voluntarily or requested or ordered by any federal or state agency or government agency. Ovamed may recommend a recall, product
withdrawal or field correction, however, subject to Ovamed’s obligation to adhere to all applicable laws and regulations, the decision to conduct such an activity shall be Collingwood’s alone. Ovamed shall reasonably cooperate with
Collingwood as necessary to effectuate any such recall, withdrawal or correction, at Collingwood’s sole cost and expense. Subject to applicable law, regulation or Regulatory Authority request, Collingwood or its designee shall make all contacts
with the FDA and any other regulatory agencies, shall be responsible for coordinating all of the necessary activities in connection with such recall, product withdrawal, or field correction and shall make any statements to the media,

  
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including, but not limited to, press releases and interviews for publication or broadcast related to such recall, product withdrawal, or field correction; provided that, Collingwood will
provide Ovamed written notice concurrently or as soon as practicable after Collingwood makes any statement to the FDA, regulatory agency, media and/or to the public related to a recall, product withdrawal, or field correction that specifically
refers to Ovamed or is reasonably related to any of the Products, which sets forth such statement. Ovamed will reasonably cooperate with Collingwood in the conduct of such activities. Collingwood shall keep Ovamed fully informed of progress and
shall consult with Ovamed in relation to all material decisions or actions as may reasonably relate to a recall, product withdrawal, or field correction of the Products. 

4.1.2 Recall Expense. Ovamed shall bear the full expense of both Parties incurred in any recall, withdrawal
or correction of the Product resulting from (i) failure of any Product to meet the Specifications at the time of delivery of such Product by Ovamed to the carrier, or (ii) Ovamed’s failure to manufacture any Product in accordance with
CGMP and all other applicable laws, and Collingwood shall bear the full expense of both Parties incurred in any other recall, withdrawal or correction of the Product. Any dispute between the Parties as to which Party is responsible for a defect will
be made by an independent arbitrator, mutually satisfactory to the Parties, and having sufficient scientific and manufacturing skills necessary to adjudicate upon the matter in dispute. The costs of such arbitrator will be borne by the Party against
whom the arbitrator rules. Such expenses of recall shall include, without limitation, the expenses of notification and destruction or return of the recalled Product and the sum paid by a third party for the recalled Product. In the event, however,
that a recall is partially caused by reasons as set forth in subsections (i) and/or (ii) of this Section 4.1.2 and partially for other reasons, then each Party shall be responsible for its proportionate share of the recall expenses
based on its proportionate share of causation. 
  

	 	4.2	Adverse Experience Reporting.  

 Each Party shall cooperate with the other Party and provide all assistance reasonably requested by the other Party for the other Party to respond in a timely fashion to Regulatory Authorities in the event
of product complaints, Field Alert Reports, SUSARs, or Adverse Event reports which require submission to Regulatory Authorities as expedited reports, e.g., 15-day Alert Reports or in other regulatory submissions including but not limited to IND
Annual Reports and NDA/BLA Annual Reports or Periodic Safety User reports, each as defined by the applicable Section of the U.S. Code of Federal Regulations, in accordance with current FDA and any other applicable guidance and regulations, including
without limitation providing to the other Party all Regulatory Information in its possession reasonably required for FDA compliance. Each Party may use such information to meet its respective legal and regulatory obligations. The capitalized terms
used in this Section but not defined in this Agreement shall have the customary meaning under current FDA and European Union guidance and regulations. 

  
 - 10 -

	 	4.3	Complaints.  

Unless otherwise required by law, Collingwood shall have sole responsibility and authority to respond to any customer or other complaints
with respect to the Products or other aspects of the Product; provided, however, Collingwood will provide Ovamed written notice concurrently with or as soon as practicable after Collingwood makes any statement to such complaining party, the FDA,
regulatory agency, media and/or to the public in response to any complaint that may be reasonably related to the Products that specifically refers to Ovamed or any of the Products, which sets forth such statement. Except as otherwise provided
herein, Ovamed will not be liable or made responsible for any act or cost incurred or committed by Collingwood in connection with any action taken by Collingwood under this Section. Each Party shall promptly advise the other Party of all relevant
details if it receives any complaints pertaining to the Product. Collingwood shall promptly advise Ovamed of all relevant details if it receives any significant complaints pertaining to the Product (except that any complaints pertaining to the
Product that require a report to a Regulatory Authority shall be deemed to be significant), and Ovamed shall promptly advise Collingwood of all relevant details if it receives any significant complaints pertaining to the Product (except that any
complaints pertaining to the Product that require a report to a Regulatory Authority shall be deemed to be significant). Subject to the foregoing, Ovamed shall provide reasonable cooperation and assistance to Collingwood in responding to complaints
with respect to the Products. 
  

	 	4.4	Regulatory Approvals.  

 The Parties shall fully cooperate in good faith, and shall provide all reasonable assistance and information, in a timely manner, to each other, to obtain and maintain all Regulatory Approvals that are
required to manufacture, distribute, use or sell the Products, including without limitation the preparation, filing and maintenance of any U.S. Biological License Application or European Marketing Authorization (or equivalent in other
jurisdictions). If there are incremental regulatory filing fees that are applicable to the Products, Collingwood will bear such regulatory fees. The parties shall also reasonably assist each other in responding to requests and inquiries from
applicable Regulatory Authorities prior to, during and after regulatory review periods, including without limitation, providing all data, records and reports required in order to comply with the regulatory Authority request. 

5. QUALITY AND CAPACITY. 
  

	 	5.1	Ovamed Representations, Warranties and Covenants. 

 Ovamed hereby represents, warrants and covenants to Collingwood that the Products [*******]: (a) shall be manufactured in compliance with CGMP and all other applicable regulatory and governmental
regulations, as applicable; (b) shall conform to the certificates of analysis supplied with each shipment pursuant to Section 5.2; and (c) shall be free and clear of any lien or encumbrance and Ovamed will have all rights necessary to
transfer title to the Products to Collingwood. The foregoing warranty shall not apply to the extent that the Product has been subject to use or other conditions not in accordance with the applicable Specifications, or has otherwise been the subject
of mishandling, misuse, neglect, alteration or damage by the carrier or Collingwood. 

  
 - 11 -

	 	5.2	Testing of Product for Conformance with Specifications.  

 Ovamed will test each batch of the Products supplied to Collingwood under this Agreement and provide Collingwood with a written certificate of analysis (in the form set forth in Exhibit D) along with each
batch of Products that confirms that such Product meets the Specifications and warranties under this Agreement. Collingwood may retest each batch of Products and perform other performance measurements in accordance with Section 3.2.1 of this
Agreement to confirm that such batch meets the applicable Specifications and warranties in accordance with this Agreement. 
 6. CHANGES IN
SPECIFICATIONS OR MANUFACTURING PROCEDURES. 
  

	 	6.1	Sponsored Changes. 

 6.1.1 Changes Sponsored by Collingwood. Collingwood shall notify Ovamed in writing of a Change Request proposed by Collingwood no less than 180 days prior to the proposed effective date for
the Change Request. The notification shall include a description of the proposed changes, information regarding medical, clinical, and regulatory factors and the proposed implementation date. Notification shall also include the reasonably
appropriate documentation to support Ovamed’s investigation of the impact of this proposal. Ovamed may review the feasibility of the implementation and any other aspect of the proposed Change Request. Ovamed shall use commercially reasonable
efforts to advise Collingwood of its decision with respect to the proposed Change Request as soon as practicable but in any case no later than within 120 days after receipt of Collingwood’s written notification. No Change Request shall be made
by Collingwood without Ovamed’s prior written approval, which approval may be provided or withheld in Ovamed’s reasonable discretion. Until a Change Request has been agreed to in writing by both Parties, the Change Request shall not be
effective, and the Parties shall continue to perform their obligations under the then-effective Specifications. Any change that is in connection with the Minimum Batch Size and in connection with a mandatory change resulting from a Regulatory
Authority communication, shall not be considered a Change Request sponsored by Collingwood. 
 6.1.2 Changes
Sponsored by Ovamed. Ovamed shall notify Collingwood in writing of a Change Request proposed by Ovamed no less than 180 days prior to the proposed effective date for the Change Request. If so proposed, Ovamed will provide Collingwood with
samples of Product that incorporates or is a result of the Change Request. The notification shall include a description of the proposed changes, information regarding medical, clinical, and regulatory factors and the proposed implementation date.
Notification shall also include the reasonably appropriate documentation to support Collingwood’s investigation of the impact of this proposal. Collingwood may review the feasibility of the implementation and any other aspect of the proposed
Change Request. Collingwood shall use commercially reasonable efforts to advise Ovamed of its decision with respect to the proposed Change Request as soon as 

  
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practicable but in any case no later than within 120 days after receipt of Ovamed’s written notification. No Change Request shall be made by Ovamed without Collingwood’s prior written
approval, which approval may be provided or withheld in Collingwood’s reasonable discretion. Until a Change Request has been agreed to in writing, the Change Request shall not be effective, and the Parties shall continue to perform their
obligations under the then-effective Specifications. Any change that is in connection with the Minimum Batch Size and in connection with a mandatory change resulting from a Regulatory Authority communication, shall not be considered a Change Request
sponsored by Ovamed. 
 6.1.3 FDA Agreement. To the extent that a Change Request accepted or
proposed by Collingwood will require any filing with any Regulatory Authority or the granting of any Regulatory Approval for the Product, each Party shall reasonably cooperate with each other and take all reasonable actions and provide all
information as may be reasonably requested by Collingwood or Ovamed in connection with preparing such filings and obtaining such Regulatory Approval. Costs incurred by Ovamed in connection with the above will be subject to the terms of Sections
6.1.1 and 6.1.2 above. Without limiting any other provision of this Article 6, Ovamed will not change any aspect of the Product or the process by which the Product is manufactured that requires the FDA approval if the FDA does not provide written
confirmation, prior to making the change, that the change will not terminate or otherwise impair any Regulatory Approval for the Product. Collingwood will support and assist Ovamed in any communications with the FDA that may be required as described
above in order to achieve such FDA confirmation. 
  

	 	6.2	Impact on Inventory. 

 Any
agreed modification following a Change Request shall only take effect once all Product manufactured pursuant to the previous Specifications and already scheduled for delivery has been delivered under the terms of this Agreement. 

7. PAYMENT. 
  

	 	7.1	Price. 

 In consideration
of Ovamed’s manufacture and supply of Products hereunder, Collingwood shall pay to Ovamed an amount equal to the total number of Units delivered in each calendar quarter (the “Actual Amount”) multiplied by the corresponding Price (per
Unit), as defined in the following sentence, minus any Late Delivery Credit owed to Collingwood under Section 3.3 of this Agreement (the “Interim Amount”). On the Effective Date of this Agreement, the “Price” shall be
$[*******] per Unit for clinical supplies and $[*******] per Unit for commercial supplies. During the Term, Ovamed will use commercially reasonable efforts to decrease the cost of goods sold to Collingwood (as determined in accordance with generally
accepted accounting principles, consistently applied). Ovamed will promptly notify Collingwood of any such decreases and the Price shall be decreased by [*******]% of any such decrease in cost of goods sold. In case the FDA or other official
Regulatory Authority mandates that more than [*******] Units 

  
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to be dosed to the patient Collingwood shall not be required to pay an amount greater than: (i) [*******] Dollars ($[*******]) per patient per year for total commercial supplies of Units in
the first year in which Units are administered to a patient; and (ii) [*******] Dollars ($[*******]) per patient per year for total commercial supplies of Units in any subsequent year following the first year in which Units are administered to
a patient. 
  

	 	7.2	Milestone Credit. 

 So
long as Collingwood makes the milestone payments to Ovamed which are set forth in Sections 4.3.1 and 4.3.2 of the Sublicense (the “IND Milestone Payments”), Ovamed will give Collingwood a credit, said credit not to exceed [*******]
Dollars ($[*******]), to be applied to the purchase price owed for any Units purchased for clinical supplies of Products up to the aggregate amount of the IND Milestone Payments. To the extent that the aggregate amount of IND Milestone Payments
exceeds the aggregate purchase price of clinical supplies, any excess will be applied as a credit against the purchase price of any commercial supplies of Products. 
  

	 	7.3	Payment. 

 Ovamed will
invoice Collingwood for Products upon delivery. Amounts owed under invoices shall be due and payable in U.S. currency within [*******] after date of such invoice, subject to the offset described in Section 7.1. A late payment charge calculated
from the date such payment was due at the [*******] or the highest interest rate allowed by applicable law shall be charged upon all unpaid amounts due hereunder. All payments due hereunder shall be made by wire transfer from a bank in the United
States in immediately available funds to a bank designated by Ovamed, or such other bank upon prior written notice. 
  

	 	7.3	Overdue Amounts; Disputes.  

 Subject to Section 3.2.1, in the event that [*******] disputes in good faith any amount that Ovamed claims to be due under this Agreement [*******] may so notify Ovamed at the time such payment is
made, and if any disputed amount is ultimately determined to not be due hereunder Ovamed will refund promptly [*******] or the highest rate allowable by law at the date of such decision. 
 8. TERM AND TERMINATION. 
  

	 	8.1	Term.  

 Unless
terminated in accordance with Section 8.2, the term (the “Term”) of this Agreement shall commence on the Effective Date and shall continue until the fifth anniversary of the Effective Date, unless earlier terminated pursuant to
the terms of this Agreement, provided that Collingwood may extend the Term for successive one (1) year periods by providing written notice of such extension to Ovamed not later than 12 months prior to the then expiration date of the Term.

  
 - 14 -

	 	8.2	Termination. 

 8.2.1 Termination for Cause. Either Party may terminate this Agreement immediately without penalty or further obligation to the other, upon written notice to the other Party if (i) the
other Party makes a general assignment for the benefit of creditors, or a receiver or similar officer is appointed to take charge of all or substantially all of the other Party’s assets; (ii) the other Party ceases to carry on its
business; (iii) a bankruptcy or similar petition is filed by the other Party or a final insolvency order is issued against the other Party, and in the case of an involuntary petition, the proceeding is not dismissed within 120 days; or
(iv) the other Party is in material breach of any material representation, warranty, covenant or obligation under this Agreement, and such breach is not cured within 60 days of receiving written notice thereof. Without limiting the foregoing,
Collingwood shall have the right to terminate this Agreement as provided in any of Sections 8.2.2 through 8.2.6. The Parties agree that a “material breach of a material obligation” includes but is not limited to any failure by Ovamed to
deliver (x) at least [*******]% of the amount of Product in any particular order pursuant to Section 3.1 within [*******] of the required delivery date, (y) [*******]% of the amount of Product in any particular order pursuant to
Section 3.1 within [*******] of the required delivery date or (z) certification reasonably satisfactory to Collingwood pursuant to Section 2.2. 
 8.2.2 Failure to Supply. The parties will agree about the quantity to be delivered in forecasts that will be determined by the parties each year. In the event that Ovamed fails (i) to
satisfactorily supply at least [*******]% of the amount of Product in any particular order within [*******] of the required delivery date or at least [*******]% of the amount of Product in any particular order within [*******] of the required
delivery date, (ii) to substantially perform its obligations in connection with United States or other relevant Regulatory Approval of the Products and such failure has continued for more than [*******], or such longer period as reasonably
necessary to cure such failure or such period required by the relevant Regulatory Approval authority, or (iii) to have adequate operational manufacturing facilities such that it is unable to manufacture Product, or unable to manufacture product
in accordance with Specifications, for a period of [*******] or more ((i), (ii) and (iii) individually or collectively referred to herein as the “Manufacturing Failure”), and (x) Ovamed does not, at the time, have the
right to terminate this Agreement under Section 8.2.1 and (y) Collingwood has not, at the time, developed a commercial second source (on commercially reasonable terms) for a product that can be substituted for the Product and that can meet
the supply shortage resulting from Ovamed’s failure to supply, then, upon notice of such failure from Collingwood, Collingwood may terminate this Agreement and receive a worldwide, royalty-free, perpetual, non-transferable (except as set forth
in Section 13.3 below), non-exclusive, fully paid license, with the right to grant sublicenses for the sole purpose of manufacturing the Product on behalf of Collingwood (provided each such sublicensee signs a confidentiality agreement with
Ovamed on terms consistent with the confidentiality obligations under this Agreement), under all intellectual property 

  
 - 15 -

 
owned by Ovamed or for which Ovamed has the right to grant a license or sublicense pursuant to this Section and which is reasonably necessary or useful to manufacture and sell the Product in the
Field of Use (the “Manufacturing IP”) (collectively, the “Manufacturing Failure License”), and such license shall be effective immediately upon notice of such election by Collingwood, and (b) Ovamed shall provide all
assistance reasonably requested by Collingwood to assist Collingwood or a third party acting on behalf of Collingwood in the manufacturing of the Product in accordance with the Specifications, provided however, that Collingwood shall
reimburse Ovamed for any reasonable expenses it incurs in relation to its rendering of such assistance; Notwithstanding anything to the contrary herein, if Ovamed delivers to Collingwood a remediation plan reasonably acceptable according to which
full remediation of any Manufacturing Failure will be achieved within [*******] from the first date of such Manufacturing Failure, then this Agreement shall remain in effect, provided however, that Collingwood shall have the right to use and
have used all Manufacturing IP to manufacture or have manufactured Product during such period that Ovamed is engaged in such remediation. Such plan shall be delivered to Collingwood within 30 days after the failure occurred. Collingwood may
terminate this Agreement immediately, without penalty or further obligation to Ovamed, if Ovamed fails to achieve remediation within such [*******] period and Collingwood shall immediately be entitled to the Manufacturing Failure License.

 8.2.3 Failure to Obtain Regulatory Approval for the Product. Collingwood may terminate this
Agreement immediately, without penalty or further obligation to Ovamed, if Collingwood fails to obtain Regulatory Approval for the Product in the United States, provided that Collingwood will be obligated to: (i) purchase such quantity of
Products that is already scheduled for delivery in the three (3) month period following the date Collingwood notifies Ovamed of such withdrawal requirement (“Withdrawal Notice Date”), and (ii) pay for costs actually
incurred by Ovamed, as of the date of termination pursuant to this Section, in performing the work required under an Collingwood sponsored Change Request. 
 8.2.4 Early Failure in Clinical Trials. Collingwood may terminate this Agreement immediately, without penalty or further obligation to Ovamed, if the Product fails (i) preclinical
pharmacology and toxicology studies or (ii) any clinical trial (or the results from a clinical trial are such that, in Collingwood’s good faith judgment, it would not be commercially reasonable to continue development of the Product)
within 12 months of the Effective Date, provided however, that Collingwood will pay for costs actually incurred by Ovamed, as of the date of termination pursuant to this Section, in performing the work required under an Collingwood sponsored Change
Request. 

  
 - 16 -

 8.2.5 Withdrawal from US or Other Market. In the event FDA or
any other Regulatory Authority requires that the Product be withdrawn from the applicable market, or in the event that Collingwood at any time determines that it is not, or will not be, commercially feasible to market the Product in the United
States or other relevant market, then Collingwood shall have the right, on each such occurrence, to terminate this Agreement immediately, without penalty or further obligation to Ovamed, provided however, that if such withdrawal arises as a result
of a component other than the Product, Collingwood will be obligated to: (i) purchase such quantity of Products that is already scheduled for delivery in the three (3) month period following the date Collingwood notifies Ovamed of such
withdrawal requirement (“Withdrawal Notice Date”), and (ii) pay for costs actually incurred by Ovamed, as of the date of termination pursuant to this Section, in performing the work required under an Collingwood sponsored Change
Request. 
 8.2.6 Termination of Sublicense. This Agreement will terminate immediately upon the
termination of the Sublicense. 
  

	 	8.3	Survival. 

 The Parties
agree that any provisions which by their nature should survive termination or expiration of this Agreement to give effect to their intent, shall survive, including without limitation, Articles 4 (Recalls, Adverse Event Reporting, Complaints), 7
(Payment), 9 (Indemnification and Insurance), 10 (Liability), 11 (Intellectual Property), 12 (Confidential Information), and Sections 8.4 (Survival), 13.1 (Correspondence and Notices), 13.5 (Use of Name), 13.9 (Waiver), 13.10 (Severability), 13.12
(Governing Law), and 13.13 (Jurisdiction; Venue; Service of Process). 
 9. INDEMNIFICATION AND INSURANCE. 

 

	 	9.1	Ovamed Indemnification of Collingwood. 

 Ovamed will defend, indemnify, and hold Collingwood, its officers, directors, employees, and agents (each an “Indemnified Party”) harmless against any and all third party Liabilities to
the extent arising from (i) any asserted infringement or other violation of any third party Intellectual Property Rights arising from Ovamed’s manufacture or supply to Collingwood of the Products under this Agreement; or (ii) any
third party claim arising from personal injury caused by a defect in the manufacture or workmanship of the Product (including claims arising from the Products not meeting the Specifications at the time of delivery). 

 

	 	9.2	Collingwood Indemnification of Ovamed.  

 Collingwood will defend, indemnify, and hold Ovamed, its officers, directors, employees, and agents harmless (each an “Indemnified Party”) against any and all third party Liabilities to the
extent arising from (i) any third party claim against Ovamed asserting infringement or other violation of any third party Intellectual Property Rights arising from the Product (but only to the extent the claim does not arise from the
manufacture, use or sale of the Products); or (ii) any third party claim arising from a personal injury caused by a defect in the Product (but only to the extent the claim does not arise from the Products not meeting the Specifications at the
time of delivery). 

  
 - 17 -

	 	9.3	Procedure.  

 Each
Party will promptly notify the other Party in writing in the event it becomes aware of a claim for which indemnification may be sought hereunder. In case any proceeding (including any governmental investigation) shall be instituted involving any
Party in respect of which indemnity may be sought pursuant to this Article 9, such Party will promptly notify the other Party (the “Indemnifying Party”) in writing. The Indemnifying Party shall have sole control of any such claim.
The Indemnified Party will reasonably cooperate with the Indemnifying Party in defense of such matter. In any such proceeding, the Indemnified Party will have the right to retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of the Indemnified Party. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but, if settled with such consent or if there be a final judgment for the plaintiff, the
Indemnifying Party agrees to pay any such settlement or final judgment. The Indemnifying Party shall not, without the written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which the
Indemnified Party is, or arising out of the same set of facts could have been, a party and indemnity could have been sought hereunder by the Indemnified Party, unless such settlement includes a release of the Indemnified Party from all liability on
claims that are the subject matter of such proceeding. 
  

	 	9.4	Insurance. 

 Ovamed agrees
to maintain during the Term and for three (3) years thereafter, at its own expense, insurance from a reputable and financially secure insurance company, providing $[*******] of protection per any one occurrence and for the insurance period
against Ovamed’s legal liability deriving from claims, suits, losses and damages arising out of alleged defects in the Products. Collingwood will be named as an additional insured under such policy and Ovamed will provide, at Collingwood’s
request, a certificate of insurance evidencing its obligations hereunder. Such certificate shall provide Collingwood with thirty (30) days written notice of cancellation, modification or termination of such insurance. All such insurance
policies will provide a worldwide coverage territory including suits brought within the United States, its territories and possessions. 
 Collingwood agrees to maintain during the Term and for three (3) years thereafter, at its own expense, insurance from a reputable and financially secure insurance company, providing at least
$[*******] of protection per any one occurrence and for the insurance period against Collingwood’s legal liability deriving from claims, suits, losses and damages arising out of alleged defects in the Product. Ovamed will be named as an
additional insured under such policy and Collingwood will provide, at Ovamed’s request, a certificate of insurance evidencing its obligations hereunder. Such certificate shall provide Ovamed with thirty (30) days written notice of
cancellation, modification or termination of such insurance. All such insurance policies will provide a worldwide coverage territory including suits brought within the United States, its territories and possessions. 

Each Party hereby waives any claims against the other (whether founded upon the indemnification provisions contained in this Agreement or
otherwise) to the extent any such claim is covered by such waiving Party’s insurance carrier, and loss proceeds are paid to and 

  
 - 18 -

 
received by such waiving Party, and provided such waiver (i) is not in violation of the policies of insurance under which such loss proceeds are so paid; (ii) does not invalidate such
insurance and (iii) does not disproportionately increase the premiums thereof. 
 10. LIABILITY. 

IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES OF ANY KIN) OR NATURE
ARISING OUT OF THIS AGREEMENT, WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, TORT (INCLUDING THE POSSIBILITY OF NEGLIGENCE OR STRICT LIABILITY), OR OTHERWISE, EVEN IF THE PARTY HAS BEEN WARNED OF THE POSSIBILITY OF ANY SUCH LOSS OR
DAMAGE, AND EVEN IF ANY OF THE LIMITED REMEDIES IN THIS AGREEMENT FAIL OF THEIR ESSENTIAL PURPOSE. 
 11. INTELLECTUAL PROPERTY.

 11.1 Ownership of Intellectual Property. All Intellectual Property Rights developed or conceived by either
party in connection with this Agreement (“Developments”) shall be owned by the party who invented such Development (where inventorship is defined based on concept of inventorship set forth by the patent laws of the United States).
Ovamed has the worldwide, fully paid, perpetual exclusive right to fully exploit such Developments as required to perform its obligations under this Agreement. As long as Collingwood purchases products — fully paid - from Ovamed under this
agreement, Collingwood has the worldwide, fully paid, perpetual license to fully utilize any Developments owned by Ovamed. Collingwood agrees to reasonably cooperate when requested by Ovamed, at Ovamed’s expense, in enforcing Ovamed’s
Intellectual Property Rights embodied in the Developments, including without limitation prosecuting and maintaining patent applications and patents and being joined as a party to an action brought by Ovamed to enforce such rights. Ovamed agrees to
reasonably cooperate when requested by Collingwood, at Collingwood’s expense, in enforcing Collingwood’s Intellectual Property Rights embodied in the Developments, including without limitation prosecuting and maintaining patent
applications and patents and being joined as a party to an action brought by Collingwood to enforce such rights. 
 11.2
Cooperation. Each Party shall promptly notify the other Party of the development or conception of any subject matter arising under and in the performance of this Agreement prior to filing a patent application that discloses such
subject matter. Notwithstanding the foregoing, the Parties acknowledge that the provisions of Article 12 will continue to apply to any proposed disclosure that includes Confidential Information of the other Party. 

11.3 License of Ovamed Intellectual Property Rights. Subject to the terms and conditions of this Agreement, Ovamed hereby
grants to Collingwood and its Affiliates a license under any Ovamed Intellectual Property Rights in order to sell the Product either by Collingwood directly or through third parties. 

  
 - 19 -

 12. CONFIDENTIAL INFORMATION. 

 

	 	12.1	Confidentiality. 

 Except
to the extent expressly authorized by this Agreement or otherwise agreed in writing, the Parties agree that, for the term of this Agreement and for [*******] thereafter, each Party (the “Receiving Party”) receiving any Confidential
Information of the other Party (the “Disclosing Party”) hereunder will keep such Confidential Information confidential and will not publish or otherwise disclose or use such Confidential Information for any purpose other than as
provided for in this Agreement, except for Confidential Information that the Receiving Party can establish: 
  

	 	(a)	was already known by the Receiving Party (other than under an obligation of confidentiality) at the time of disclosure by the Disclosing Party and the Receiving Party
has documentary evidence to that effect; 

  

	 	(b)	was generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party; 

 

	 	(c)	became generally available to the public or otherwise part of the public domain after its disclosure or development, as the case may be, other than through any act or
omission of the Receiving Party or any of its Affiliates; 

  

	 	(d)	was disclosed to the Receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the Disclosing Party not to disclose
such information to others; or 

  

	 	(e)	was independently discovered or developed by or on behalf of the Receiving Party without the use of any Confidential Information belonging to the Disclosing Party and
the Receiving Party has documentary evidence to that effect. 

  

	 	(f)	is necessary to prepare and/or conduct litigation 

  

	 	12.2	Authorized Disclosure. 

Notwithstanding the foregoing provisions of Section 12.1, each Party may disclose Confidential Information belonging to the other
Party (i) to employees or Approved Subcontractors of the disclosing Party to the extent such disclosure is necessary for the disclosing Party to perform its obligations under this Agreement, or (ii) to the extent such disclosure is
necessary, in the reasonable opinion of such Party’s legal counsel, to prosecute or defend litigation or to comply with applicable governmental laws or regulations (including, but not limited to, securities laws and regulations), or
(iii) to the extent such disclosure is necessary for any financing or corporate partnering activity of either parties provided that disclosure will be done under a signed CDA in a form substantially in accordance with the provisions of this

  
 - 20 -

 
clause. In the event a Party deems it necessary to disclose to a third party any Confidential Information belonging to the other Party, pursuant to this Section 12.2, the Disclosing Party
will to the extent possible give reasonable advance notice of such disclosure to the other Party and take reasonable measures to ensure, including without limitation redacting portions of this Agreement prior to disclosure, as reasonably requested
by the other Party, and ensuring that such third party is bound by and complies with the confidentiality terms of this Agreement. 
  

	 	12.3	No Confidential Information of Other Parties. 

 Each Party represents and warrants to the other that it has not used and will not use in the course of its performance hereunder, and will not disclose to the other, any confidential information of any
third party, unless it is expressly authorized in writing by such third party to do so. 
  

	 	12.4	Equitable Relief. 

 Each
Party agrees that the other Party would be irreparably injured by a material breach of the confidentiality and nonuse provisions of this Agreement by the breaching Party or by other parties to whom such Party has disclosed Confidential Information,
that monetary remedies would be inadequate to protect the other Party against any actual or threatened material breach of the provisions of this Article 12 by the breaching Party or by such other authorized third parties, without prejudice to any
other rights and remedies otherwise available to the other Party, the breaching Party agrees, upon proof of any such actual or threatened material breach, to the granting of equitable relief, including injunctive relief and specific performance. It
is further understood and agreed that no failure or delay by either Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege hereunder. 
 13. MISCELLANEOUS. 

 

	 	13.1	Correspondence and Notices.  

 All notices or other communications to a Party required or permitted hereunder will be in writing and will be delivered personally or by facsimile (receipt confirmed) to such Party (or, in the case of an
entity, to an executive officer of such party) or will be given by certified mail, postage prepaid with return receipt requested, addressed as set forth below in this Section 13.1. Each Party may change its respective above-specified recipient
and/or mailing address by notice to the other Party given in the manner herein prescribed. All notices will be deemed given on the day when actually delivered as provided above (if delivered personally or by facsimile) or on the day shown on the
return receipt (if delivered by mail). 
 All correspondence to Collingwood shall be addressed as follows: 

Collingwood Pharmaceuticals, Inc. 
 787 Seventh Avenue 
 New York, NY 10019 

Attn: Frank Taffy 
 Tel: (212) 554-4385 
 Fax: (212) 554-4355 

  
 - 21 -

 With a copy to: 
 Hemmie Chang, Esq. 
 Ropes & Gray LLP 

One International Place 
 Boston, MA 02110 
 Tel: (617) 951-7317 

Fax: (617) 951-7050 
 All correspondence to Ovamed shall be addressed as follows: 
 Ovamed GmbH

 Kiebitzhörn 33-35 
 22885 Barsbüttel 
 Germany 

Attention: Detlev Goj 
 Tel: +49-40-67 50 95-0 
 With a copy to: 

Klaus Lodigkeit 

c/o Vorberg Rechtsanwälte 
 Rappstraiße 16 
 20146 Hamburg 

Germany 
  

	 	13.2	Compliance with the Laws; Permits and Licenses. 

 Each Party agrees that it will, in fulfilling its obligations under this Agreement, materially comply with all applicable laws including, but not limited to statutes, codes, rules, regulations,
ordinances, judgments and decrees, now or hereafter in effect. Collingwood agrees that it will materially comply with all applicable laws including, but not limited to statutes, codes, rules, regulations, ordinance, judgments and decrees, now or
hereafter in effect related to the development, manufacture and marketing of the Product. Collingwood also represents and warrants that it has all governmental and regulatory licenses and permits necessary to operate its facilities and fulfill its
obligations under this Agreement. Ovamed also represents and warrants that it has all United States and any other governmental and regulatory licenses and permits necessary to operate its facilities and fulfill its obligations under this Agreement.
Failure to comply with this Section 13.2 will be a material breach of the Agreement. 
  

	 	13.3	Assignment. 

 This
Agreement and the rights and duties appertaining hereto may not be assigned by either Party without first obtaining the written consent of the other, which consent shall not be unreasonably withheld. Any such purported assignment, without the
written consent of the other Party, shall be null and of no effect. Notwithstanding the foregoing, Collingwood may assign 

  
 - 22 -

 
this Agreement without the consent of Ovamed (i) to a purchaser, merging or consolidating corporation, or acquirer of substantially all of Collingwood’s assets or business and/or
pursuant to any reorganization qualifying under section 368 of the Internal Revenue Code of 1986 as amended, as may be in effect at such time, or (ii) to an Affiliate. 

 

	 	13.4	Force Majeure. 

 Neither
Party shall be liable to the other for delay or failure in the performance of the obligations on its part contained in this Agreement if and to the extent that such failure or delay is due to circumstances beyond its control that it could not have
avoided by the exercise of reasonable diligence, including without limitation, acts of God or of the public enemy, acts of the government in either its sovereign or contractual capacity, acts of terrorism, fires, floods, war, earthquakes, epidemics,
quarantine restrictions, strikes, freight embargoes, unusually severe weather, the failure of Ovamed’s suppliers or carriers to meet their contractual obligations, or if necessary raw material is unavailable (each a “Force Majeure
Event”). The Party relying on this Section will notify the other Party promptly in the event such circumstances arise, giving an indication of the likely extent and duration thereof, and will use all commercially reasonable efforts to
resume performance of its obligations as soon as practicable; provided, however, that neither Party shall be required to settle any labor dispute or disturbance. During the period that the performance by one of the Parties of
its obligations under this Agreement has been suspended by reason of an event of Force Majeure, the other Party may likewise suspend the performance of all or part of its obligations hereunder to the extent that such suspension is commercially
reasonable. 
  

	 	13.5	Use of Name. 

 Except as
required by law, neither Party will use any trade name, trademark or service mark of the other Party, or of any of the other Party’s Affiliates, in any advertising, promotional or sales literature, offering materials, business plan or any other
form of publicity without the other Party’s prior written consent. 
  

	 	13.6	Language of the Agreement.  

 The language of this Agreement shall be English and the parties hereby waive, and agree that this Agreement shall be valid and enforceable notwithstanding, any requirement that it be written in or
translated into any language other than English. If, for any reason, this Agreement is translated into a language other than English, the English language version shall be controlling for all purposes. 

 

	 	13.7	UN Convention on Contracts for Sale of Goods. 

 The parties expressly agree that the United Nations Convention on Contracts for the International Sale of Goods shall not apply to this Agreement. 

 

	 	13.8	Amendment. 

 No amendment,
modification or supplement of any provision of this Agreement shall be valid or effective unless made in writing and signed by a duly authorized officer of each Party. 

  
 - 23 -

 13.9 Waiver. 
 No provision of the Agreement shall be waived by any act, omission or knowledge of a Party or its agents or employees except by an instrument in writing expressly waiving such provision and signed by a
duly authorized officer of the waiving Party. 
 13.10 Severability. 

If any clause or portion thereof in this Agreement is for any reason held to be invalid, illegal or unenforceable, the same shall not
affect any other portion of this Agreement, as it is the intent of the Parties that this Agreement shall be construed in such fashion as to maintain its existence, validity and enforceability to the greatest extent possible. In any such event, this
Agreement shall be construed as if such clause of portion thereof had never been contained in this Agreement, and there shall be deemed substituted therefore such provision as will most nearly carry out the intent of the Parties as expressed in this
Agreement to the fullest extent permitted by applicable law. 
 13.11 Descriptive Headings. 

The descriptive headings of this Agreement are for convenience only and shall be of no force or effect in construing or interpreting any
of the provisions of this Agreement. 
 13.12 Governing Law. 

This Agreement, the rights of the Parties and all claims arising under or in connection herewith, shall be governed by and interpreted in
accordance with the substantive laws of Germany, without regard to conflict of law principles thereof that would cause the application of the laws of any other jurisdiction. 
 13.13 Jurisdiction; Venue; Service of Process. 
 13.13.1.
Jurisdiction. Each Party by its execution hereof, (a) hereby irrevocably submits to the jurisdiction of the courts of Germany for the purpose of any claim, controversy, action, cause of action, suit or litigation (“Action”)
between the parties arising in whole or in part under or in connection with this Agreement, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such
Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such Action brought in one of the above-named courts should be dismissed
on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named
courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court and (c) hereby agrees not to commence any such Action other than before one of the above-named courts. Notwithstanding the previous sentence a
Party may commence any Action in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts or in connection with injunctive relief. 

  
 - 24 -

 13.13.2 . Venue. Each Party agrees that for any Action between
the parties arising in whole or in part under or in connection with this Agreement, any Action brought shall be brought in Germany. 
 13.14 Entire Agreement.  
 This Agreement and the Exhibits attached
hereto constitutes and contains the complete, final and exclusive understanding and agreement of the Parties and cancels and supersedes any and all prior negotiations, correspondence, understandings and agreements, whether oral or written, between
the Parties respecting the subject matter hereof and thereof. 
 13.15 Conflicts. 

The Parties agree that, to the extent there is an inconsistency between the terms of this Agreement and the terms of the Sublicense, the
terms of the Sublicense shall govern. 
 13.16 Independent Contractors. 

Both Parties are independent contractors under this Agreement. Nothing herein contained shall be deemed to create an employment, agency,
joint venture or partnership relationship between the Parties hereto or any of their agents or employees, or any other legal arrangement that would impose liability upon one Party for the act or failure to act of the other Party. Neither Party shall
have any express or implied power to enter into any contracts or commitments or to incur any liabilities in the name of, or on behalf of, the other Party, or to bind the other Party in any respect whatsoever. 

13.17 Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which need not contain the signature of more than one Party but all such counterparts taken together shall constitute one and the same
agreement. 
 [Signature page follows.] 

  
 - 25 -

 IN WITNESS WHEREOF, the parties hereto have as of the Effective Date duly executed
this Agreement, including the attached Exhibits that are incorporated herein and made a part hereof. 
  

			
	COLLINGWOOD PHARMACEUTICALS, INC.

 

			
	      By:	 	 /s/ J. Jay
Lobell

			
	      Name:	 	J. Jay Lobell
	      Title:	 	President
	
	OVAMED GMBH

 

			
	      By:	 	
 

			
	      Name:	 	
	      Title:	 	

  

 Exhibit A 
 Specifications for TSO 
  

			
	Parameters	  	TSO specification
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  

 Vial 
 Name and address of manufacturer: 

             
 Physical description:              
 Size:              
 Closure
System 
 Product name:              

Name and address of manufacturer: 

             
 Physical description:              
 Size:              

 Exhibit B 
 Development and regulatory work to be performed by Ovamed 

 Exhibit C 
 Raw Materials Index 

 Exhibit D 
 TSO US- Specification 
  

			
	Parameters	  	Specification       
         
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 

 Exhibit E 
 Clinical Plan for ProductLicense Agreement between UCL Business PLC and the Registrant

 Exhibit 10.12 
 EXECUTION COPY 
 CONFIDENTIAL TREATMENT REQUESTED. 

INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN 
 REQUESTED IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE 

CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS 

ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. 

Licence Agreement 
 between 
 UCL BUSINESS PLC 

and 

CORONADO BIOSCIENCES, INC 
 Dated November 5, 2007 
 

 

  
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 PATENT AND KNOW-HOW LICENCE AGREEMENT 

This Agreement dated November 5, 2007 is between: 
  

	(1)	UCL Business PLC, whose registered office is The Network Building, 97 Tottenham Court Road, London W1T 4TP United Kingdom (“UCLB”); and

  

	(2)	Coronado Biosciences, Inc (the “Licensee”) a Delaware corporation whose principal place of business is at 4365 Executive Dr. Ste 1500, San Diego,
CA, 92121, United States of America. 

 Recitals: 

 

	A.	UCLB has developed certain technology and owns certain intellectual property rights relating to Tumour Activated Natural Killer Cells (“TANKS”) technology
including the Patents and the Know-how. 

  

	B.	The Licensee wishes to acquire rights under the Patents and to use the Know-how for the development and commercialisation of Licensed Products in the Field and in the
Territory, all in accordance with the provisions of this Agreement. 

 It is agreed as follows: 

 

	1.	Definitions 

 In this Agreement, the
following words shall have the following meanings: 
  

			
	Affiliate	  	In relation to a Party, means any entity or person that Controls, is Controlled by, or is under common Control with that Party.
		
	Claims	  	All demands, claims, actions and other proceedings (whether criminal or civil, in contract, tort or otherwise) by any third party (that is not an Affiliate) for
Losses.
		
	Commencement Date	  	5th November 2007.
		
	Competing Product	  	A product that has the same chemical composition as a Licensed Product.
		
	Completion	  	With respect to a specified human clinical trial, the achievement (as determined by the sponsor of such trial) of the primary clinical endpoint identified in the protocol for such
trial.
		
	Confidential Information	  	 (a)    All Know-how; and

 
 (b)    All other
technical or commercial information that:
  
 (i)      in respect of information provided in documentary or by way of a model or in other tangible form, at the time of provision is marked or otherwise designated to show
expressly or by necessary implication that it is imparted in confidence; and
  
 (ii)     in respect of information that is imparted orally or other intangible form, any information that the Disclosing Party or its representatives informed the Receiving Party
at the time of disclosure was imparted in confidence, and reasonable efforts are taken to summarise such information in writing, marked as confidential, within 30 days after the time of disclosure; and

  
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		  	 (iii)   is a copy of any of the foregoing; and

 
 (iv)    is not the
subject of a Confidentiality Exception.

		
	 Confidentiality

Exception
	  	Has the meaning given in Clause 3.4.
		
	Control	  	Direct or indirect beneficial ownership of 50% (or, outside a Party’s home territory, such lesser percentage as is the maximum, permitted level of foreign investment) or more
of the share capital, stock or other participating interest carrying the right to vote or to distribution of profits of that Party, as the case may be.
		
	Diligent and Reasonable Efforts	  	Exerting such efforts and employing such resources as would normally be exerted or employed by a reasonable third party biotechnology company for a product of similar market
potential at a similar stage of its product life, when utilizing sound and reasonable scientific, medical and business practice and judgment in order to attempt to develop and commercialize the product in a timely manner.
		
	Disclosing Party	  	Has the meaning given in Clause 3.3.
		
	EMEA	  	European Agency for the Evaluation of Medicinal Products.
		
	Field	  	The prevention, treatment, diagnosis, detection, monitoring, and predisposition testing of all diseases, states or conditions in humans or other animals.
		
	FDA	  	Food and Drug Administration (USA).
		
	Generic Equivalent	  	In relation to a Licensed Product in a country of the Territory, means a product that (a) has the same chemical composition as that Licensed Product, (b) does not infringe a Valid
Claim in that country, and (c) has obtained all requisite Regulatory Approval to be marketed or sold in that country.
		
	Indemnitees	  	Has the meaning given in Clause 7.5.
		
	Indication	  	A recognized disease, state or condition for a specific tissue or cell type
		
	Investigational New Drug application (IND)	  	An Investigational New Drug application, or similar application to commence human clinical testing of a Licensed Product for use in the Field submitted to the FDA.
		
	Know-how	  	Technical information in the Field developed in the Laboratory on or prior to the date of this Agreement under the supervision of the Principal Investigator, and within the
definition of the Technology set out below and within the description set out in the attached Schedule 1 Part B, in each case that is not the subject of a Confidentiality Exception.

  
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	Laboratory	  	The laboratory of the Principal Investigator within University’s Department of Haematology.
		
	Licensed Products	  	Any and all products for use in the Field that (a) if made, used, sold, offered for sale or imported absent the license granted hereunder would infringe a Valid Claim, or (b)
otherwise uses or incorporates, or their development makes use of, any of the Know-how.
		
	Losses	  	All losses, liabilities, damages, legal costs and other expenses of any nature whatsoever and all costs and expenses (including without limitation legal costs) incurred in
connection therewith.
		
	MHLW	  	Ministry of Health, Labour and Welfare (Japan; formerly Ministry of Health and Welfare, MHW).
		
	Net Receipts	  	With respect to any Licensed Product, the aggregate cash royalties received by Licensee or its Affiliates in consideration for the sublicense under the Patents or Know-how by
Licensee or its Affiliates to a third party sublicensee with respect to such Licensed Product that are calculated solely on the basis of sales of such Licensed Product.
		
	Net Sales Value	  	 The invoiced price of Licensed Products sold by the Licensee or its Affiliates (or, for the purpose of calculating the minimum royalty
payable under Clause 4.4(d) or 4.6 only, the invoiced price of Licensed Products sold by the sub-licensee) to independent third parties in arm’s length transactions, after deduction of all documented:

 
 (a)     cash,
quantity and trade discounts, rebates and other price reductions given under price reduction programs;
  

(b)     credits, allowances, discounts and rebates to, and chargebacks from the account
of, customers for nonconforming, damaged, out-dated and returned Licensed Product;
  
 (c)     packaging, carriage, freight and insurance costs of transporting Licensed Products;
  

(d)     sales, use, value-added and other direct taxes; (e) customs duties, tariffs,
surcharges and other governmental charges for exporting or importing;
  
 (e)     sales commissions; and
  

(f)      an allowance for uncollectible or bad debts determined in accordance with
generally accepted accounting principles;
  
 In each case, provided that such
deductions do not exceed reasonable and customary amounts in the markets in which such sales occurred. Sales between any of the Licensee, its Affiliates and Sub-licensees shall not be considered for the purposes of this definition unless there is no
subsequent sale to a person who is not the Licensee, its Affiliate or Sub-licensee in an arm’s length transaction exclusively for money.

		
	New Drug Application (NDA)	  	A New Drug Application, or similar application for marketing approval of a Licensed Product for use in the Field submitted to the FDA.

  
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	Parties	  	UCLB and the Licensee, and “Party” shall mean either of them.
		
	Patents	  	(a) Any and all of the patents and patent applications referred to in Schedule 1 Part A; (b) all divisions, continuations, continuations-in-part, that are based on, or claim
priority to or common priority with, the patent applications described in clause (a) above; and (c) all patents that have issued or in the future issue from any of the foregoing patent applications, including utility, model and design patents
and certificates of invention, together with any reissues, renewals, extensions or additions thereto.
		
	Phase I Studies	  	A controlled human clinical trial in any country involving the administration of Licensed Product for the first time in human patients, the results of which could be used to
establish the safety of a Licensed Product.
		
	Phase II Studies	  	A controlled human clinical trial in any country involving the administration of Licensed Product in patients with the disease or condition of interest, the results of which could
be used to initially establish the safety and efficacy of a Licensed Product.
		
	Phase III Studies	  	A controlled human clinical trial in any country involving the administration of Licensed Product in patients with the disease or condition of interest, the results of which could
be used to establish the safety and efficacy of a Licensed Product in a manner sufficient to obtain Regulatory Approval to market and sell such Licensed Product.
		
	Principal Investigator	  	Dr Mark Lowdell.
		
	Receiving Party	  	Has the meaning given in Clause 3.3.
		
	Regulatory Approval	  	Means formal approval for commercial marketing, sale or use of the Licensed Product by the relevant government agency responsible for any such product in any such
country.
		
	Royalty Term	  	With respect to each Licensed Product in each country, the period equal to the longer of (a) if, at the time of the first commercial sale of such Licensed Product in such country,
the use, offer for sale, sale or import of such Licensed Product in such country would infringe a Valid Claim (if such Valid Claim were in an issued patent), the term for which such Valid Claim remains in effect and would be infringed (if such Valid
Claim were in an issued patent), and (b) ten (10) years following the date of the first commercial sale of a Licensed Product in the Territory; provided, however that the Royalty Term for a Licensed Product in a country shall terminate immediately
three (3) months after the first commercial sale of a Generic Equivalent of such Licensed Product in such country.
		
	Technology	  	All compositions, methods, data, information and other discoveries, inventions, innovations, improvements and technology regarding or relating to natural killer (“NK”)
cells, methods of activating NK cells and methods of producing or testing, or uses of any of the foregoing.

  
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	Territory	  	Worldwide.
		
	Valid Claim	  	Either (a) a claim of an issued and unexpired patent included within the Patents, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or
other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise or (b) a claim of a pending
patent application included within the Patents, which claim was filed in good faith, is being actively prosecuted and has not been abandoned or finally disallowed without the possibility of appeal or refiling of such application.

  

	2.	Grant of rights 

  

	2.1	Licences. UCLB hereby grants to the Licensee, subject to the provisions of this Agreement: 

 

	 	(a)	an exclusive licence under the Patents, with the right to sub-license through multiple tiers, subject to clause 2.3 below, to develop, manufacture, have manufactured,
import, use, offer for sale and sell Licensed Products only in the Field in the Territory; and 

  

	 	(b)	An exclusive licence to use the Know-how, with the right to sub-license through multiple tiers, subject to clause 2.3 below, to develop, manufacture, have manufactured,
import, use, offer for sale and sell Licensed Products only in the Field in the Territory. 

  

	2.2	Formal licences. The Parties shall execute such formal licences as may be necessary or appropriate for registration with Patent Offices and other relevant
authorities in particular territories. In the event of any conflict in meaning between any such licence and the provisions of this Agreement, the provisions of this Agreement shall prevail wherever possible. Prior to the execution of the formal
licence(s) (if any) referred to in this Clause 2.2, the Parties shall so far as possible have the same rights and obligations towards one another as if such licence(s) had been granted. The Parties shall use reasonable endeavours to ensure
that, to the extent permitted by relevant authorities, this Agreement shall not form part of any public record. 

  

	2.3	Sub-licensing. 

 The
Licensee shall be entitled to grant sub-licences of its rights under this Agreement to any person, provided that: 
  

	 	(a)	the sub-licence shall include obligations on the sub-licensee which are equivalent to the obligations on the Licensee under this Agreement and limitations of liability
that are equivalent to those set out in this Agreement; 

  

	 	(b)	without the prior written consent of UCLB (such consent not to be unreasonably delayed or withheld), the Licensee shall not enter into any agreement with a sub-licensee
that provides for the payment of any consideration that would be fairly attributable to the grant of the sub-licence other than (i) royalties based on the sale of Licensed Products, and/or (ii) conventional milestones to be paid on the
achievement of stages of product development prior to commercial sale (such as those stages set out in Clause 4.2); 

  

	 	(c)	within 30 days of the grant of any sub-licence the Licensee shall provide to UCLB a true copy of it (with confidential information redacted, other than to the extent
necessary to determine the financial obligations of Licensee hereunder regarding such sub-license); and 

  

  
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	 	(d)	the Licensee shall be responsible for any breach of the sub-licence by the sub-licensee, as if the breach had been that of Licensee under this Agreement; and

  

	 	(e)	Upon any termination of this Agreement, UCLB shall grant a direct license to any sub-license of Licensee hereunder having the same scope as such sub-license and on
terms and conditions no less favorable to such sub-licensee than the terms and conditions of this Agreement, provided that such sub-licensee is not in any uncured default of any applicable obligations under this Agreement and agrees in writing to be
bound by the terms and conditions of such direct license. 

  

	2.4	Reservation of rights. 

  

	 	(a)	UCLB reserves for itself and its Affiliates the non-exclusive, irrevocable, worldwide, royalty-free right to use, and license other academic institutions to use, the
Know-how and the Patents in the Field solely for the purposes of non-commercial academic research, publication and teaching. 

  

	 	(b)	Except for the licences expressly granted by this Clause 2, UCLB reserves all its rights. Without prejudice to the generality of the foregoing UCLB grants no
rights to any intellectual property other than the Patents and Know-how, and reserves all rights under the Patents and Know-how outside the Field. 

  

	2.5	Quality. The Licensee shall ensure that all of the Licensed Products marketed by it and its sublicensees shall comply in all material respects with all
applicable laws and regulations in each part of the Territory in which they are marketed. 

  

	2.6	Right of First Negotiation. For a period of four (4) years after the Commencement Date, if UCLB or its Affiliates desires to enter into an agreement with
any third party regarding the development or commercialization of the Technology in the Field, UCLB shall give to Licensee express written notice thereof, and the right to negotiate with UCLB to enter into an agreement regarding such development or
commercialization. If, within ninety (90) days after receipt of such written notice from UCLB, Licensee gives written notice to UCLB of its exercise of such right of negotiation, then the Parties shall negotiate in good faith, for a period not
to exceed ninety (90) days, and attempt to reach mutual agreement regarding terms and conditions of a mutually acceptable agreement regarding such development or commercialization. If Licensee fails to give UCLB timely written notice of its
exercise of such right of negotiation, or if the Parties fail to reach mutual agreement regarding such development or commercialization prior to the expiration of such ninety (90) day period, thereafter UCLB and its Affiliates shall have the
right to pursue such development or commercialization with any third party with no continuing obligation to Licensee regarding such development or commercialization. 

 

	3.	Know-how and Confidential Information 

  

	3.1	 Provision of Know-how. Upon the Licensee’s reasonable request, UCLB shall instruct the Principal Investigator to supply the Licensee with
all Know-how in his possession that UCLB is at liberty to disclose and has not previously been disclosed to the Licensee and which is reasonably necessary or desirable to enable the Licensee to undertake the further development of the inventions
claimed in (or disclosed in the as-filed specification of) any patent or patent 

  
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application in the Patents. The method of such supply shall be agreed between the Principal investigator and the Licensee but shall not require the Principal Investigator to undertake more than 2
man-days of work, unless otherwise agreed in writing between the Parties. If it is agreed that the Principal Investigator shall travel to the Licensee’s premises in connection with such supply, the Licensee shall reimburse all travel (at
business class rates), accommodation and subsistence costs incurred. 

  

	3.2	Confidentiality of Know-how. The Licensee undertakes that for a period of 15 years from the Commencement Date, it shall protect the Know-how as Confidential
Information and shall not use the Know-how for any purpose except as expressly licensed hereby and in accordance with the provisions of this Agreement. 

  

	3.3	Confidentiality obligations. Each Party (“Receiving Party”) undertakes: 

 

	 	(a)	to maintain as secret and confidential all Confidential Information obtained directly or indirectly from the other Party (“Disclosing Party”) in the course of
or in anticipation of this Agreement and to respect the Disclosing Party’s rights therein; 

  

	 	(b)	to use such Confidential Information only for the purposes of this Agreement; and 

 

	 	(c)	to disclose such Confidential Information only to those of its employees, contractors, agents and sub-licensees pursuant to this Agreement (if any) to whom and to the
extent that such disclosure is reasonably necessary for the purposes of this Agreement. 

  

	3.4	Confidentiality Exceptions. The confidentiality obligations shall not apply to information which the Receiving Party can demonstrate by reasonable, written
evidence: 

  

	 	(a)	was, prior to its receipt by the Receiving Party from the Disclosing Party, in the possession of the Receiving Party and at its free disposal; or

  

	 	(b)	is subsequently disclosed to the Receiving Party without any obligations of confidence by a third party who has not derived it directly or indirectly from the
Disclosing Party; or 

  

	 	(c)	is or becomes generally available to the public through no act or default of the Receiving Party or its agents, employees, Affiliates or sub-licensees; or

  

	 	(d)	is or was independently developed by the Receiving Party without use of the information disclosed by the other party (each of the foregoing in Clauses 3.4(a) through
(d), a “Confidentiality Exception”). 

  

	3.5	Terms of this Agreement. Except as otherwise provided in this Section 3, neither Party shall disclose any terms or conditions of this Agreement to any other
person or entity without the prior written consent of the other Party, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, within forty-five (45) days of the Commencement Date, the Parties shall agree on the
substance of a press release, which will be attached to this Agreement as Schedule 2. The substance of this release included in Schedule 2 can be used by the Parties to describe the terms of this transaction, and either Party may disclose such
information, as modified by mutual agreement from time to time, without the other Party’s consent. 

  
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	3.6	Permitted Disclosures. Notwithstanding anything to the contrary in this Agreement, the provisions of this Section 3 shall not apply to the extent that:

  

	 	(a)	A Party is required (i) to disclose information by law, regulation or order of a governmental agency or a court of competent jurisdiction, or (ii) to disclose
information to any governmental agency for purposes of obtaining approval to test or market a product, provided in either case provided that such Party shall (i) inform the other Party as soon as is reasonably practicable, and (ii) at the
other Party’s request seek to have the information treated in a confidential manner, where this is possible under the court, agency or authority’s procedures; or 

 

	 	(b)	Licensee may disclose information to any person or entity with whom Licensee has, or is proposing to enter into, a business relationship, as long as such person or
entity has entered into written undertakings of confidentiality at least as restrictive as this Section 3. 

  

	3.7	Disclosure to employees. The Receiving Party shall procure that all of its employees, contractors and sub-licensees pursuant to this Agreement (if any) who have
access to any of the Disclosing Party’s Confidential Information, shall be made aware of and subject to these obligations and shall have entered into written undertakings of confidentiality at least as restrictive as this Section 3 and
which apply to the Disclosing Party’s Confidential Information. 

  

	3.8	Return of information. Upon any termination of this Agreement, the Receiving Party shall return to the Disclosing Party any documents or other materials that
contain the Disclosing Party’s Confidential Information including all copies made and, subject to Clause 8.3, make no further use or disclosure thereof; provided, however, that each Party shall have the right to retain one (1) copy
for its legal files for the sole purpose of determining its obligations hereunder. 

  

	4.	Payments 

  

	4.1	Initial payments: 

  

	 	(a)	Within 90 (ninety) days of the Commencement Date, the Licensee shall pay to UCLB the non-refundable, non-deductible sum of $50,000 (fifty thousand US Dollars); and

  

	 	(b)	Within 9 (nine) months after the Commencement Date, the Licensee shall pay to UCLB the non-refundable, non-deductible sum of $50,000 (fifty thousand US Dollars).

  

	4.2	Milestone payments. Within thirty (30) days after the first achievement (whether by the Licensee, its Affiliate or sub-licensee) of the each of the
milestone events set out in the following table for a Licensed Product, the Licensee shall pay to UCLB the amount(s) set out next to such milestone event in the table: 

 

			
	Milestone event	 	Amount to be paid (US dollars)
		
	Acceptance of IND or (equivalent) by the FDA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$250,000 (two hundred and fifty thousand Dollars)
		
	Completion of the first Phase I study for a 1st Indication.	 	$350,000 (three hundred and fifty thousand Dollars)
		
	Completion of the first Phase II study for a 1st Indication.	 	$500,000 (five hundred thousand Dollars)

  
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	Milestone event	 	Amount to be paid (US dollars)
		
	Completion of the first Phase III study for a 1st Indication.	 	$1,000,000 (one million Dollars)
		
	Completion of the second / pivotal Phase 3 study for a 1st Indication.	 	$1,500,000 (one million five hundred thousand Dollars)
		
	Acceptance of NDA (or equivalent) by FDA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$2,000,000 (two million Dollars)
		
	Approval of NDA (or equivalent) by FDA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$4,000,000 (four million Dollars)
		
	Acceptance of NDA equivalent by EMEA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Approval of NDA equivalent by EMEA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$2,000,000 (two million Dollars)
		
	Acceptance of NDA equivalent by MHLW for a 1st Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Approval of NDA equivalent by MHLW for a 1st Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Acceptance of NDA (or equivalent) by FDA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Approval of NDA (or equivalent) by FDA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$2,000,000 (two million Dollars)
		
	Acceptance of NDA equivalent by EMEA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Approval of NDA equivalent by EMEA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Acceptance of NDA equivalent by MHLW for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$250,000 (two hundred and fifty thousand Dollars)

  
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	Milestone event	 	Amount to be paid (US dollars)
		
	Approval of NDA equivalent by MHLW for a 2nd Indication	 	$500,000 (five hundred thousand Dollars)
		
	Acceptance of NDA (or equivalent) by FDA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Approval of NDA (or equivalent) by FDA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Acceptance of NDA equivalent by EMEA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$250, 000 (two hundred and fifty thousand Dollars)
		
	Approval of NDA equivalent by EMEA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Acceptance of NDA equivalent by MHLW for a 3rd Indication	 	$125,000 (one hundred and fifty thousand Dollars)
		
	Approval of NDA equivalent by MHLW for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$250,000 (two hundred and fifty thousand Dollars)

  

	4.3	Royalties on Net Sales. During the applicable Royalty Term, the Licensee shall pay to UCLB a royalty being a percentage of the Net Sales Value of each Licensed
Product sold by Licensee or its Affiliates. The percentage shall be applicable percentage(s) set forth below which applies to the Licensed Product in question: 

 

	 	(a)	Three percent (3%) of Net Sales Value, for Net Sales Value of such Licensed Product in the current calendar year up to $250,000,000 (two hundred and fifty million
Dollars); 

  

	 	(b)	Four percent (4%) of Net Sales Value, for Net Sales Value of such Licensed Product in the current calendar year greater than $250,000,000 (two hundred and fifty
million Dollars) and up to $500,000,000 (five hundred million Dollars); and 

  

	 	(c)	Five percent (5%) of Net Sales Value, for Net Sales Value of such Licensed Product in the current calendar year greater than $500,000,000 (five hundred million
Dollars). 

 Neither the Licensee nor its Affiliates shall sell any Licensed Product other than in an arm’s
length transaction. 

  
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	4.4	Royalties on Net Receipts. During the applicable Royalty Term, the Licensee shall pay to UCLB a royalty on Net Receipts in respect of each Licensed Product as
follows: 

  

	 	(a)	Subject to paragraph (d), a royalty of 30% of Net Receipts where the sub-licence agreement (or related agreement) under which the relevant Net Receipts become due is
first executed prior to Completion of the first Phase I study of such Licensed Product; or 

  

	 	(b)	Subject to paragraph (d), a royalty of 25% of Net Receipts where the sub-licence agreement (or related agreement) under which the relevant Net Receipts become due is
first executed after Completion of the first Phase I study of such Licensed Product, but prior to Completion of the first Phase II study of such Licensed Product; or 

 

	 	(c)	Subject to paragraph (d), a royalty of 20% of Net Receipts where the sub-licence agreement (or related agreement) under which the relevant Net Receipts become due is
first executed after Completion of the first Phase II study of such Licensed Product; but 

  

	 	(d)	Where any royalties to be paid under paragraphs (a) to (c) above are in respect of Net Receipts obtained from the sale of Licensed Product(s) by the
sub-licensee, the amount of royalty that the Licensee shall pay UCLB in respect of each such sale shall in no event be less than 2% of the Net Sales Value of such Licensed Product(s) when sold by the sub-licensee. 

 

	4.5	 Third Party Royalties. If Licensee, its Affiliates or sublicensees is required to pay royalties to any third party in order to develop,
manufacture, have manufactured, import, use, offer for sale and sell Licensed Products, then Licensee shall have the right to credit [*******] of such third party royalty payments against the royalties owing to UCLB; provided, however, that Licensee
shall not reduce the amount of the royalties paid to UCLB by reason of this Clause 4.5 with respect to sales of a Licensed Product to less than [*******] percent ([*******]%) of Net Sales Value of such Licensed Product.

  

	4.6	Combination Products. If any Licensed Product is incorporated as a component in any other product (“Combination Product”), then for purposes of
calculating Net Sales of such Licensed Product, such Net Sales, prior to the royalty calculation set forth in above, first shall be multiplied by the fraction A/(A+B), where A is the value of the Licensed Product component as reasonably determined
by Licensee, and B is the value of the other component(s) as reasonably determined by the Parties for both A and B and such resulting amount shall be the “Net Sales” for purposes of the royalty calculation for such Licensed Product.

  

	4.7	Payment frequency. Royalties due under this Agreement shall be paid within 60 days of the end of each quarter ending on 31 March, 30 June,
30 September and 31 December, in respect of sales of Licensed Products made and Net Receipts generated during such quarter and within 60 days of the termination of this Agreement. 

 

	4.8	Payment terms. All sums due under this Agreement: 

  

	 	(a)	shall be paid in US Dollars in cash by transferring an amount in aggregate to the following account number [*******], and in the case of sales or sub-licence income
received by the Licensee in a currency other than US Dollars, the royalty shall be calculated in the other currency and then converted into equivalent US Dollars using the average of the exchange rate (local currency per US$1) published in The Wall
Street Journal, Western Edition, under the heading “Currency Trading” on the last business day of each month during the applicable quarterly period with respect to which the payment is made; and 

  
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	 	(b)	shall be made by the due date, failing which UCLB may charge interest on any outstanding amount on a daily basis at a rate equivalent to [*******], or the highest rate
permitted by applicable law (whichever is lower). 

  

	4.9	Withholding Taxes. Licensee shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes, levies or charges with respect to
such amounts, other than United States taxes, payable by Licensee, its Affiliates or sublicensees, or any taxes required to be withheld by Licensee, its Affiliates or sublicensees, to the extent Licensee, its Affiliates or sublicensees pay to the
appropriate governmental authority on behalf of UCLB such taxes, levies or charges. Licensee shall use reasonable efforts, in consultation with UCLB, to minimize any such taxes, levies or charges required to be withheld on behalf of UCLB by
Licensee, its Affiliates or sublicensees. Licensee promptly shall deliver to UCLB proof of payment of all such taxes, levies and other charges, together with copies of all communications from or with such governmental authority with respect thereto
and any other documentation that UCLB may reasonably require in connection with applications for relief from such taxes, levies and charges. Licensee shall cooperate with UCLB in relation to any such applications that UCLB may make.

  

	4.10	Exchange controls. If at any time during the continuation of this Agreement the Licensee is prohibited from making any of the payments required hereunder by a
governmental authority in any country then the Licensee shall within the prescribed period for making the said payments in the appropriate manner use its best endeavours to secure from the proper authority in the relevant country permission to make
the said payments and shall make them within [*******] of receiving such permission. If such permission is not received within [*******] of the Licensee making a request for such permission then, at the option of UCLB, the Licensee shall deposit the
royalty payments due in the currency of the relevant country either in a bank account designated by UCLB within such country or such royalty payments shall be made to an associated company of UCLB designated by UCLB and having offices in the
relevant country designated by UCLB. 

  

	4.11	Royalty statements. The Licensee shall send to UCLB at the same time as each royalty payment is made in accordance with Clause 4.3 or Clause 4.4 a
statement setting out, in respect of each territory or region in which Licensed Products are sold, the types of Licensed Product sold, the quantity of each type sold, and the total Net Sales Value, and the total Net Receipts in respect of each type
and sub-licensee, expressed both in local currency and pounds sterling and showing the conversion rates used, during the period to which the royalty payment relates. 

 

	4.12	Records. 

  

	 	(a)	The Licensee shall keep at its normal place of business detailed and up to date records and accounts showing the quantity, description and value of Licensed Products
sold by it, and the amount of sublicensing revenues received by it in respect of Licensed Products, on a country by country basis, and being sufficient to ascertain the payments due under this Agreement. 

 

	 	(b)	 Upon the written request of UCLB and not more than once in each calendar year, Licensee shall permit an independent chartered, certified or similarly
qualified accountant as selected by UCLB to whom Licensee has no reasonable objection, at UCLB’s expense, to have access during normal business hours to such of the financial records of Licensee as may be reasonably necessary to verify the
accuracy of the payment reports hereunder for the [*******] calendar [*******] immediately prior to the date of such request (other than records for which UCLB has already conducted an audit under this Section.

  
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If such accounting firm concludes that additional amounts were owed during the audited period, Licensee shall pay such additional amounts within [*******] after the date UCLB delivers to Licensee
such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be paid by UCLB; provided, however, if the audit discloses that the royalties payable by Licensee for such period are more than [*******]
percent ([*******]%) of the royalties actually paid for such period, then Licensee shall pay the reasonable fees and expenses charged by such accounting firm. UCLB shall cause its accounting firm to retain all financial information subject to review
under this Clause in strict confidence; provided, however, that Licensee shall have the right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement with Licensee regarding such
financial information. The accounting firm shall disclose to UCLB only whether the reports are correct or not and the amount of any discrepancy. No other information shall be shared. UCLB shall treat all such financial information as Licensee’s
Confidential Information. 

  

	 	(c)	The Licensee shall ensure that UCLB has the same rights as those set out in this Clause 4.12 in respect of any person that is sub-licensed under the Patents or
Know-how pursuant to this Agreement. 

  

	5.	Commercialisation 

  

	5.1	General diligence. The Licensee shall use Diligent and Reasonable Efforts to develop and commercially exploit Licensed Products worldwide.

 Development Report. Without prejudice to the generality of the Licensee’s obligations under
Clause 5.1, the Licensee shall provide at least annually to UCLB an updated, written Development Report that shall report on all activities conducted under this Agreement since the Commencement Date or the date of the previous Development
Report provided under this Clause. Licensee shall also set out in the Development Report the past, current and projected activities taken or planned to be taken by the Licensee and its sub-licensees (if any) to bring Licensed Products to market and
maximise the sale of Licensed Products in the Territory, provided that Licensee shall not be legally bound to take or achieve any actions set out in any such projections. UCLB’s receipt or approval of any Development Report shall not be taken
to waive or qualify the Licensee’s obligations under Clause 5.1. 
  

	5.2	Consequences of expert’s decision. If an arbitrator under Clause 9.10 determines that the Licensee has failed to comply with its obligations under
Clause 5.1, and if the Licensee fails to cure such failure within [*******] after such determination, UCLB shall be entitled, by giving, at any time within [*******] after the end of that [*******] period, not less than [*******] notice to
terminate this Agreement. 

  

	6.	Intellectual property 

  

	6.1	Obtain and maintain the Patents. 

 UCLB shall have the right to control, at Licensee’s cost and expense, the preparation, filing, prosecution and maintenance of all patents and patent applications within the Patents. Within [*******]
of the Commencement Date, UCLB and Licensee shall reasonably agree upon a budget for expenses incurred in connection with such preparation, filing, prosecution and maintenance of the Patents. UCLB and Licensee shall update said budget every
[*******] thereafter and shall use reasonable efforts to ensure that the actual costs incurred in connection 

  
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with such activities related to the Patents are within [*******] percent ([*******]%) of such budget for any given one (1) year period, unless the prior written agreement of the Licensee is
obtained. UCLB shall provide Licensee with ample opportunity to review and comment on the text of each correspondence for which submission to any patent office is intended (including, without limitation, patent applications and responses to official
actions) and shall supply Licensee with a copy of each such correspondence as filed and, in the case of a patent application, its filing date and serial number. UCLB shall consider and incorporate in good faith all of Licensee’s reasonable
comments and suggestions with respect to any such correspondence for which submission to any patent authority is intended. The Licensee shall, at its own cost and expense, co-operate with UCLB and its licensee(s) outside the Field and endeavour to
obtain valid patents in the name of UCLB pursuant to each of the patent applications of the Patents so as to secure the broadest monopoly reasonably available consistent with prudent patent practices. In the event that UCLB wishes to abandon any
such application or not to maintain any such Patent (or to cease funding such application or Patent) it shall give [*******] prior written notice to Licensee so that Licensee may have the opportunity to assume control over such Patent at its own
expense. In the event that either: (a) such Patent is ultimately abandoned by UCLB; or (b) Licensee assumes control over such Patent before the expiry of such notice period, then such Patent shall be deemed to be removed from the
definition of Patents as provided for in this Agreement and Licensee shall have no continuing obligations to UCLB regarding Licensed Products based solely on such Patent 

 

	6.2	Infringement of the Patents. 

  

	 	(a)	Each Party shall inform the other Party promptly if it becomes aware of any infringement or potential infringement of any of the Patents in the Field, and the Parties
shall consult with each other to decide the best way to respond to such infringement. 

  

	 	(b)	If the Parties fail to agree on a joint programme of action, including how the costs of any such action are to be borne and how any damages or other sums received from
such action are to be distributed, then the Licensee shall be entitled to take action against the third party at its sole expense, subject to the following provisions of this Clause 6.2. 

 

	 	(c)	Before starting any legal action under Clause 6.2(a), the Licensee shall consult with UCLB as to the advisability of the action or settlement, its effect on the
good name of UCLB, the public interest, and how the action should be conducted. 

  

	 	(d)	If the alleged infringement is both within and outside the Field, the Parties shall also cooperate with UCLB’s other licensees (if any) in relation to any such
action. 

  

	 	(e)	The Licensee shall reimburse UCLB for any reasonable out-of-pocket expenses incurred in assisting the Licensee, at the request of the Licensee, in such action. The
Licensee shall pay UCLB a portion of any damages received from such action, after deduction of both Parties reasonable expenses in relation to the action in accordance with the following: 

 

	 	(i)	where the damages awarded are directly attributable to lost sales of Licensed Products, the amount of such damages will be treated as Net Sales Value and Licensee shall
pay UCLB royalties on such damages in accordance with Clause 4.3; or 

  
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	 	(ii)	where the damages awarded are not directly attributable to lost sales of Licensed Products, the amount of such damages will be treated as Net Receipts and Licensee
shall pay UCLB a portion of such damages in accordance with Clause 4.4. 

  

	 	(f)	UCLB shall agree to be joined in any suit to enforce such rights subject to being indemnified and secured in a reasonable manner as to any costs, damages, expenses or
other liability and shall have the right to be separately represented by its own counsel at its own expense. 

  

	 	(g)	If, within [*******] after the Licensee receives written notice from UCLB of any actual, continuing and commercially significant infringement of the Patents, the
Licensee is unsuccessful in persuading the alleged infringer to desist or fails to initiate an infringement action, UCLB shall have the right, at its sole discretion, to prosecute such infringement under its sole control and at its sole expense, and
UCLB shall pay to Licensee a portion of any damages or other payments recovered from such action, after deduction of both Parties reasonable expenses in relation to the action, in accordance with the following: 

 

	 	(i)	where the damages awarded are directly attributable to lost sales of Licensed Products, the amount of such damages will be treated as Net Sales Value, and UCLB shall
pay the Licensee royalties on such damages in accordance with Clause 4.3; or 

  

	 	(ii)	where the damages awarded are not directly attributable to lost sales of Licensed Product, the amount of such damages will treated as Net Receipts and UCLB shall pay
the Licensee a portion of such damages in accordance with Clause 4.4 (in such instances, and for purposes of this Section 6.2(g)(ii) only, Licensee shall be deemed to be UCLB in determining the amounts owed to Licensee in accordance with
Clause 4.4). 

  

	6.3	Infringement of third party rights. 

  

	 	(a)	If any warning letter or other notice of infringement is received by a Party, or legal suit or other action is brought against a Party, alleging infringement of third
party rights in the manufacture, use or sale of any Licensed Product or use of any Patents, that Party shall promptly provide full details to the other Party, and the Parties shall discuss the best way to respond. 

 

	 	(b)	The Licensee shall have the right but not the obligation to defend such suit to the extent it relates to activities in the Field and shall have the right to settle with
such third party, provided that if any action or proposed settlement involves the making of any statement, express or implied, adversely affecting the validity of any Patent, the consent of UCLB (which shall not be unreasonably withheld or delayed)
must be obtained before taking such action or making such settlement. 

  
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	7.	Warranties and liability 

  

	7.1	Warranties by UCLB. UCLB warrants that: 

  

	 	(a)	It is the registered proprietor of, or applicant for, the Patents and has caused all of its employees who are named as inventors on such Patents to execute such
assignments of the Patents as may be necessary to pass all of their right, title and interest in and to the Patents to UCLB; and 

  

	 	(b)	UCLB is the sole owner of the Patents, and except as UCLB has expressly informed Licensee in writing prior to the date of this Agreement, has not granted to any third
party any license or other interest in the Patents; and UCLB has not received written notice of any third party interest in the Know-how. UCLB has not received written notice of any third party patent, patent application or other intellectual
property rights that would be infringed (i) by practicing any process or method or by making, using or selling any composition which is claimed or disclosed in the Patents or which constitutes Know-how, or (ii) by making, using or selling
Licensed Products; and does not have actual knowledge of any infringement or misappropriation by a third party of the Patents and Know-how. 

  

	7.2	Acknowledgements. The Licensee acknowledges that: 

  

	 	(a)	The inventions claimed in the Patents, and the Know-how, are at an early stage of development. Accordingly, specific results cannot be guaranteed and any results,
materials, information or other items (together “Delivered Items”) provided under this Agreement, except as otherwise set forth in Clause 7.1, are provided ‘as is” and without any express or implied warranties,
representations or undertakings. As examples, but without limiting the foregoing, UCLB does not give any warranty that Delivered Items are of merchantable or satisfactory quality, are fit for any particular purpose, comply with any sample or
description, or are viable, uncontaminated, safe or non-toxic. 

  

	 	(b)	UCLB has not performed any searches or investigations into the existence of any third party rights that may affect any of the Patents or Know-how.

  

	7.3	No other warranties. 

  

	 	(a)	Each of the Licensee and UCLB acknowledges that, in entering into this Agreement, it does not do so in reliance on any representation, warranty or other provision
except as expressly provided in this Agreement, and any conditions, warranties or other terms implied by statute or common law are excluded from this Agreement to the fullest extent permitted by law. 

 

	 	(b)	Without limiting the scope of paragraph (a) above, UCLB does not make any representation nor give any warranty or undertaking: 

 

	 	(i)	as to the efficacy or usefulness of the Patents or Know-how; or 

  

	 	(ii)	as to the scope of any of the Patents or that any of the Patents is or will be valid or subsisting or (in the case of an application) will proceed to grant; or

  

	 	(iii)	except as set forth in Clause 7.1(b), that the use of any of the Patents or Know how, the manufacture, sale or use of the Licensed Products or the exercise of any
of the rights granted under this Agreement will not infringe any other intellectual property or other rights of any other person; or 

  
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	 	(iv)	that the Know-how or any other information communicated by UCLB to the Licensee under or in connection with this Agreement will produce Licensed Products of
satisfactory quality or fit for the purpose for which the Licensee intended or that any product will not have any latent or other defects, whether or not discoverable; or 

 

	 	(v)	as imposing any obligation on UCLB to bring or prosecute actions or proceedings against third parties for infringement or to defend any action or proceedings for
revocation of any of the Patents; or 

  

	 	(vi)	as imposing any liability on UCLB in the event that any third party supplies Licensed Products to customers located in the Territory. 

 

	7.4	Responsibility for development of Licensed Products. The Licensee shall be exclusively responsible for the technical and commercial development and manufacture
of Licensed Products and for incorporating any modifications or developments thereto that may be necessary or desirable and for all Licensed Products sold or supplied, notwithstanding any consultancy services or other contributions that UCLB may
provide in connection with such activities. 

  

	7.5	Indemnity. The Licensee shall indemnify UCLB and its Affiliates, and their respective officers, directors, Council members, employees and representatives,
including the Principal Investigator (together, the “Indemnitees”) against all Losses incurred as a result of any Claims that may be asserted against or suffered by any of the Indemnitees to the extent arising from:

  

	 	(a)	the use by the Licensee or any of its sub-licensees of any of the Patents or Know-how; or 

 

	 	(b)	the development, manufacture, use, marketing or sale of, or any other dealing in, any of the Licensed Products, by Licensee or any of its sub-licensees, or subsequently
by any customer or any other person, including claims based on product liability laws. 

 except in each case to
the extent arising from the gross negligence or willful misconduct of any of the Indemnitees or the material breach of this Agreement by UCLB of any representation, or warranty given in clause 7.1. 

 

	7.6	Limitation of Liability. 

  

	 	(a)	To the extent that any Indemnitee has any liability in contract, tort, or otherwise under or in connection with this Agreement, including any liability for breach of
warranty, their liability shall be limited in accordance with the following provisions of this Clause 7.6. 

  

	 	(b)	In no circumstances shall any of the Indemnitees or Licensee be liable for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered that is
(i) of an indirect, special or consequential nature, (ii) any loss of profits, revenue, business opportunity or goodwill, or (iii) for punitive damages. 

 

	 	(c)	Nothing in this Agreement excludes any person’s liability to the extent that it may not be so excluded under applicable law, including any such liability for death
or personal injury caused by that person’s negligence, or liability for fraud. 

  
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	7.7	Warranties by Licensee. Licensee warrants and undertakes that: 

  

	 	(a)	it shall not enter into an agreement with any other person with respect to the marketing or sale of any Competing Product without the prior written consent of UCLB; and

  

	 	(b)	it shall not market or sell any Competing Product without the prior written consent of UCLB. 

Nothing in this Agreement or this Section 7.7 shall be construed as limiting Licensee’s ability to research or develop a
Competing Product so long as such research or development: (i) does not occur within five (5) years following the Commencement Date; and (ii) does not utilize UCLB’s Know-how. 

 

	8.	Duration and Termination 

  

	8.1	Commencement and Termination by Expiry. This Agreement, and the licences granted hereunder, shall come into effect on the Commencement Date and, unless
terminated earlier in accordance with this Clause 8, shall continue in force on a country by country basis until the expiration of Licensee’s obligation to pay royalties hereunder. The license grant under Clause 2.1 shall be effective
at all times prior to such expiration and following such expiration of this Agreement Licensee shall have a fully paid-up, non-exclusive license (a) under the Patents, with the right to sub-license through multiple tiers, to develop,
manufacture, have manufactured, import, use, offer for sale and sell Licensed Products only in the Field in the Territory; and (b) to use the Know-how, with the right to sub-license through multiple tiers, to develop, manufacture, have
manufactured, import, use, offer for sale and sell Licensed Products only in the Field in the Territory. 

  

	8.2	Early termination. 

  

	 	(a)	The Licensee may terminate this Agreement at any time on 30 days’ notice in writing to UCLB. 

 

	 	(b)	Either Party may terminate this Agreement at any time by notice in writing to the other Party (“Other Party”), such notice to take effect as specified in the
notice: 

  

	 	(i)	if the Other Party is in material breach of this Agreement and, in the case of a breach capable of remedy within 90 days, the breach is not remedied within 90 days of
the Other Party receiving notice specifying the breach and requiring its remedy; or 

  

	 	(ii)	if: (A) the Other Party is declared by a court of competent jurisdiction to be insolvent or unable to pay its debts as and when they become due, (B) an order
is made or a resolution is passed for the winding up of the Other Party (other than voluntarily for the purpose of solvent amalgamation or reconstruction), (C) a liquidator, administrator, administrative receiver, receiver or trustee is
appointed in respect of the whole or any part of the Other Party’s assets or business, (D) the Other Party makes any composition with its creditors, (E) the Other Party ceases to continue its business or (F) as a result of debt
and/or maladministration the other Party takes or suffers any similar or analogous action. 

  

	 	(c)	 UCLB may terminate this Agreement by giving written notice to the Licensee, such termination to take effect forthwith or as otherwise stated in the
notice, if the Licensee or its Affiliate or sub-licensee commences legal proceedings, or assists any third party to 

  
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commence legal proceedings, to challenge the validity or ownership of any of the Patents, or markets or sells a Competing Product, either on its own, or with another person, without the prior
written consent of UCLB. 

  

	 	(d)	A Party’s right of termination under this Agreement, and the exercise of any such right, shall be without prejudice to any other right or remedy (including any
right to claim damages) that such Party may have in the event of a breach of contract or other default by the other Party. 

  

	8.3	Consequences of termination 

  

	 	(a)	Upon termination of this Agreement for any reason otherwise than in accordance with Clause 8.1: 

 

	 	(i)	the Licensee and its sub-licensees shall be entitled to sell, use or otherwise dispose of (subject to payment of royalties under clause 4) any unsold or unused stocks
of the Licensed Products for a period of 6 months following the date of termination; 

  

	 	(ii)	subject to paragraph (i) above, the Licensee shall no longer be licensed to use or otherwise exploit in any way, either directly or indirectly, the Patents, in so
far and for as long as any of the Patents remains in force, or the Know-how; 

  

	 	(iii)	subject to paragraph (i) above, the Licensee shall consent to the cancellation of any formal licence granted to it, or of any registration of it in any register,
in relation to any of the Patents; 

  

	 	(iv)	each Party shall return to the other or, at the other Party’s request, destroy any documents or other materials that are in its or its sub-licensees’
possession or under its or its sub-licensees’ control and that contain the other Party’s Confidential Information in accordance with Clause 3.8; and 

 

	 	(v)	subject as provided in this Clause 8.3, and except in respect of any accrued rights, neither Party shall be under any further obligation to the other.

  

	 	(b)	Upon termination of this Agreement for any reason otherwise than in accordance with Clause 8.1 and at UCLB’ request, the Parties shall negotiate in good faith
the terms of an agreement between them on reasonable commercial terms under which the Licensee would: 

  

	 	(i)	transfer to UCLB exclusively all clinical and other data relating to the development of Licensed Products; and 

 

	 	(ii)	to the extent possible, seek to have any product licences, pricing approvals and other permits and applications transferred into the name of UCLB or its nominee.

  

	 	(iii)	grant UCLB an exclusive, worldwide licence, within the Field, with the rights to grant sub-licences, under any improvements and other intellectual property owned or
controlled by the Licensee at the time of such termination and relating to the Licensed Products; and 

  
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	 	(iv)	grant UCLB or its nominee the right to continue to use any product name that had been applied to the Licensed Products prior to termination of this Agreement.

  

	 	(c)	If the Parties are unable to agree terms in accordance with paragraph (b) above, either Party may refer the disagreement to arbitration in accordance with
Clause 9.10. At the request of UCLB the Parties shall enter into an agreement on the terms specified by the arbitrator(s). 

  

	 	(d)	Upon termination of this Agreement for any reason the provisions of Clauses 2.3(e), 3.2 to 3.8, 4 (in respect of sales made prior to termination or under
Clause 8.3(a)(i)), 7.5, 7.6, 8.3 and 9 shall remain in force. 

  

	9.	General 

  

	9.1	Force majeure. Neither Party shall have any liability or be deemed to be in breach of this Agreement for any delays or failures in performance of this Agreement
that result from circumstances beyond the reasonable control of that Party, including without limitation labour disputes involving that Party. The Party affected by such circumstances shall promptly notify the other Party in writing when such
circumstances cause a delay or failure in performance and when they cease to do so. 

  

	9.2	Amendment. This Agreement may only be amended in writing signed by duly authorised representatives of UCLB and the Licensee. 

 

	9.3	Assignment and third party rights. 

  

	 	(a)	Subject to paragraph (b) below, neither Party shall assign, mortgage, charge or otherwise transfer any rights or obligations under this Agreement, nor any of the
Patents or rights under the Patents, without the prior written consent of the other Party. 

  

	 	(b)	Either Party may assign all its rights and obligations under this Agreement together with its rights in the Patents (i) to any Affiliate, or (ii) in
connection with the transfer or sale of all or substantially all of its business to which this Agreement relates, or in the event of its merger, consolidation, change in control or similar transaction; PROVIDED that the assignee undertakes to the
other Party to be bound by and perform the obligations of the assignor under this Agreement. However a Party shall not have such a right to assign this Agreement if it is insolvent or any other circumstance described in Clause 8.2(b)(ii)
applies to it. 

  

	9.4	Waiver. No failure or delay on the part of either Party to exercise any right or remedy under this Agreement shall be construed or operate as a waiver thereof,
nor shall any single or partial exercise of any right or remedy preclude the further exercise of such right or remedy. 

  

	9.5	Invalid clauses. If any provision or part of this Agreement is held to be invalid, amendments to this Agreement may be made by the addition or deletion of
wording as appropriate to remove the invalid part or provision but other wise retain the provision and the other provisions of this Agreement to the maximum extent permissible under applicable law 

 

	9.6	No Agency. Neither Party shall act or describe itself as the agent of the other, nor shall it make or represent that it has authority to make any commitments on
the other’s behalf. 

  
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	9.7	Interpretation. In this Agreement: 

  

	 	(a)	the headings are used for convenience only and shall not affect its interpretation; 

 

	 	(b)	references to persons shall include incorporated and unincorporated persons; references to the singular include the plural and vice versa; and references to the
masculine include the feminine; 

  

	 	(c)	references to Clauses and Schedules mean clauses of, and schedules to, this Agreement; 

 

	 	(d)	references in this Agreement to termination shall include termination by expiry; 

 

	 	(e)	where the word “including” is used it shall be understood as meaning “including without limitation”. 

 

	9.8	Notices. 

  

	 	(a)	Any notice to be given under this Agreement shall be in writing and shall be sent by first class mail or air mail, or by fax (confirmed by first class mail or air mail)
to the address of the relevant Party set out at the head of this Agreement, or to the relevant fax number set out below, or such other address or fax number as that Party may from time to time notify to the other Party in accordance with this
Clause 9.8. The fax numbers of the Parties are as follows: [*******] 

  

	 	(b)	Notices sent as above shall be deemed to have been received three working days after the day of posting (in the case of inland first class mail), or seven working days
after the date of posting (in the case of air mail), or on the next working day after transmission (in the case of fax messages, but only if a transmission report is generated by the sender’s fax machine recording a message from the
recipient’s fax machine, confirming that the fax was sent to the number indicated above and confirming that all pages were successfully transmitted). 

  

	9.9	Law and Jurisdiction. The validity, construction and performance of this Agreement shall be governed by English law and shall be subject to the exclusive
jurisdiction of the English courts to which the parties hereby submit, except that a Party may seek an interim injunction in any court of competent jurisdiction. 

 

	9.10	Arbitration. 

  

	 	(a)	Any dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this Agreement, or the performance by either Party of its
obligations under this Agreement (other than (a) disputes, controversies or claims regarding the validity, enforceability, claim construction or infringement of any patent rights, or defenses to any of the foregoing, and (b) bona fide
third party actions or proceedings filed or instituted in an action or proceeding by a third party against a Party), whether before or after termination of this Agreement, shall be finally resolved by binding arbitration. Whenever a Party shall
decide to institute arbitration proceedings, it shall give written notice to that effect to the other Party. Any such arbitration shall be conducted under the Rules of London Court of International Arbitration, in the English language, by a panel of
three arbitrators appointed in accordance with such rules. 

  

  
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	 	(b)	Subject to paragraph (c) below, any such arbitration shall be held in London, England. The arbitrators shall have the authority to grant specific performance and
to allocate between the Parties the costs of arbitration in such equitable manner as they determine. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance
of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would be
barred by the applicable statute of limitations. Notwithstanding the foregoing, either Party shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain from any court of
competent jurisdiction any interim or provisional relief that is necessary or desirable to protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any
dispute, controversy or claim hereunder. 

  

	 	(c)	Upon the consent of each of the Parties (said consent not to be unreasonably delayed), a dispute under Clause 5.2 or 8.3 (c) shall be referred to arbitration
in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”) by a panel of one arbitrator (unless the Parties agree otherwise) appointed by the AAA and who is knowledgeable as to the subject
matter of the dispute. The Parties agree that the MA Expedited Procedures shall apply to all arbitration proceedings under this Clause 9.10 (c). The arbitrator shall have the right to order discovery as he or she deems appropriate, and to order
injunctive relief and the payment of legal fees, costs and other damages, excluding punitive damages. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. Any arbitration conducted under this Agreement
shall be conducted in London, England. 

  

	9.11	Further action. Each Party agrees to execute, acknowledge and deliver such further instruments, and do all further similar acts, as may be necessary or
appropriate to carry out the purposes and intent of this Agreement. 

  

	9.12	Announcements. Except as otherwise set forth in this Agreement, neither Party shall make any press or other public announcement concerning any aspect of this
Agreement, or make any use of the name of the other Party in connection with or in consequence of this Agreement, without the prior written consent of the other Party. 

 

	9.13	Entire Agreement. This Agreement, including its Schedules, sets out the entire agreement between the Parties relating to its subject matter and supersedes all
prior oral or written agreements, arrangements or understandings between them relating to such subject matter. Subject to Clause 7.6(c), the Parties acknowledge that they are not relying on any representation, agreement, term or condition which
is not set out in this Agreement. 

  

	9.14	Third parties. Except for the rights of the Indemnitees as provided in clause 7.5, who may in their own right enforce the provisions of that Clause, this
Agreement does not create any right enforceable by any person who is not a party to it (‘Third Party’) under the Contracts (Rights of Third Parties) Act 1999, but this clause does not affect any right or remedy of a Third Party which
exists or is available apart from that Act. The Parties may amend, renew, terminate or otherwise vary all or any of the provisions of this Agreement, including Clause 7.5, without the consent of the Indemnitees. 

 

  
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	9.15	Export Control Regulations. 

  

	 	(a)	“Export Control Regulations” mean any United Nations trade sanctions or EU or UK legislation or regulation, from time to time in force, which impose arms
embargoes or control the export of goods, technology or software, including weapons of mass destruction and arms, military, paramilitary and security equipment and dual-use items (items designed for civil use but which can be used for military
purposes) and certain drugs and chemicals. 

  

	 	(b)	The Licensee shall ensure that, in using the Patents or Know-how and in selling Licensed Products, it shall not and nor shall its or its Affiliates employees or
sub-contractors breach or compromise, directly or indirectly, compliance with any Export Control Regulations. 

  

	9.16	Non-use of names and marking of Licensed Products 

  

	 	(a)	The Licensee shall not use, and shall ensure that its Affiliates and sub-licensees do not use, the name, any adaptation of the name, any logo, trademark or other device
of University College London, UCLB, nor of the inventors of the Patents nor the Principal Investigator in any advertising, promotional or sales materials without prior written consent obtained from UCLB in each case, except that Licensee may state
that it is licensed by UCLB under the Patents. 

  

	 	(b)	To the extent commercially feasible the Licensee shall mark and cause its Affiliates and Sub-Licensees to mark each Licensed Product with the number of each issued
Patent which applies to the Licensed Product. 

  

	9.17	Insurance. Without limiting its liabilities under clause 7, the Licensee shall take out with a reputable insurance company and maintain at all times during the
term of this Agreement public and product liability insurance including against all loss of and damage to property (whether real, personal or intellectual) and injury to persons including death arising out of or in connection with this Agreement and
the Licensee’s and its Affiliates’ and sub-licensees’ use of the Patents or Know-how and use, sale of or any other dealing in any of the Licensed Products. Such insurances may be limited in respect of one claim provided that such
limit must be at least $[*******]. Product liability insurance shall continue to be maintained for a further [*******] from the end of the term of this Agreement. 

 Agreed by the Parties through their authorised signatories: 
  

					
	 For and on behalf of
 UCL
Business PLC
	  		 	 For and on behalf of

Coronado Biosciences, Inc.

			
	 /s/ Anne Lane
	  		 	 /s/ Raymond J. Tesi

	signed	  		 	signed
			
	 Anne Lane, M.D.
	  		 	 Raymond J. Tesi, M.D.

	print name	  		 	print name
			
	 Executive Director
	  		 	 President and CEO

	title	  		 	title
			
	 2/11/07
	  		 	 11/11/07

	date	  		 	date

  
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 Schedule 1 
 Part A: The Patents 
 Patent Application [*******] filing date [*******] and the refilled
patent application [*******] filing date [*******] both entitled “[*******]” and any derivatives thereof. Said patent application entered national phase in at least the following regions: [*******]. 

Part B: The Know-how 

Tumour-activated human NK cells — potential for “off-the-shelf” immunotherapy. 

Mark W. Lowdell, Dept of Haematology, Royal Free & UCL Medical School, London, UK. 

[*******] 
 [*******] 

[*******] 
 [*******] 

[*******] 

  
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 [*******] 
 [*******] 
 [*******] 
 References: 
  

	Bryceson Y T, 	ME March, H-G Ljunggren, EO Long. 2006. Synergy among receptors on resting NK cells for the activation of natural cytotoxicity and cytokine release. Blood.107:159-166.

  

	Gehrmann M, 	H Schmetzer, G Eissner, T Haferlach, W Hiddemann, G Multhoff. 2003. Membrane-bound heat shock protein 70 (HSP70) in acute myeloid leukemia: a tumour specific
recognition structure for the cytolytic activity of autologous NK cells. Haematologica. 88:474-6. 

  

	Lowdell M W, 	R Craston, D Samuel, M E Wood, E O’Neill, V Saha, HG Prentice. 2002. Evidence that continued remission in patients treated for acute leukemia is dependent upon
autologous natural killer cells. Br. J. Haematol. 117:821-7. 

  

	Miller JS, 	Soignier Y, Panoskaltsis-Mortari et al. Successful adoptive transfer and in vivo expansion of human haploidentical NK 

cells in patients with cancer. Blood 2005;105(8):3051-7. 

  
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	North J, Bakhsh	I, Marden C et al. Tumour-primed human natural killer cells lyse NK-resistant tumour targets: evidence for a 

two-stage process in resting NK cell activation. - Journal of Immunology; 178:85-94. 

 

	Testi R, D	D’Ambrosio, R De Maria, A Santoni. 1994. The CD69 receptor: a multipurpose cell surface trigger for hematopoietic cells. Immunol. Today. 15:479-83.

 Schedule 2 
 The
Press Release 

  
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