Document:

Exhibit 10.13

 

LICENSE AGREEMENT

 

BETWEEN:

 

THE UNIVERSITY OF BRITISH
COLUMBIA, a
corporation continued under the University Act
of British Columbia and having its administrative offices at 2075 Wesbrook
Mall, in the City of Vancouver, in the Province of British Columbia, V6T 1W5

 

(the “University”)

 

AND:

 

ONCOGENEX TECHNOLOGIES INC., a corporation incorporated under
the laws of Canada, and having offices at Suite 400, 609 -14th Street N.W., in
the City of Calgary, in the Province of Alberta, T2N 2A1

 

(the “Licensee”)

 

WHEREAS:

 

A.                            The University has been engaged in
research during the course of which it has invented, developed and/or acquired
certain technology relating to antisense oligonucleotide therapy for the
treatment of prostate cancer and other cancers, which research was undertaken
by [***] in the Prostate Centre  at the
University;

 

B.                            Dr. Martin Gleave has agreed to
waive any entitlement to receive any consideration pursuant to the University’s
Patent and Licensing Policy in connection with the Technology and any
University Improvements;

 

C.                            The University is desirous of
entering into this agreement (the “Agreement”)
with  the objective of furthering society’s
use of its advanced technology, and to generate further  research in a manner consistent with its
status as a non-profit, tax exempt educational institution; and

 

D.                            The Licensee is desirous of the
University granting an exclusive worldwide license   to the Licensee to use or cause to be used
such technology to manufacture, distribute, market, sell and/or license or
sublicense products derived or developed from such technology and to sell the
same to the general public during the term of this Agreement.

 

NOW THEREFORE THIS AGREEMENT
WITNESSETH that in consideration of the premises and of the mutual covenants
herein set forth, the parties hereto have covenanted and agreed as follows:

 

*Certain information in this exhibit has
been omitted as confidential, as indicated by [***]. This information has been
filed separately with the Commission.

 

 

 

1.0                          DEFINITIONS:

 

1.1                           In this Agreement, unless a contrary intention appears, the
following words and phrases shall mean:

 

(a)           “Accounting”:  an accounting statement setting out in detail
how the amount of Revenue was determined;

 

(b)           “Affiliated Company” or “Affiliated Companies”:  two or more corporations where the
relationship between them is one in which one of them is a subsidiary of the
other, or both are subsidiaries of the same corporation, or fifty percent (50%)
or more of the voting shares of each of them is owned or controlled by the same
person, corporation or other legal entity;

 

(c)           “Confidential Information”: any part
of the Information which is designated by either party (the “Disclosing Party”) as confidential,
whether orally or in writing but excluding any part of the Information:

 

(i)            possessed
by the receiving party prior to receipt from the Disclosing Party , other than
through prior disclosure by the Disclosing Party, as evidenced by the receiving
party’s business records;

 

(ii)           published
or available to the general public otherwise than through a breach of this
Agreement;

 

(iii)          obtained
by the receiving party from a third party with a valid right to disclose it,
provided that said third party is not under a confidentiality obligation to the
Disclosing Party; or

 

(iv)          independently
developed by employees, agents or consultants of the receiving party who had no
knowledge of or access to the Disclosing Party’s Information as evidenced by
the receiving party’s business records;

 

(d)           “Date of Commencement” or “Commencement Date”:  this Agreement will be deemed to have come
into force on the Date of Commencement which shall be the 1st day of November,
2001, and shall be read and construed accordingly;

 

(e)           “Effective Date of Termination”:  the date on which this Agreement is
terminated pursuant to Article 18;

 

(f)            “Improvements”:  collectively Licensee Improvements and
University Improvements;

 

(g)           “Information”:  any and all Technology and any and all
University Improvements, the terms and conditions of this Agreement and any and
all oral, written, electronic  or other
communications and other information disclosed or provided by the parties
including any and all analyses or conclusions drawn or derived therefrom
regarding this Agreement and information developed or disclosed hereunder, or
any party’s raw materials, processes, formulations, analytical procedures,
methodologies, products, samples and specimens or functions;

 

(h)           “Licensee Improvements”:  improvements, variations, updates, modifications,
and enhancements made solely by the Licensee or any sublicensee of the Licensee
relating to the Technology at any time after the Commencement Date;

 

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(i)            “Product(s)”:  goods manufactured in connection with the use
of all or some of the Technology and/or any Improvements;

 

(j)            “Revenue”:  all revenues, receipts, monies, and the fair
market value of all other consideration directly or indirectly collected or
received whether by way of cash or credit or any barter, benefit, advantage, or
concession received by the Licensee, sublicensees or sub-sublicensees from the
marketing, manufacturing, licensing, 
sale or distribution of the Technology and any University Improvements
or Licensee Improvements, and/or any Products in any or all parts of the world
where the Licensee is permitted by law and this Agreement to market,
manufacture, license, sell or distribute the Technology and any University
Improvements or Licensee Improvements, and/or any Products, less the following
deductions to the extent included in the amounts invoiced and thereafter
actually allowed and taken:

 

(i)            [***]

 

(ii)           [***]

 

(iii)          taxes,
duties and customs on all sales of Products,

 

(iv)          [***]

 

(v)           [***]

 

Where any Revenue is derived from a country other than
Canada it shall be converted to the equivalent in Canadian dollars on the date
the Licensee is deemed to have received such Revenue pursuant to the terms
hereof at the rate of  exchange set by
the Bank of Montreal for buying such currency. The amount of Canadian dollars
pursuant to such conversion shall be included in the Revenue;

 

(k)           “Royalty Due Dates”:  the last working day of June and December of
each and every year during which this Agreement remains in full force and
effect;

 

(l)            “Technology”:  any and all knowledge, know-how and/or
technique or techniques invented, developed and/or acquired, prior to the Date
of Commencement by the University or the Licensee relating to, and including
the technology described in Schedule “A” hereto,
as amended from time to time, including, without limitation, all research,
data, specifications, instructions, manuals, papers or other materials of any
nature whatsoever, whether written or otherwise, relating to same;

 

(m)          “UBC Trade-marks”:  any mark, trade-mark, service mark, logo,
insignia, seal, design, symbol or device used by the University in any manner
whatsoever;  and

 

(n)           “University Improvements”:  improvements, variations, updates,
modifications,  and enhancements made
solely by the University relating to the Technology after the Commencement
Date;

 

2.0                           PROPERTY RIGHTS IN AND TO THE TECHNOLOGY:

 

2.1                           The parties hereto hereby acknowledge and agree that the University
owns any and all right, title and interest in and to the Technology, as well as
any and all University Improvements. The parties also hereby acknowledge and
agree that the Licensee [***] in and to the Licensee Improvements.

 

 

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2.2                           The Licensee shall, at the request of the University, enter into
such further agreements and execute any and all documents as may be required to
ensure that ownership of  the Technology
and any University Improvements remains with the University.

 

2.3                           On the last working day of June and December of each and every year
during which this Agreement remains in full force and effect, the Licensee
shall deliver in writing to the University the details of any and all
Improvements which the Licensee and any sublicensees of the Licensee have
developed and/or acquired during the previous six month period.

 

3.0                          GRANT OF LICENSE:

 

3.1                           In consideration of the equity in the Licensee, the royalty payments
reserved herein, and the covenants on the part of the Licensee contained
herein, the University hereby:

 

(a)           grants
to the Licensee an exclusive worldwide license to use and sublicense the
Technology, any University Improvements and Confidential Information on
the   terms and conditions hereinafter
set forth during the term of this Agreement; 
and

 

(b)           grants
to the Licensee an exclusive worldwide license to use and sublicense to
manufacture, distribute, have distributed, sell and have sold, Products on the
terms and conditions hereinafter set forth during the term of this Agreement.

 

3.2                           The license granted herein is personal to the Licensee and is not
granted to any Affiliated Company or Affiliated Companies.

 

3.3                           The Licensee shall not cross-license the Technology or any
University  Improvements without the
prior written consent of the University, such consent not to be unreasonably
withheld.

 

3.4                           Notwithstanding Article 3.1 herein, the parties acknowledge and
agree that the University may use the Technology and any Improvements without
charge in any manner whatsoever for research, scholarly publication,
educational or other non-commercial uses.

 

3.5                           Upon execution of this Agreement, the University may register a
financing   statement with respect to
this Agreement under the provisions of the Personal Property
Security  Act of British
Columbia and/or under the provisions of similar legislation in those
jurisdictions in which the Licensee carries on business and/or has its chief
place of business. All costs associated with the registrations contemplated by
this Article 3.5 shall be paid for by the Licensee.

 

3.6                           The Licensee shall give written notice to the University if it is
carrying on business and/or locates its chief place of business in a
jurisdiction outside British Columbia prior to beginning business in that other
jurisdiction.

 

3.7                           If the University has registered one or more financing statements as
set forth in Article 3.5, the Licensee shall give written notice to the
University of any and all changes of jurisdiction within or outside of Canada
in which it is carrying on business and/or any and all changes in jurisdiction
of its chief place of business within or outside of Canada and shall file the
appropriate documents in the various provincial Personal Property Registries or
similar registries within or outside of Canada to document such changes in
jurisdiction and furnish the University  
with a copy of the verification with respect to each such filing within
15 days after receipt of same. All costs associated with the registrations
contemplated by this Article 3.7 shall be paid for  by the Licensee.

 

 

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4.0                          SUBLICENSING:

 

4.1                           The Licensee shall have the right to grant sublicenses to Affiliated
Companies and other third parties with respect to the Technology and any
University Improvements with the prior written consent of the University, which
consent shall not be unreasonably refused. The Licensee shall not be obligated
to obtain the University’s consent to the granting of a sublicense if the
proposed sublicensee has a market capitalization in excess of CAN. $500,000,000
at the time of  the granting of the
sublicense, provided always that such sublicense shall be in full
compliance   with the terms of this
Agreement. The Licensee will furnish the University with a copy of each
sublicense granted within 30 days after execution. Such sublicenses will be
considered to  be Confidential
Information of the Licensee, and will be subject to the Confidentiality
provisions of Article10.

 

4.2                           Any sublicense granted by the Licensee shall be personal to the
sublicensee and shall not be assignable without the prior written consent of
the University, such consent not to be unreasonably withheld. Such sublicenses
shall contain covenants by the sublicensee to observe and perform similar terms
and conditions to those contained in this Agreement and in particular the
Licensee shall cause each sublicensee to indemnify the University on the same
terms and conditions as are contained in Article 9.1 of this Agreement.

 

4.3                           Prior to the beginning of a sublicense agreement, the Licensee shall
give written notice to the University as to which jurisdictions the applicable
sublicensee is carrying on business in. Within five days of being aware of the
same, the Licensee shall provide written notice to the University if any
sublicensee is carrying on business in a jurisdiction outside of British
Columbia.

 

4.4                           If the University has registered one or more financing statements as
set forth in Article 3.5, the Licensee shall, if requested by the University,
register a financing change statement under the provisions of the Personal Property Security Act of British Columbia and/or
under the provisions of similar legislation in those jurisdictions in which
each sublicensee carries on business or has its chief place of business in
order to add each sublicensee as an additional debtor to the registration
referred to in Article 3.5 forthwith upon execution of each sublicense, and
shall furnish the University with a copy of the verification statement with
respect to each such filing within 15 days after receipt of same. All costs
associated with the filings contemplated by this Article 4.4 shall be paid for
by the Licensee. The Licensee shall give written notice to the University of
any and all changes of jurisdiction within or outside of Canada in which each sublicensee
is carrying on business and/or any and all changes in jurisdiction of each
sublicensee’s chief place of business and shall file the appropriate documents
in the various provincial Personal Property Registries or similar registries
within or outside of Canada to document such changes in jurisdiction.

 

5.0                          ROYALTIES:

 

5.1                           In consideration of the license granted hereunder, the Licensee
shall pay to the University a royalty comprised of [***] of the Revenue.

 

5.2                           The royalty shall become due and payable within 30 days of each
respective Royalty Due Date and shall be calculated with respect to the Revenue
in the three month period immediately preceding the applicable Royalty Due
Date.

 

5.3                           All payments of royalties made by the Licensee to the University
hereunder shall be made in Canadian dollars without any reduction or deduction
of any nature or kind whatsoever, except as may be prescribed by Canadian law.

 

 

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5.4                           Products shall be deemed to have been sold by the Licensee, a
sublicensee or a sub-sublicensee and included in the Revenue when invoiced, or
if not invoiced, then when delivered, shipped, or paid for, whichever is the
first.

 

5.5                           Any transaction, disposition, or other dealing involving the Technology
or any part thereof between the Licensee and another person that is not made at
fair market value shall be deemed to have been made at fair market value, and
the fair market value of that transaction, disposition, or other dealing shall
be added to and deemed part of the Revenue and shall be included in the
calculation of royalties under this Agreement.

 

6.0                          EQUITY AND ANNUAL LICENSE MAINTENANCE FEE

 

6.1                           As part of the consideration for the rights granted by the
University to the Licensee hereunder, the Licensee agrees to deliver to the
University on execution of this Agreement, and in lieu of an initial license
fee, 350,000 Class “A” Common Shares in the capital of the Licensee (the “UBC Shares”).

 

6.2                           The Licensee will use commercially reasonable efforts to cause all
of the UBC Shares to be issued free from any pooling, escrow or other trading
restrictions placed on such shares by the Licensee or any regulatory authority
having jurisdiction over the Licensee. The Licensee acknowledges and agrees that
the University shall have the right to transfer any or all of the UBC Shares to
a company or society of which the University is the sole shareholder in the
case of a company or of which the University controls the membership, in the
case of a society and the Licensee shall take all steps or do such acts as may
be reasonably required to allow such transfer.

 

6.3                           The Licensee acknowledges and agrees that it will comply with all
applicable laws and legislation with respect to the issuance of the UBC Shares.

 

6.4                           The UBC Shares shall be deemed to be fully paid for by the
University as of the date of issuance and shall be the absolute property of the
University. Neither all nor any portion of the UBC Shares shall be refundable
to the Licensee under any circumstances.

 

6.5                           Until the Licensee becomes a reporting issuer for equity securities
under the Securities Act of British Columbia, or
under the applicable securities legislation in any other jurisdiction which has
jurisdiction over the issuance of securities by the Licensee, the Licensee   shall provide to the University:

 

(a)           Annual
financial statements:            Within
120 days after the end of each fiscal year of  
the Licensee, audited financial statements of the Licensee prepared by a
reputable accounting firm;

 

(b)           Budget:                  At least 45 days prior to the beginning of each fiscal year of the
Licensee, an operating plan with monthly and quarterly financial breakdowns for
such fiscal year;

 

(c)           Minutes:                Minutes of all meetings of the board of directors of the Licensee;

 

(d)           Litigation:             A summary of any litigation (pending, threatened or otherwise) or
other proceedings against the Licensee before any court, tribunal or
administrative agency, promptly after the Licensee becomes aware of same;

 

(e)           Material
Adverse Effect:     Notice of
any default, breach, acceleration, modification or cancellation of any
agreement, arrangement or other transaction or

 

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matter that
may result in a material adverse effect to the Licensee , promptly after the
Licensee becomes aware of same, and

 

(f)            Merger:                  Notice of the intention to effect a change of control, sale of
assets, reorganization, amalgamation, consolidation, merger or an agreement to
amalgamate, consolidate or merger the Licensee with any entity, promptly after
the Licensee becomes aware of same.

 

6.6                           Any shareholders’ agreement or other relevant transaction document
entered into   by the Licensee and its
other shareholders, shall include an agreement between the University and such
other shareholders of the Licensee, that prevents such shareholders (each a “Selling Shareholder”) from selling
any shares in the capital stock of the Licensee to any third party unless the
UBC Shares are included at the option of the University, in such sale, pro rata
based on the  total number of shares
owned by the Selling Shareholder and the University, and on the same  terms and conditions as those offered to the
Selling Shareholder.

 

6.7                           Until the Licensee becomes a reporting issuer for equity securities under
the Securities Act of British Columbia, or
under the applicable securities legislation in any other jurisdiction which has
jurisdiction over the issuance of securities by the Licensee, the University
shall have the right to appoint a representative to hold observer status at all
meetings of the board of directors of the Licensee . Such observer shall not
have the right to vote at any such directors meetings, but shall be entitled to
receive notice of, and attend such meetings.

 

6.8                           In further consideration for the license granted hereunder, the
Licensee shall pay to the University, in addition to all other amounts due
under this Agreement, an annual maintenance fee of CAN. $2,000.00 payable on or
before January 2 of each year during which this Agreement remains in full force
and effect, commencing on January 2, 2002 (the “Annual
Maintenance Fee”). Neither all nor any part of the Annual
Maintenance Fee paid shall be refundable to the Licensee under any
circumstances. The Annual Maintenance Fee is intended to cover maintenance of
this Agreement by the University, and shall be separate and distinct from any
royalties due to the University under this Agreement.

 

7.0                          PATENTS:

 

7.1                           The Licensee shall have the right to identify any process, use or
products arising   out of the Technology
and any University Improvements that may be patentable and the University
shall, upon the request of the Licensee, take all reasonable steps to apply for
a patent in the name of the University provided that the Licensee pays all
costs of applying for, registering and maintaining the patent in those
jurisdictions in which the Licensee might designate that a patent is required. The
University will consult with the Licensee with respect to the choice of patent
counsel. The Licensee will be given an opportunity to review and provide input
regarding the scope and content of patent applications and to request countries
for foreign filings. The University will keep the Licensee advised as to all
significant developments with respect to such applications and will make
reasonable efforts supply the Licensee with copies of material documents
received and filed in connection with the prosecution thereof.

 

7.2                           On the issuance of a patent in accordance with Article 7.1, the
Licensee shall have the right to become, and shall become, the licensee of the
same all pursuant to the terms contained herein.

 

7.3                           Within 30 days of presentation of receipts and/or invoices by the
University   to the Licensee, the
Licensee will reimburse the University for all costs incurred to date with
respect to any and all patents relating to the Technology and any University
Improvements licensed hereunder, and

 

7

 

with respect
to any and all maintenance fees for any and all patents relating to the
Technology and any University Improvements licensed hereunder.

 

7.4                           The Licensee shall not contest the validity or scope of any and all
patents relating to the Technology and any University Improvements licensed
hereunder.

 

7.5                           The Licensee will ensure proper patent marking for all Technology,
and any University Improvements licensed hereunder and shall clearly mark the
appropriate patent   numbers on any
Products made using the Technology and any University Improvements or any patented
processes used to make such Products.

 

8.0                          DISCLAIMER OF WARRANTY:

 

8.1                           The University represents that as of the Commencement Date, to the
best of the University Industry Liaison Office’s knowledge and without having
made any specific inquiries or investigations, the University Industry Liaison
Office is not aware of any [***] relating to the Technology.

 

8.2                           The University represents that as of the Commencement Date, to the
best of the University-Industry Liaison Office’s knowledge, the University has
all rights, title and interest in and to the Technology.

 

8.3                           Subject to Article 8.1, the University makes no representations,
conditions or warranties, either express or implied, with respect to the
Technology or any University Improvements or the Products. Without limiting the
generality of the foregoing, the University specifically disclaims any implied
warranty, condition or representation that the Technology or any University
Improvements or the Products:

 

(a)           shall
correspond with a particular description;

 

(b)           are of
merchantable quality;

 

(c)           are
fit for a particular purpose; or

 

(d)           are
durable for a reasonable period of time.

 

The University shall not be liable for any
loss, whether direct, consequential, incidental or special, which the Licensee
suffers arising from any defect, error, fault or failure to perform with
respect to the Technology or any University Improvements or Products, even if
the University has been advised of the possibility of such defect, error, fault
or failure. The Licensee acknowledges that it has been advised by the
University to undertake its own due diligence with respect to the Technology
and any University Improvements.

 

8.4                           The parties acknowledge and agree that the International
Sale of Goods Contracts  Convention Act
and the United Nations Convention on Contracts for the International Sale
of   Goods have no application to this
Agreement.

 

8.5                           Subject to Article 8.1, nothing in this Agreement shall be construed
as:

 

(a)           a
warranty or representation by the University as to title to the Technology
and/or any University Improvement or that anything made, used, sold or
otherwise  disposed of under the license
granted in this Agreement is or will be free from infringement of patents,
copyrights, trade-marks, industrial design or other intellectual property
rights;

 

8

 

(b)           an
obligation by the University to bring or prosecute or defend actions or suits
against third parties for infringement of patents, copyrights, trade-marks,
industrial designs or other intellectual property or contractual rights; or

 

(c)           the
conferring by the University of the right to use in advertising or publicity
the name of the University or the UBC Trade-marks.

 

8.6                           Notwithstanding Article 8.4, in the event of an alleged infringement
of the  Technology or any University
Improvements or any right with respect to the Technology or any University
Improvements, the Licensee shall have, upon receiving the prior written consent
of the University, [***], the right to prosecute litigation designed to enjoin
infringers of the Technology or any University Improvements. Provided  that 
it has first granted its prior written consent, the University agrees to
co-operate to the extent of executing all necessary documents and to vest in
the Licensee the right to institute any such suits, so long as all the direct
and indirect costs and expenses of bringing and conducting any such litigation
or settlement shall be borne by the Licensee and in such event all recoveries shall
enure to the Licensee.

 

8.7                           If any complaint alleging infringement or violation of any patent or
other proprietary rights is made against the Licensee or a sublicensee of the
Licensee with respect to the use of the Technology or any University Improvements
or the manufacture, use or sale of the Products, the following procedure shall
be adopted:

 

(a)           the
Licensee shall promptly notify the University upon receipt of any such
complaint and shall keep the University fully informed of the actions and
positions taken by the complainant and taken or proposed to be taken by the
Licensee on behalf of itself   or a
sublicensee;

 

(b)           except
as provided in Article 8.6(d), all costs and expenses incurred by the  Licensee or any sublicensee of the Licensee
in investigating, resisting, litigating and settling such a complaint,
including the payment of any award of damages and/or costs to any third party,
shall be paid by the Licensee or any sublicensee of the Licensee, as the case
may be;

 

(c)           no
decision or action concerning or governing any final disposition of the
complaint shall be taken without full consultation with and approval by the
University, not to be unreasonably withheld;

 

(d)           the
University may elect to participate formally in any litigation involving the complaint
to the extent that the court may permit, but any additional expenses generated
by such formal participation shall be paid by the University (subject to the
possibility of recovery of some or all of such additional expenses from the
complainant);

 

(e)           notwithstanding
Article 8.4, if the complainant is willing to accept an offer of settlement and
one of the parties to this Agreement is willing to make or accept such offer
and the other is not, then the unwilling party shall conduct all further proceedings
at its own expense, and shall be responsible for the full amount of any
damages, costs, accounting of profits and settlement costs in excess of those
provided in such offer, but shall be entitled to retain unto itself the benefit
of any litigated or settled result entailing a lower payment of costs, damages,
accounting of profits and settlement costs than that provided in such offer;
and

 

(f)            the
royalties payable pursuant to this Agreement shall be paid by the Licensee
to  the University in trust from the date
the complaint is made until such time as a resolution of the complaint has been
finalized. If the complainant prevails in the

 

9

 

complaint,
then the royalties paid to the University in trust pursuant to this Article
shall be returned to the Licensee, provided that the amount returned to
the   Licensee hereunder shall not exceed
the amount paid by the Licensee to the complainant in the settlement or other
disposition of the complaint. If the complainant does not prevail in the
complaint, then the University shall be entitled to retain all royalties paid
to it pursuant to this Article.

 

9.0                           INDEMNITY AND LIMITATION OF
LIABILITY:

 

9.1                           The Licensee hereby indemnifies, holds harmless and defends the University,
its Board of Governors, officers, employees, faculty, students, invitees and
agents against any and all claims (including all legal fees and disbursements
incurred in association therewith) arising out of the exercise of any rights
under this Agreement including, without limiting the generality of the
foregoing, against any damages or losses, consequential or otherwise, arising
from or out of the  use of the Technology
or any University Improvements or Products licensed under this Agreement by the
Licensee or its sublicensees or their customers or end-users howsoever the same
may arise.

 

9.2                           Subject to Article 9.3, the University’s total liability, whether
under the express or implied terms of this Agreement, in tort (including
negligence), or at common law, for any loss or damage suffered by the Licensee,
whether direct, indirect or special, or any other similar or like damage that
may arise or does arise from any breaches of this Agreement by the University,
its Board of Governors, officers, employees, faculty, students or agents, shall
be limited to the amount CAN. $2,000, which amount may (at the University’s
option) be satisfied by the University returning and transferring to the
Licensee all of the UBC Shares in the Licensee then owned by the  University (notwithstanding the University
may have previously sold some of the UBC Shares).

 

9.3                           In no event shall the University be liable for consequential or
incidental damages arising from any breach or breaches of this Agreement.

 

9.4                           No action, whether in contract or tort (including negligence), or
otherwise arising out of or in connection with this Agreement, may be brought
by the Licensee more than six months after the Licensee has notice of the cause
of action occurring.

 

10.0                         PUBLICATION AND CONFIDENTIALITY:

 

10.1                         The Information shall be developed, received and used by the
Licensee solely in furtherance of the purposes set forth in this Agreement
subject to the terms and conditions set forth in this Article 10.

 

10.2                         Subject to Article 10.6, the parties shall keep and use all of the
Confidential Information in confidence and will not, without the other party’s
prior written consent, disclose any Confidential Information to any person or
entity, except those officers, employees, faculty, students and professional
advisors who require said Confidential Information in performing their
obligations under this Agreement. The Licensee covenants and agrees that it
will initiate and maintain an appropriate internal program limiting the
internal distribution of the Confidential Information to only those officers,
employees and professional advisors who require said Confidential Information
in performing their obligations under this Agreement and who have signed
confidentiality and non-disclosure agreements in a form approved by the
Licensee’s Board of Directors. All Confidential Information must be marked in
writing as Confidential at the time of disclosure or within 30 days from
receipt by the Licensee.

 

10.3                         The Licensee shall not use, either directly or indirectly, any
Confidential Information for any purpose other than as set forth herein without
the University’s prior written consent.

 

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10.4                         If the Licensee is required by judicial or administrative process to
disclose any or all of the Confidential Information, the Licensee shall
promptly notify the University and allow the University reasonable time to
oppose such process before disclosing any Confidential Information.

 

10.5                         Notwithstanding any termination or expiration of this Agreement, the
obligations created in this Article 10 shall survive and be binding upon the
Licensee, its successors and assigns.

 

10.6                         The University shall not be restricted from presenting at symposia,
national or regional professional meetings, or from publishing in journals, or
electronic media including the internet, or other publications, accounts of its
research, including abstracts, relating to the Information, provided that with
respect to Confidential Information only, the Licensee shall have been
furnished copies of the disclosure proposed therefor at least 60 days in
advance of the presentation or submission date and does not within 30 days
after delivery of the proposed disclosure object to such presentation or
submission. Any objection to a proposed presentation or publication shall
specify the portions of the presentation or publication considered
objectionable  (the “Objectionable
Material”). Upon receipt of notification from the Licensee that
any proposed publication or disclosure contains Objectionable Material, the
University and the Licensee shall  work
together to revise the proposed publication or presentation to remove or alter
the Objectionable Material in a manner acceptable to the Licensee, in which
case the Licensee shall withdraw its objection. If an objection is made,
disclosure of the Objectionable Material shall not be made for a period of
three months after the date the Licensee received the proposed publication or
presentation relating to the Objectionable Material. The University shall
co-operate in all reasonable respects in making revisions to any proposed
disclosures if considered by the  
Licensee to contain Objectionable Material. The University shall not be
restricted from publishing  or presenting
the proposed disclosure as long as the Objectionable Material has been removed.
After the six month period has elapsed the University shall be free to present
and/or publish the proposed publication or presentation whether or not it
contains Objectionable Material.

 

10.7                         The Licensee requires of the University, and the University agrees
insofar as it may be permitted to do so at law, that this Agreement, and each
part of it, is confidential and shall not be disclosed to third parties, as the
Licensee claims that such disclosure would or could reveal commercial,
scientific or technical information and would significantly harm the Licensee’s
competitive position and/or interfere with the Licensee’s negotiations with
prospective   sublicensees. Notwithstanding
anything contained in this Article, the parties hereto acknowledge and agree
that the University and Licensee each may identify the title of this Agreement,
the parties to this Agreement and the names of the inventors of the Technology
and any Improvements.

 

11.0                         PRODUCTION AND MARKETING:

 

11.1                         Notwithstanding Article 10.7, the Licensee shall not use any of the
UBC  Trade-marks or make reference to the
University or its name in any advertising or publicity whatsoever, without the
prior written consent of the University, except as required by law. Without
limiting the generality of the foregoing, the Licensee shall not issue a press
release with respect to this Agreement or any activity contemplated herein
without the prior review and approval of same 
by the University, except as required by law. If the Licensee is
required by law to act in contravention of this Article, the Licensee shall
provide the University with sufficient advance notice in writing to permit the
University to bring an application or other proceeding to contest the
requirement.

 

11.2                         The Licensee will not register or use any trade-marks in association
with the Products without the prior written consent of the University.

 

11.3                         The Licensee represents and warrants to the University that:

 

11

 

(a)           it
intends to building, develop and acquire the infrastructure, expertise and
resources to develop and commercialize the Technology and any Improvements;

 

(b)           it has
or intends to have prior to the execution of sublicensing agreements, the
infrastructure, expertise and resources to track and monitor on an ongoing
basis performance under the terms of each sublicense agreement entered into by
the Licensee;

 

(c)           it has
or intends to have the expertise and resources to monitor on a world wide basis
patent infringement with respect to any patent relating to the Technology and
any Improvements licensed hereunder;  and

 

(d)           it has or intends to have
the expertise and resources to initiate and maintain an appropriate program
limiting the distribution of the Information, Technology, and   any Improvements and any related biological
materials as set out in this Agreement and to obtain the appropriate
non-disclosure agreements from all persons who may have access to the
Technology, and any Improvements and related biological materials.

 

11.4                         The Licensee
shall use commercially reasonable efforts to develop and exploit the Technology
and  any Improvements and to promote,
market and sell the Products and utilize the Technology and  any Improvements and to meet or cause to be
met the market demand for the Products and the utilization of the Technology
and any Improvements. Without limiting the generality of the foregoing, the
Licensee shall:

 

(a)           on or
before December 31, 2001, appoint a Board of Directors with not less than four
(4) members. The University shall be entitled to nominate one person who will
have observer status at all directors meetings;

 

(b)           within
six (6) months of the Commencement Date, establish and maintain a Scientific
Advisory Board with representatives from academia and industry as experts in
the area of the Technology. The Scientific Advisory Board shall meet not less
than once per year and the recommendations of such Board shall be made in
writing to the Board of Directors of the Licensee and shall provide a copy to
the University at the same time they are made available to the Board of
Directors of the Licensee, provided that the University assures the Licensee
that such plans will be maintained in confidence and that public access can be
prevented;

 

(c)           within
12 months of the Commencement Date:

 

(i)            produce
a written report that documents the technical developments and results of the
test marketing, a copy of which shall be delivered to the University;

 

(ii)           complete
a business and marketing plan (the “Business Plan”)
prepared in accordance with generally accepted business practices. The Business
Plan shall  be updated from time to time,
but in no event less than once every calendar year. Copies of all updates of
the Business Plan will be provided to the University in a timely manner,
provided that the University assures the Licensee that such  Business Plans will be maintained in
confidence and that public access can be prevented;

 

(d)           make
its best efforts to raise capital as set out in the Business Plan (as amended
from time to time and approved by the directors of the Licensee);

 

12

 

11.5                         If the University is of the view that the Licensee is in breach  of Article 11.4, the University shall notify
the Licensee and the parties hereto shall appoint a mutually acceptable person
as an independent evaluator (the “Evaluator”)
to conduct the evaluation set forth in Article 11.6. Such Evaluator shall
execute a non-disclosure agreement acceptable to the Licensee prior to
performing any of the duties described in this Agreement. If the parties cannot
agree on such an Evaluator, the appointing authority shall be the British
Columbia International Commercial Arbitration Centre.

 

11.6                         Unless the Parties mutually agree otherwise, the following rules and
procedures  shall govern the conduct of
the parties and the Evaluator before and during the investigation by the
Evaluator:

 

(a)           within
30 days of the appointment of the Evaluator each party shall provide   to the Evaluator and the other party copies
of all documents, statements and  records
on which the party intends to rely in presenting its position to the Evaluator;

 

(b)           within
45 days of the appointment of the Evaluator the Licensee shall provide to the
Evaluator and the University a written summary of its position. On receipt of
the Licensee’s summary the University shall have 15 days to prepare and submit
to the Licensee and the Evaluator its own summary in reply to the summary
submitted by the Licensee;

 

(c)           on
receipt of the documents, statements, records and summaries submitted by the
parties the Evaluator shall have 30 days within which to conduct such further
inquiries as he or she may deem necessary for the purpose of reviewing the
efforts made by the Licensee with respect to the promotion, marketing and sale
of the Products and the Technology and any Improvements in compliance with the
requirements of Article 11.4. For the purpose of conducting such an inquiry,
the Evaluator shall have the right to:

 

(i)            require
either party to disclose any further documents or records which the Evaluator
considers to be relevant;

 

(ii)           interview
or question either orally (or by way of written questions) one or more representatives
of either party on issues deemed to be relevant by the Evaluator;

 

(iii)          make an
“on site” inspection of the Licensee’s
facilities;

 

(iv)          obtain
if necessary, the assistance of an independent expert to provide technical
information with respect to any area in which the Evaluator does not have a
specific expertise;

 

(d)           On
completion of the Inquiry described in Article 11.6(c) the Evaluator shall
within 15 days prepare a report setting out his or her findings and conclusions
as to whether or not the Licensee has committed a breach of Article 11.4. If
the Evaluator has determined that the Licensee has committed a breach of
Article 11.4, then the Evaluator shall also set out in the report his or her
conclusions as to whether such breach:

 

(i)            was
substantially due to external market conditions not within the control of the
Licensee, or

 

13

 

(ii)           was substantially due to
the Licensee’s failure to use commercially reasonable efforts to comply with
the requirements of Article 11.4.

 

(e)           The
report and conclusions of the Evaluator shall be delivered to the Licensee and
the University, and shall be accepted by both parties as final and binding.

 

11.7                         If the Evaluator concludes:

 

(a)           pursuant
to Article 11.6(d)(i) that the Licensee’s breach was substantially due to
external market conditions beyond the control of the Licensee, then the
University shall continue the license granted hereunder as an exclusive
license, but with all other terms and conditions of this Agreement unchanged;

 

(b)           pursuant
to Article 11.6(d)(ii) that the Licensee’s breach was substantially due to the
Licensee’s failure to use commercially reasonable efforts then the University
shall   at its option have the right to
terminate this Agreement as provided in Article 18

 

(c)           pursuant
to Article 11.6(d) that the Licensee is not in breach of Article 11.4, then the
University shall not terminate this Agreement for breach of Article 11.4, nor
shall it change the nature of the license granted hereunder.

 

11.8                         The University may not call for more than one evaluation pursuant to
Article 11.5 in each calendar year. The cost of an evaluation hereunder shall
be borne 50% by the Licensee and 50% by the University. If the University call
for such evaluation in two consecutive years, costs  of all subsequent consecutive evaluations
shall be borne fully by the University. If the University calls for an
evaluation and the Licensee is not in breach, the University shall pay all
costs of the evaluation.

 

12.0                         ACCOUNTING RECORDS:

 

12.1                         The Licensee shall maintain at its principal place of business, or
such other place as may be most convenient, separate accounts and records of
all Revenues, sublicenses and Sublicensing Revenues, and all business done
pursuant to this Agreement, such accounts and records to be in sufficient
detail to enable proper returns to be made under this Agreement, and    the Licensee shall cause its sublicensees
to keep similar accounts and records.

 

12.2                         The Licensee shall deliver to the University on the date 30 days
after each and every Royalty Due Date, together with the royalty payable
thereunder, the Accounting and a report on all Sublicensing activity, including
an accounting statement setting out in detail how the amount of Sublicensing Revenue
was determined and identifying each sublicensee and the  location of the business of each sublicensee.

 

12.3                         The calculation of royalties shall be carried out in accordance with
generally accepted Canadian accounting principles (“GAAP”),
or the standards and principles adopted by the U.S. Financial Accounting
Standards Board (“FASB”) applied on a
consistent basis.

 

12.4                         The Licensee shall retain the accounts and records referred to in
Article 12.1 above for at least six years after the date upon which they were
made and shall permit any duly authorized representative of the University to
inspect such accounts and records during normal business hours of the Licensee
at the University’s expense. The Licensee shall furnish such reasonable
evidence as such representative will deem necessary to verify the Accounting
and will permit such representative to make copies of or extracts from such
accounts, records and agreements at the University’s expense. If an inspection
of the Licensee’s records by the  University
shows an under-reporting or underpayment by the Licensee of any amount to the
University, in excess of 5% for any 12 month period, then the Licensee shall
reimburse the University for the cost of the inspection as

 

14

 

well as pay to
the University any amount found due (including any late payment charges or
interest) within 30 days of notice by the University to the Licensee.

 

12.5                         During the term of this Agreement, and thereafter, the University
shall use reasonable efforts to ensure that all information provided to the
University or its representatives pursuant to this Article remains confidential
and is treated as such by the University.

 

13.0                        INSURANCE:

 

13.1                         Unless satisfactory arrangements are made between the Licensee and
the  University with respect to a
self-insurance program or the requirement for insurance hereunder is waived by
the University sixty (60) days prior to the commencement of any human clinical
trials or other Product testing involving human subjects by the Licensee or any
sublicensee, then the Licensee shall procure and maintain, during the term of
this Agreement, the insurance outlined in Articles 13.2 and 13.3 and otherwise
comply with the insurance provisions contained in  Articles 13.2 and 13.3.

 

13.2                         The Licensee shall give written notice to the University:

 

(a)           sixty
(60) days prior to the commencement of any human clinical trials or other
Product testing involving human subjects by the Licensee or any sublicensee, (“Human Clinical Trials”) and

 

(b)           Sixty
(60) days prior to the first sale of any Product by the Licensee or any
sublicensee

 

of the terms and amount of the appropriate
public liability, product liability and errors and omissions insurance which it
has placed. Such insurance shall in no case be less than the insurance which a
reasonable and prudent businessperson carrying on a similar line of business
would acquire. This insurance shall be placed with a reputable and financially
secure insurance carrier, shall include   the University, its Board of Governors,
faculty, officers, employees, students, and agents as additional insureds, and
shall provide primary coverage with respect to the activities contemplated by
this Agreement. Such policy shall include severability of interest and
cross-liability clauses and shall provide that the policy shall not be
cancelled or materially altered except upon at least 30 days’ written notice to
the University. The University shall have the right to require reasonable
amendments to the terms or the amount of coverage contained in the policy. Failing
the parties agreeing on the appropriate terms or the amount of coverage, then
the matter shall be determined by arbitration as provided for herein. The
Licensee shall provide the University with certificates of insurance evidencing
such coverage 30 days before commencement of Human Clinical Trials and 30 days
prior to the sales of any Product and the Licensee covenants not to start Human
Clinical Trials, or sell any Product before such certificate is provided and
approved by the University, or to sell any Product at any time unless the
insurance outlined in this Article 13.2 is in effect.

 

13.3                         The Licensee shall require that each sublicensee under this
Agreement shall  procure and maintain, during
the term of the sublicense, public liability, product liability and errors and
omissions insurance in reasonable amounts, with a reputable and financially
secure insurance carrier. The Licensee shall use its best efforts to ensure
that any and all such policies of insurance required pursuant to this Article
shall contain a waiver of subrogation against the University, its Board of
Governors, faculty, officers, employees, students, and agents.

 

15

 

14.0                        ASSIGNMENT:

 

14.1                         The Licensee will not assign, transfer, mortgage, charge or
otherwise dispose of   any or all of the
rights, duties or obligations granted to it under this Agreement without the
prior written consent of the University, not to be unreasonably withheld.

 

14.2                         The University shall have the right to assign its rights under this
Agreement to a company or society of which it is the sole shareholder, in the
case of a company, or of which it controls the membership, in the case of a
society. In the event of such an assignment, the  Licensee will release, remise and forever
discharge the University from any and all obligations or covenants, provided
however that such company or society, as the case may be, executes a  written agreement which provides that such
company or society shall assume all such obligations  or covenants from the University and that the
Licensee shall retain all rights granted to the   Licensee pursuant to this Agreement.

 

15.0                        GOVERNING LAW AND ARBITRATION:

 

15.1                         This Agreement shall be governed by and construed in accordance with
the laws of the Province of British Columbia and the laws of Canada in force
therein without regard to its  conflict
of law rules. All parties agree that by executing this Agreement they have
attorned to the jurisdiction of the Supreme Court of British Columbia. Subject
to Articles 15.2 and 15.3, the British Columbia Supreme Court shall have
exclusive jurisdiction over this Agreement.

 

15.2                         Except as provided in Article 11, in the event of any dispute arising
between the parties concerning this Agreement, its enforceability or the
interpretation thereof, the same shall be settled by a single arbitrator
appointed pursuant to the provisions of the 
Commercial Arbitration Act of British
Columbia, or any successor legislation then in force. The place of arbitration
shall be Vancouver, British Columbia. The language to be used in the
arbitration proceedings shall be English.

 

15.3                         Nothing in Article 15.2 shall prevent a party hereto from applying
to a court of competent jurisdiction for interim protection such as, by way of
example, an interim injunction.

 

16.0                        NOTICES:

 

16.1                         All payments, reports and notices or other documents that any of the
parties hereto are required or may desire to deliver to any other party hereto
may be delivered only by personal delivery or by registered or certified mail,
telex or fax, all postage and other charges prepaid, at the address for such
party set forth below or at such other address as any party may hereinafter
designate in writing to the others. Any notice personally delivered or sent by
telex or fax shall be deemed to have been given or received at the time of
delivery, telexing or faxing. Any notice 
mailed as aforesaid shall be deemed to have been received on the
expiration of five days after   it is
posted, provided that if there shall be at the time of mailing or between the
time of mailing and the actual receipt of the notice a mail strike, slow down
or labour dispute which might affect the delivery of the notice by the mails,
then the notice shall only be effected if actually received.

 

16

 

	
  If to the
  University:

  	
  The Director

  
	
   

  	
  University -
  Industry Liaison Office

  
	
   

  	
  University
  of British Columbia

  
	
   

  	
  IRC 331 -
  2194 Health Sciences Mall

  
	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
  V6T 1Z3

  
	
   

  	
  Telephone:       (604)822-8580

  
	
   

  	
  Fax:                  (604)822-8589

  
	
   

  	
   

  
	
  If to the
  Licensee:

  	
  The
  President

  
	
   

  	
  OncoGenex
  Technologies Inc.

  
	
   

  	
  Suite 400,
  609 – 14th Street N.W.

  
	
   

  	
  Calgary,
  Alberta T2N 2A1

  
	
   

  	
  Telephone:       (403)-283-6051

  
	
   

  	
   

  
	
  Fax:

  	
  (403)-283-6753

  

 

17.0                        TERM:

 

17.1                         This Agreement and the license granted hereunder shall terminate on
the expiration of a term of 20 years from the Date of Commencement or the
expiration of the last patent obtained pursuant to Article 7 herein, whichever
event shall last occur, unless earlier terminated pursuant to Article 18
herein.

 

18.0                        TERMINATION:

 

18.1                         This Agreement shall automatically and immediately terminate without
notice to the Licensee if any proceeding under the Bankruptcy
and Insolvency Act of Canada, or any other statute of similar
purport, is commenced by or against the Licensee.

 

18.2                         The University may, at its option, terminate this Agreement
immediately on the happening of any one or more of the following events by
delivering notice in writing to that effect to the Licensee:

 

(a)           if the
Licensee becomes insolvent;

 

(b)           if any
execution, sequestration, or any other process of any court becomes enforceable
against the Licensee, or if any such process is levied on the rights  under this Agreement or upon any of the
monies due to the University and is not released or satisfied by the Licensee
within 30 days thereafter; and/or

 

(c)           if any
resolution is passed or order made or other steps taken for the winding up,
liquidation or other termination of the existence of the Licensee.

 

18.3                         If any one or more of the following events has occurred and the
Licensee has not cured these events within 30 days of  receiving written notice from the University,
the University may, at its option, terminate this Agreement:

 

(a)           if the
Licensee is more than 30 days in arrears of royalties or other monies that are
due to the University under the terms of this Agreement;

 

17

 

(b)           if the
Technology or any Improvements becomes subject to any security interest, lien,
charge or encumbrance in favour of any third party claiming through the
Licensee, without the prior written consent of the University, not to be
unreasonably withheld;

 

(c)           if the
Licensee ceases or threatens to cease to carry on its business;

 

(d)           if a
controlling interest in the Licensee passes to any person or persons other than
those having a controlling interest at the Date of Commencement, whether by
reason of purchase of shares or otherwise, without the prior written consent of
the University, such consent not to be withheld except as provided in Article
18.6;

 

(e)           if the
composition of the Board of Directors of the Licensee is changed without the
prior written consent of the University, such consent not to be withheld except
as provided in Article 18.6;

 

(f)            if
the Licensee undergoes a reorganization or any part of its business relating to
this Agreement is transferred to a subsidiary or associated company without the
prior written consent of the University, such consent not to be withheld except
as  provided in Article 18.6;

 

(g)           if the
Licensee commits any breach of Articles 4.1, 11.1, 11.2 or 13;

 

(h)           if it
is determined, pursuant to Article 11.6, that the Licensee is in breach of
Article 11.4;

 

(i)            if
any sublicensee of the Licensee is in breach of its sublicense agreement with
the Licensee and the Licensee does not cause such sublicensee to cure such
default within 30 days of receipt of written notice from the University
requiring that  the Licensee cause such
sublicensee to cure such default, or

 

(j)            if
the Licensee is in breach of any other agreement between the Licensee and the
University which breach has not been cured within the time provided for the
curing  of such breach under the terms of
such other agreement.

 

18.4                         The University shall not withhold its consent pursuant to Article
18.3(d), 18.3(e) or 18.3(f) unless the granting of such consent would result in
the University having a contractual relationship with an entity with whom the
University is prohibited from contracting with pursuant to  its then existing policies.

 

18.5                         Other than as set out in Articles 18.1, 18.2 and 18.3, if either
party shall be in default under or shall fail to comply with the terms of this
Agreement then the non-defaulting party shall have the right to terminate this
Agreement by written notice to the other party to that effect if:

 

(a)           such
default is reasonably curable within 30 days after receipt of notice of such
default and such default or failure to comply is not cured within 30 days after
receipt of written notice thereof; or

 

(b)           such
default is not reasonably curable within 30 days after receipt of written
notice thereof, and such default or failure to comply is not cured within such
further reasonable period of time as may be necessary for the curing of such
default or failure to comply.

 

18

 

18.6                         If this Agreement is terminated pursuant to Article 18.1, 18.2, 18.3
or 18.5, the Licensee shall make royalty payments to the University in the
manner specified in Article 5, and the University may proceed to enforce
payment of all outstanding royalties or other monies owed to the University and
to exercise any or all of the rights and remedies contained herein or otherwise
available to the University by law or in equity, successively or concurrently,
at the option of the University. Upon any such termination of this Agreement,
the Licensee shall forthwith deliver up to the University all Technology and
any Improvements in its possession or control and shall have no further right
of any nature whatsoever in the Technology or any Improvements. On the failure
of  the Licensee to so deliver up the
Technology and any Improvements, the University may immediately and without
notice enter the Licensee’s premises and take possession of the Technology and
any Improvements. The Licensee will pay all charges or expenses incurred by the
University in the enforcement of its rights or remedies against the Licensee
including, without limitation, the University’s legal fees and disbursements on
an indemnity basis.

 

18.7                         The Licensee shall cease to use the Technology or any Improvements
in any  manner whatsoever or to
manufacture or sell the Products within five days from the Effective Date of
Termination. The Licensee shall then deliver or cause to be delivered to the
University an accounting within 30 days from the Effective Date of Termination.
The accounting will specify, in or on such terms as the University may in its
sole discretion require, the inventory or stock of Products manufactured and
remaining unsold on the Effective Date of Termination. The University will
instruct that the unsold Products be stored, destroyed or sold under its
direction, provided this Agreement was terminated pursuant to Article 18.2,
18.3 or 18.6. Without limiting the generality of the foregoing, if this
Agreement was terminated pursuant to Article 18.1, the unsold Products will not
be sold by any party without the prior written consent of the University. The
Licensee will continue to make royalty payments to the University in the same
manner specified in Article 5 and 6 on all unsold Products that are sold in
accordance with this Article 18.8, notwithstanding anything contained in or any
exercise of rights by the University under Article 18.7 herein.

 

18.8                         Notwithstanding the termination of this Agreement, Article 12 shall
remain in full  force and effect until
six years after:

 

(a)           all
payments of royalty required to be made by the Licensee to the University under
this Agreement have been made by the Licensee to the University; and

 

(b)           any
other claim or claims of any nature or kind whatsoever of the University
against the Licensee has been settled.

 

18.9                         In the event this
Agreement is terminated by the University under Section 18.1, 18.2, 18.3 or
18.5, and if the Licensee has granted a sublicense under this Agreement,
provided that:

 

(a)           such sublicense is
consistent with the terms of this Agreement;

 

(b)           such sublicense is in
good standing at the time that this Agreement is terminated; and

 

(c)           the termination of this
Agreement has not been disputed by the Licensee nor held invalid by a court of
competent jurisdiction in a final and non-appealable decision,

 

the
University will grant a license of the Technology or any Improvements to such
sublicensee on substantially the same terms as are contained within the
sublicense. In granting such license, the University shall not be obligated to
undertake any activities, or perform or fulfill any covenant which, in the
opinion of the University, is unlawful or inappropriate to be undertaken by a
non-profit tax-exempt educational institution. The University will not modify
or amend the financial terms contained within the sublicense when granting a
license to such sublicensee.

 

19

 

19.0                        MISCELLANEOUS COVENANTS OF LICENSEE:

 

19.1                         The Licensee hereby represents and warrants to the University that
the Licensee is  a corporation duly
organized, existing and in good standing under the laws of Canada and has the
power, authority and capacity to enter into this Agreement and to carry out the
transactions contemplated by this Agreement, all of which have been duly and
validly authorized by all requisite corporate proceedings.

 

19.2                         The Licensee represents and warrants that it has the expertise
necessary to handle the Technology and any Improvements with care and without
danger to the Licensee, its employees, agents, or the public. The Licensee shall
not accept delivery of the Technology or any Improvements until it has
requested and received from the University all necessary information and advice
to ensure that it is capable of handling the Technology and any Improvements in
a safe and prudent manner.

 

19.3                         The Licensee shall comply with all laws, regulations and ordinances,
whether Federal, State, Provincial, County, Municipal or otherwise, with
respect to the Technology and any Improvements and/or this Agreement.

 

19.4                         The Licensee will reimburse the University for its legal fees
incurred in connection with the preparation of this Agreement [***]. In
addition upon the presentation of itemized bills to the Licensee by the
University, the Licensee shall pay all 
reasonable legal expenses and costs incurred by the University in
respect of any consents and approvals required from the University, including,
but not limited to, expenses and costs in respect of the University’s review of
any sublicenses to be granted by the Licensee.

 

19.5                         The Licensee shall pay all taxes and any related interest or penalty
howsoever designated and imposed as a result of the existence or operation of
this Agreement, including, but not limited to, tax which the Licensee is
required to withhold or deduct from payments to the University. The Licensee
will furnish to the University such evidence as may be required by Canadian
authorities to establish that any such tax has been paid. The royalties
specified in this Agreement are exclusive of taxes. If the University is
required to collect a tax to be paid by the Licensee or any of its
sublicensees, the Licensee shall pay such tax to the University on demand.

 

19.6                         The obligation of the Licensee to make all payments hereunder will
be absolute and unconditional and will not, except as expressly set out in this
Agreement, be affected by any circumstance, including without limitation any
set-off, compensation, counterclaim, recoupment, defence or other right which
the Licensee may have against the University, or anyone else for any reason
whatsoever.

 

19.7                         All amounts due and owing to the University hereunder but not paid
by the Licensee on the due date thereof shall bear interest in Canadian dollars
at the rate of [***] per month. Such interest shall accrue on the balance of
unpaid amounts from time to time outstanding from the date on which portions of
such amounts become due and owing until payment thereof in full.

 

20.0                        GENERAL:

 

20.1                         Upon 48 hours advance notice, and at the University’s sole risk and
expenses, the Licensee shall permit any duly authorized representative of the
University that has signed an appropriate non-disclosure agreement with the
Licensee to enter upon and into any premises of   the Licensee during normal business hours for
the purpose of inspecting the Products and the manner of their manufacture and
generally of ascertaining whether or not the provisions of this Agreement have
been, are being, or will be complied with by the Licensee.

 

20

 

20.2                         Nothing contained herein shall be deemed or construed to create
between the  parties hereto a partnership
or joint venture. No party shall have the authority to act on behalf of any
other party, or to commit any other party in any manner or cause whatsoever or
to use any other party’s name in any way not specifically authorized by this
Agreement. No party shall be  liable for
any act, omission, representation, obligation or debt of any other party, even
if informed of such act, omission, representation, obligation or debt.

 

20.3                         Subject to the limitations hereinbefore expressed, this Agreement
shall enure to the benefit of and be binding upon the parties and their
respective successors and permitted assigns.

 

20.4                         No condoning, excusing or overlooking by any party of any default,
breach or non-observance by any other party at any time or times in respect of
any covenants, provisos or conditions of this Agreement shall operate as a
waiver of such party’s rights under this Agreement  in respect of any continuing or subsequent
default, breach or non-observance, so as to defeat in any way the rights of
such party in respect of any such continuing or subsequent default or breach,
and no waiver shall be inferred from or implied by anything done or omitted by
such party, save  only an express waiver
in writing.

 

20.5                         No exercise of a specific right or remedy by any party precludes it
from or prejudices it in exercising another right or pursuing another remedy or
maintaining an action to which it may otherwise be entitled either at law or in
equity.

 

20.6                         Marginal headings as used in this Agreement are for the convenience
of reference only and do not form a part of this Agreement and are not be used
in the interpretation hereof.

 

20.7                         The terms and provisions, covenants and conditions contained in this
Agreement which by the terms hereof require their performance by the parties
hereto after the expiration or termination of this Agreement shall be and
remain in force notwithstanding such expiration or other termination of this
Agreement for any reason whatsoever.

 

20.8                         If any Article, part, section, clause, paragraph or subparagraph of
this Agreement shall be held to be indefinite, invalid, illegal or otherwise
voidable or unenforceable, the entire Agreement shall not fail on account
thereof, and the balance of this Agreement shall continue in full force and
effect.

 

20.9                         The parties hereto each acknowledge that the law firm of Richards
Buell Sutton has acted solely for the University in connection with this
Agreement and that all other parties hereto have been advised to seek
independent legal advice.

 

20.10                       This Agreement sets forth the entire understanding between the
parties and no modifications hereof shall be binding unless executed in writing
by the parties hereto.

 

20.11                       Time shall be of the essence of this Agreement.

 

21

 

20.12                       Whenever the singular or masculine or neuter is used throughout this
Agreement   the same shall be construed
as meaning the plural or feminine or body corporate when the context or the
parties hereto may require.

 

IN WITNESS WHEREOF the parties hereto have
hereunto executed this   Agreement on the
15th day of November, 2001 but effective as of the Date  of Commencement.

 

 

	
  SIGNED FOR
  AND ON BEHALF of

  	
  )

  	
   

  
	
  THE
  UNIVERSITY OF BRITISH COLUMBIA

  	
  )

  	
   

  
	
  by its duly
  authorized officers:

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  /s/ Indira
  Samarasekera

  	
  )

  	
  Indira V. Samarasekera, F.R.S.C.

  
	
  Authorized
  Signatory

  	
  )

  	
  Vice President Research

  
	
  /s/ Caroline
  Bruce

  	
  )

  	
   

  
	
  Authorized
  Signatory

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  

 

	
   

  
	
  SIGNED FOR
  AND ON BEHALF of

  	
  )

  	
   

  
	
  ONCOGENEX
  TECHNOLOGIES INC.

  	
  )

  	
   

  
	
  by its duly
  authorized officers:

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  /s/ Scott
  Cormack

  	
  )

  	
   

  
	
  Authorized
  Signatory

  	
  )

  	
   

  
	
  Scott D.
  Cormack

  	
  )

  	
   

  
	
  President
  & CEO

  	
  )

  	
   

  

 

22

 

SCHEDULE “A”

 

DESCRIPTION OF “TECHNOLOGY”

 

The following represents the intellectual
property and know-how that is to be licensed to the Licensee for development of
novel treatments of cancer as contemplated under this License Agreement:

 

1.             [***]

 

2.             And
all applications that may be filed based on the foregoing, including, without
limitation, all regular, divisional or continuation, in whole or in part,
applications based on the foregoing, and all applications corresponding to the
foregoing filed in countries other than the United States;  and

 

3.             Any
and all issued and unexpired re-issues, re-examinations, renewals or extensions
that may be based on any of the patents described above.

 

 

 

AMENDING
AGREEMENT

 

This Agreement
is made as of August 30, 2006 (the “Effective
Date”).

 

Between:

 

THE
UNIVERSITY OF BRITISH COLUMBIA, a
corporation continued under the University Act
of British Columbia and having its Industry Liaison offices at #103 – 6190
Agronomy Road, Vancouver, British Columbia, V6T 1Z3

 

(the “University”)

 

- and -

 

ONCOGENEX
TECHNOLOGIES INC. a corporation incorporated
under the laws of Canada, and having offices at Suite 400, 1001 West Broadway,
Vancouver, British Columbia, V6H 4B1

 

(the “Licensee”)

 

WHEREAS:

 

A.                                   The University and the Licensee entered into a license agreement
with a Commencement Date of November 1, 2001 with respect to TRPM-2 (“Clusterin License Agreement”) pursuant to
which the University granted the Licensee an exclusive worldwide license to the
Technology, as defined in the Clusterin License Agreement;

 

B.                                     The University and the Licensee now wish to amend the Clusterin
License Agreement as set out below.

 

Now therefore,
in consideration of the premises and the mutual covenants contained in this
Amending Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto covenant and
agree with each other as follows:

 

1.                                       Article 6.6 is hereby amended by adding the following to the end of
it:

 

“The
University consents to the termination of any shareholders agreements to which
the University and the Licensee may be party, upon the Licensee becoming a
reporting issuer under the Securities Act of British Columbia.”

 

2.                                       Article 7.1 is hereby deleted and the following substituted therefore:

 

“7.1                       The Licensee shall have the right to identify any process, use or
products arising out of the Technology and any University Improvements that may
be patentable and may seek patent protection with respect thereto, in which
case the Licensee shall take all reasonable steps to apply for a patent in the
name of the University provided that the Licensee pays all costs of applying
for, registering and maintaining the patent

 

 

in those
jurisdictions in which the Licensee might designate that a patent is required.
The choice of patent counsel will be mutually agreed upon between the
University and the Licensee. The University shall remain the client of such
patent counsel, however, the Licensee will provide direct instructions to the
patent counsel on all patent matters relating to the Technology including
filing, prosecution, management, maintenance, including renewals and term
extensions thereof, and the scope and content of patent applications and to
request countries for foreign filings. The Licensee will pay patent counsel for
all costs incurred with respect to any and all patents relating to the
Technology. The Licensee will supply or instruct the patent counsel to supply
the University with copies of all documents and correspondence received and
filed in connection with the prosecution of patents. The Licensee will keep the
University advised as to all material developments with respect to such
applications with sufficient time for the University to review and respond, and
generally not less than 30 days prior to an applicable patent deadline, unless
circumstances reasonably require the Licensee to act sooner to protect the
patents, in which case the Licensee may act sooner.   The University shall, as required and at the
Licensee’s cost for the University’s reasonable out-of-pocket expenses,
reasonably cooperate with the Licensee, its lawyers and agents in the filing,
prosecution, management and maintenance of the patents.”.

 

3.                                       The following is added as Article 10.8:

 

“10.8                     Notwithstanding anything contained in this Article, the parties
acknowledge and agree that the Licensee may disclose Confidential Information
to the extent that may be required by applicable securities laws in connection
with the public offering of the Licensee’s securities and thereafter to comply
with its disclosure obligations as a public company. If required to make such
disclosure by any applicable securities laws, the Licensee shall inform the
University in writing by giving notice and will consider any reasonable comments
the University may have. Such notice shall be generally not less than 48 hours
prior to public disclosure unless a delay of 48 hours would violate applicable
securities laws, in which case notice shall be as soon as practicable.”

 

4.                                       Article 11.1 is hereby deleted and the following substituted
therefore:

 

“11.1                     Notwithstanding Article 10.7, the Licensee shall not use any of the
UBC Trade-marks or make reference to the University or its name in any
advertising or publicity whatsoever, without the prior written consent of the
University, except as required by law. If the Licensee is required by law to
act in contravention of this Article, the Licensee shall provide the University
with sufficient advance notice in writing to permit the University to bring an
application or other proceeding to contest the requirement.”.

 

5.                                       Article 11.2 is hereby deleted.

 

6.                                       Article  11.4 is hereby
deleted and the following substituted therefore:

 

“11.4                     The Licensee shall use commercially reasonable efforts to develop
and exploit the Technology and any Improvements and to promote, market and sell

 

2

 

the Products
and utilize the Technology and any Improvements and to meet or cause to be met
the market demand for the Products and the utilization of the Technology and
any Improvements.”.

 

7.                                       The contact information for delivery of notices in Article 16.0 is
amended as follows:

 

	
  If to the
  University:

  	
  The Managing
  Director

  
	
   

  	
  University –
  Industry Liaison Office

  
	
   

  	
  University
  of British Columbia

  
	
   

  	
  #103 - 6190
  Agronomy Road

  
	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
  V6T 1Z3

  
	
   

  	
  Telephone:

  	
  (604)
  822-8580

  
	
   

  	
  Fax:

  	
  (604)
  822-8589

  
	
   

  	
   

  	
   

  
	
  If to the
  Licensee:

  	
  The
  President

  
	
   

  	
  OncoGenex
  Technologies Inc.

  
	
   

  	
  1001 West
  Broadway, Suite 400

  
	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
  V6H 4B1

  
	
   

  	
  Telephone:

  	
  (604)
  736-3678

  
	
   

  	
  Fax:     (604)
  736-3687

  
				

 

8.                                       Article 18.3 is hereby amended by adding the following to the end of
it as a separate paragraph:

 

(a)                                              “Notwithstanding anything contained in this Article 18, the failure
to obtain the prior written consent of the University to the events described
in any of Articles 18.3(d), (e) or (f) shall not entitle the University to
terminate this Agreement if at the time of such event the Licensee is a public
company.”

 

9.                                       Article 18.7 is hereby deleted and the following substituted
therefore:

 

“The Licensee
shall cease to use the Technology or any Improvements in any manner whatsoever
or to manufacture or sell the Products within five days from the Effective Date
of Termination. The Licensee shall then deliver or cause to be delivered to the
University an accounting within 30 days from the Effective Date of Termination.
The accounting will specify, in or on such terms as the University may in its
sole discretion require, the inventory or stock of Products manufactured and
remaining unsold on the Effective Date of Termination. The University will
instruct that the unsold Products be stored, destroyed or sold under its
direction, provided this Agreement was terminated pursuant to Article 18.2, 18.3
or 18.5. Without limiting the generality of the foregoing, if this Agreement
was terminated pursuant to Article 18.1, the unsold Products will not be sold
by any party without the prior consent of the University. The Licensee will
continue to make royalty payments to the University in the same manner

 

3

 

specified in
Article 5 and 6 on all unsold Products that are sold in accordance with this
Article 18.7, notwithstanding anything contained in or any exercise of rights
by the University under Article 18.6 herein.”

 

10.                                 The Clusterin License Agreement as modified by this Agreement
constitutes the entire agreement between the parties relating to the subject
matter hereof.

 

11.                                 Except as modified herein, the University and the Licensee confirm
that the Clusterin License Agreement remains unmodified and in full force and
effect.

 

This Agreement
may be executed by the parties in separate counterparts and by facsimile, each
of which such counterparts when so executed and delivered shall be deemed to
constitute one and the same instrument.

 

IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above
written.

 

	
  SIGNED FOR
  AND ON BEHALF OF

  	
   

  	
   

  
	
  THE
  UNIVERSITY OF BRITISH COLUMBIA

  	
   

  	
   

  
	
  by its duly
  authorized officers:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ J.P.
  Heale

  	
   

  	
   

  	
  J.P. Heale,
  PhD, MBA

  
	
  Authorized
  Signatory

  	
   

  	
  Associate
  Director

  
	
   

  	
   

  	
  University-Industry
  Liaison Office

  
	
   

  	
   

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED FOR
  AND ON BEHALF OF

  	
   

  	
   

  
	
  ONCOGENEX
  TECHNOLOGIES INC.

  	
   

  	
   

  
	
  By its duly
  authorized officer:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Scott
  Cormack

  	
   

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  	
   

  

 

4Exhibit 10.14

LICENSE
AGREEMENT

 

Between:               THE UNIVERSITY OF BRITISH
COLUMBIA

 

and

 

ONCOGENEX TECHNOLOGIES INC.,

 

Table of Contents

 

	
  Article

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.0

  	
   

  	
  DEFINITIONS

  	
   

  	
  2

  
	
  2.0

  	
   

  	
  PROPERTY
  RIGHTS IN & TO THE TECHNOLOGY

  	
   

  	
  6

  
	
  3.0

  	
   

  	
  GRANT OF
  LICENSE

  	
   

  	
  6

  
	
  4.0

  	
   

  	
  SUBLICENSING

  	
   

  	
  7

  
	
  5.0

  	
   

  	
  ROYALTIES
  & MILESTONE PAYMENTS

  	
   

  	
  7

  
	
  6.0

  	
   

  	
  EQUITY &
  ANNUAL LICENSE MAINTENANCE FEE

  	
   

  	
  9

  
	
  7.0

  	
   

  	
  PATENTS

  	
   

  	
  10

  
	
  8.0

  	
   

  	
  DISCLAIMER
  OF WARRANTY

  	
   

  	
  11

  
	
  9.0

  	
   

  	
  INDEMNITY
  & LIMITATION OF LIABILITY

  	
   

  	
  13

  
	
  10.0

  	
   

  	
  PUBLICATION
  & CONFIDENTIALITY

  	
   

  	
  14

  
	
  11.0

  	
   

  	
  PRODUCTION
  & MARKETING

  	
   

  	
  15

  
	
  12.0

  	
   

  	
  ACCOUNTING
  RECORDS & REPORTS

  	
   

  	
  17

  
	
  13.0

  	
   

  	
  INSURANCE

  	
   

  	
  18

  
	
  14.0

  	
   

  	
  ASSIGNMENT
  & CHANGE OF CONTROL

  	
   

  	
  20

  
	
  15.0

  	
   

  	
  GOVERNING
  LAW

  	
   

  	
  20

  
	
  16.0

  	
   

  	
  NOTICES

  	
   

  	
  20

  
	
  17.0

  	
   

  	
  TERM

  	
   

  	
  21

  
	
  18.0

  	
   

  	
  TERMINATION
  OF AGREEMENT

  	
   

  	
  21

  
	
  19.0

  	
   

  	
  MISCELLANEOUS
  COVENANTS OF LICENSEE

  	
   

  	
  23

  
	
  20.0

  	
   

  	
  MANAGEMENT
  OF CONFLICTS OF INTEREST

  	
   

  	
  24

  
	
  21.0

  	
   

  	
  GENERAL

  	
   

  	
  24

  
									

 

	
  Schedules

  
	
  “A”

  	
   

  	
  Description of “Technology”

  
	
  “B”

  	
   

  	
  Payment Report

  
	
  “C”

  	
   

  	
  UBC License Agreement Annual Report

  
	
  “D”

  	
   

  	
  Address for Notices & Payment Instructions

  

 

*Certain information in this
exhibit has been omitted as confidential, as indicated by [***]. This
information has been filed separately with the Commission.

 

 

LICENSE AGREEMENT

 

BETWEEN:

 

THE UNIVERSITY OF BRITISH
COLUMBIA, a
corporation continued under the University Act
of British Columbia with its administrative offices at 2075 Wesbrook Mall,
Vancouver, British Columbia, V6T 1W5

 

(“UBC”)

 

AND:

 

ONCOGENEX TECHNOLOGIES INC., a corporation incorporated under
the laws of Canada, # 400 – 1001 West Broadway Vancouver, British Columbia,
Canada, V6H 4B1

 

(the “Licensee”)

 

WHEREAS:

 

UBC has been engaged in
research during the course of which it has invented, developed and/or acquired
certain technology relating to Hsp27 antisense and its use in the treatment of
cancer as further described in [***] (the “Investigators”)
in the Prostate Centre at UBC;

 

It is UBC’s objective to
exploit its technology for the public benefit, and to generate further research
in a manner consistent with its status as a non-profit, tax exempt educational
institution; and

 

The Licensee and UBC have
agreed to enter into this license on the terms and conditions set out in this
agreement (the “Agreement”).

 

THE PARTIES AGREE AS
FOLLOWS:

 

1.0                                                                               DEFINITIONS

 

1.1                                                                                 In this Agreement:

 

(a)                                  “Annual Maintenance Fee” is defined in
Article 6.7;

 

(b)                                 “Annual Report” means a report in the form
referred to in Article 12;

 

(c)                                  “Affiliated Company” or “Affiliated Companies” means two or more
corporations where the relationship between them is one in which one of them is
a subsidiary of the other, or both are subsidiaries of the same corporation, or
fifty percent (50%) or more of the voting shares of each of them is owned or
controlled by the same person, corporation or other legal entity;

 

(d)                                 “Confidential Information” means any and all
knowledge, know-how, information, and/or techniques disclosed by the one party
(referred to in this capacity as the “Provider”)
to another (referred to in this capacity as the “Recipient”), including, without limiting the generality of the
foregoing, all research, data, specifications, plans, drawings, prototypes,
models, documents, records, instructions, manuals, papers, or other materials
of any nature whatsoever, whether written or otherwise, relating to same. In
order to constitute 

 

2

 

“Confidential Information” for the purposes
of this Agreement, the Provider must clearly identify it in writing as being
confidential, or if the disclosure takes place orally or in some other
non-tangible form, the Provider must summarize it in writing and identify it as
being confidential within thirty (30) days of making the disclosure. Furthermore,
such disclosures shall not be considered “Confidential Information” for the
purposes of this Agreement if and when it:

 

(i)                                     is made subject to an order by judicial or administrative process
requiring the Recipient to disclose any or all of the Confidential Information
disclosed to it by the Provider, provided however that the Recipient shall
promptly notify the Provider and allow the Provider reasonable time to oppose
such process before disclosing any of the Confidential Information disclosed to
it by the Provider;

 

(ii)                                  is published or becomes available to the general public other than
through a breach of this Agreement, provided that disclosures of Confidential
Information which are specific (i.e. relating to specific products, operating
conditions and/or biological or chemical compositions) shall not fall within
the forgoing exception merely because they are embraced by general disclosures
in the public domain;

 

(iii)                               is obtained by the Recipient from a third party with a valid right
to disclose it, provided that said third party is not under a confidentiality
obligation to the Discloser;

 

(iv)                              is independently developed by employees, agents or consultants of
the Recipient who had no knowledge of or access to the Confidential Information
disclosed to it by another party to this Agreement as evidenced by the
Recipient’s business records; or

 

(v)                                 was possessed by the Recipient prior to receipt from the Provider,
other than through prior disclosure by the Provider, as evidenced by the
Recipient’s business records.

 

(e)                                  “Cure Date” is defined in
Article 11.4;

 

(f)                                    “Dispute” is defined in Article 11.4;

 

(g)                                 “Effective Date” means April 5th, 2005;

 

(h)                                 “Effective Termination Date” means the date
on which this Agreement is terminated under Article 18;

 

(i)                                     “First Use of the Technology” means the
earlier of either:

 

(i)                                     the first use of the Technology or any Improvement, or

 

(ii)                                  the first sale of a Product

 

in exchange for valuable consideration;

 

(j)                                     “Human Clinical Trials” is defined in
Article 13.2;

 

3

 

(k)                                  “Improvements” means collectively the UBC
Improvements, Licensee Improvements and Joint Improvements;

 

(l)                                     “Joint Improvements” means improvements,
variations, updates, modifications, and enhancements made and/or acquired
jointly by UBC and the Licensee or any sublicensees or sub-sublicensees of the
Licensee relating to the Technology at any time after the Effective Date;

 

(m)                               “Licensee Improvements” means improvements,
variations, updates, modifications, and enhancements made and/or acquired
solely by the Licensee or any sublicensees or sub-sublicensees of the Licensee
relating to the Technology at any time after the Effective Date;

 

(n)                                 “Major Market Country” means any one of the
United States, Canada, the European Community, or Japan;

 

(o)                                 “Manuscript” is defined in Article 10.3;

 

(p)                                 “Mediator” is defined in Article 11.5;

 

(q)                                 “Objectionable Material” is defined in
Article 10.3;

 

(r)            “Patents”
mean collectively the rights in and to any and all
inventions which are disclosed in the U.S., Canadian and foreign patents and
patent applications identified in Exhibit “A”
and all:

 

(i)                                     counterparts, continuations, divisionals, continuations-in-part,
continuing prosecution applications, and requests for continued examinations,
extensions, term restorations, renewals, reissues, re-examinations, or
substitutions thereof;

 

(ii)                                  corresponding international patent applications;

 

(iii)                               corresponding foreign patent applications, including supplementary
protection certificates and other administrative protections; and

 

(iv)                              international and foreign counterpart patents resulting therefrom,

 

all of which will be deemed added, from time to time,
to Schedule “A”.

 

(s)                                  “Payment Report”  means a report in the form referred to in
Article 12 setting out in detail how the amount of Revenue was determined;

 

(t)                                    “Phase II Clinical Studies” means a human
clinical trial that would satisfy the requirements for a Phase 2 study as
defined in U.S. FDA 21 C.F.R. 312.21(b) or similar regulations in a Major
Market Country;

 

(u)                                 “Phase III Clinical Studies” means a human
clinical trial that would satisfy the requirements for a Phase 3 study as
defined in U.S. FDA 21 C.F.R. 312.21(c) or similar regulations in a Major
Market Country;

 

(v)                                 “Product(s)” means goods or services
manufactured or provided in connection with the use of all or some of the
Technology and/or any Improvements;

 

4

 

(w)                               “Remedy Plan” is defined in
Article 11.4;

 

(x)                                   “Revenue” 
means all revenues, receipts, money, and the fair market value of any
shares or other securities, or other consideration directly or indirectly
collected or received whether by way of cash, credit or other value received by
the Licensee, sublicensees or sub-sublicensees 
from the marketing, manufacturing, licensing, sale or distribution of
the Technology and any Improvements, and/or any Products,  in any or all parts of the world where the
Licensee, sublicensees or sub-sublicensees is permitted by law and this
Agreement to market, manufacture, license, sell or distribute the Technology and
any Improvements, and/or any Products, less the following deductions to the
extent included in the amounts invoiced and thereafter actually allowed and
taken:

 

(i)                                     [***]

 

(ii)                                  [***]

 

(iii)                               taxes, duties and customs on all sales of Products,

 

(iv)                              [***]

 

(v)                                 [***]

 

(y)                                 “Royalty Due Dates”  means the last day of March, June, September
and December of each year during the Term;

 

(z)                                   “Technology” 
means the Patents and all knowledge, know-how and/or technique or
techniques invented, developed and/or acquired, before the Effective Date by
UBC or the Licensee relating to, and including, the technology and materials
described in Schedule “A”, as
amended from time to time, including, without limitation all related research,
data, specifications, instructions, manuals, papers or other related materials
of any nature at all, whether written or otherwise, and UBC’s Confidential
Information;

 

(aa)                            “Term” is defined in Article 17.1;

 

(bb)                          “UBC Improvements” means improvements,
variations, updates, modifications, and enhancements made and/or acquired
solely by UBC relating to the Technology at any time after the Effective Date;

 

(cc)                            “UBC Shares” is defined in Article 6.1; and

 

(dd)                          “UBC Trade-marks” means any mark,
trade-mark, service mark, logo, insignia, seal, design, symbol or device used
by UBC in any manner at all.

 

2.0                                                                               PROPERTY RIGHTS IN & TO THE TECHNOLOGY

 

2.1                                                                                 The parties
acknowledges and agrees that:

 

(a)                                  UBC owns all right,
title and interest in and to the Technology, all UBC Improvements and all Joint
Improvements;

 

5

 

(b)                                 the Licensee [***] in
and to all Licensee Improvements.

 

2.2                           The
Licensee will, at the request of UBC, sign all documents as may be required to
ensure that ownership of the Technology, UBC Improvements and any Joint
Improvements remain with UBC.

 

2.3                           During
the Term, the Licensee and UBC will each periodically provide to the other
party details of any Improvements which a party has developed and or acquired,
and in the case of the Licensee any Improvement which it has made or any Improvement
of which it becomes aware of that was developed and/or acquired by any
sublicensees or sub-sublicensees of the Licensee.

 

3.0                          GRANT
OF LICENSE

 

3.1                           Subject
to Article 3.4, UBC grants to the Licensee a worldwide, exclusive license to
use and sublicense the Technology, UBC Improvements and any Joint Improvements
and to manufacture, have made, distribute, and sell the Products on the terms
and conditions set out in this Agreement.

 

3.2                           The
license granted under this Agreement is granted only to the Licensee and not to
any Affiliated Companies.

 

3.3                           The
Licensee will not cross-license the Technology or any Improvements without the
prior written consent of UBC, which consent will not be unreasonably withheld.

 

3.4                           The
Licensee acknowledges and agrees that UBC may use the Technology and any
Improvements without charge in any manner at all for research, scholarly
publication, educational and all other non-commercial uses.

 

3.5                           UBC
may register a financing statement regarding this Agreement under the Personal Property Security Act of British
Columbia and/or under similar legislation in those jurisdictions in which the
Licensee carries on business and/or has its chief place of business. The
Licensee will pay for all costs associated with such registrations.

 

3.6                           The
Licensee will give notice to UBC if it is carrying on business and/or locates
its chief place of business in a jurisdiction outside British Columbia before
starting business in that other jurisdiction. If UBC has registered a financing
statement under Article 3.5, the Licensee will file within 15 days of any
change in jurisdiction, the appropriate documents in the Personal Property
Registries or similar registries outside of British Columbia to document the
change in jurisdiction and will provide UBC a copy of the verification
statement regarding each filing within 15 days after receiving the verification
statement. The Licensee will pay for all costs associated with the
registrations under this Article 3.6.

 

4.0                          SUBLICENSING

 

4.1                           The
Licensee will not grant sublicenses of the Technology, UBC Improvements or any
Joint Improvements to Affiliated Companies or other third parties without the
prior written consent of UBC which consent will not be unreasonably withheld. After
obtaining UBC’s consent, the Licensee will provide UBC with a non-redacted
signed
copy of each sublicense granted within 30 days of it being signed by the
Licensee and sublicensee. Such sublicenses will be considered to be
Confidential Information of the Licensee, and will be subject to the
Confidentiality provisions of Article 10. The Licensee shall not be obligated
to obtain UBC’s consent to the granting of a sublicense if the proposed
sublicensee has a market capitalization 

 

6

 

in excess of CAN. $500,000,000 at the time of
the granting of the sublicense, provided always that such sublicense shall be
in full compliance with the terms of this Agreement.

 

4.2                           Any
sublicense granted by the Licensee will be granted only to the sublicensee and
cannot be assigned or further sub-sublicensed without the prior written consent
of UBC such consent not to be unreasonably withheld. All sublicenses and
sub-sublicenses must contain covenants by each sublicensee or sub-sublicensee
to observe and perform terms and conditions similar to those contained in this
Agreement and in particular the Licensee shall cause each sublicensee and
sub-sublicensee to indemnify UBC on the same terms and conditions as are
contained in Article 9.1 of this Agreement. UBC will use commercially
reasonable efforts to respond to any request for consent to a sublicense or
sub-sublicense within 30 days of UBC receiving the draft sublicense or
sub-sublicense from the Licensee, provided that Licensee delivers such notice
in accordance with Article 16, and specifically makes reference to such 30 day
limit and the provisions of this Article 4.2 in its written notice to UBC
requesting such consent. Failure by UBC to respond within such thirty (30) day
notice period will be interpreted as consent to the sublicense.

 

4.3                           Before
executing a sublicense, the Licensee will give notice to UBC of the
jurisdictions in which the sublicensee is carrying on business. If the
Licensee, during the term of the sublicense, becomes aware of the sublicensee
carrying on business in another jurisdiction, then the Licensee will give
notice to UBC within five days. If UBC has registered a financing statement
under Article 3.5, the Licensee will, immediately after executing the
sublicense, register a financing change statement under the Personal Property Security Act of British
Columbia and/or any similar legislation in those jurisdictions in which each
sublicensee carries on business and has its chief place of business to add each
sublicensee to the registration referred to in Article 3.5, and will provide
UBC with a copy of the verification statement within 15 days after receiving
the verification statement. If any sublicensee changes the jurisdiction within
which it is carrying on business and/or the location of its chief place of
business, the Licensee will file the appropriate documents in the Personal
Property Registries or similar registries within or outside of Canada to
document the changes in jurisdiction. The Licensee will pay for all costs
associated with the filings under this Article 4.3.

 

5.0                          ROYALTIES
& MILESTONE PAYMENTS

 

5.1                           In
consideration of the license granted under this Agreement, the Licensee will
pay to UBC a royalty of [***] of the Revenue. For greater clarity it is
confirmed that the royalty of [***] of Revenue will be paid by the Licensee on
all Revenue whether such Revenue is received by the Licensee, any sublicensee
and/or any sub-sublicensee, but excluding product development milestone
payments which are received by the Licensee from a sublicensee.

 

5.2                           In
anticipation that the Licensee may have to enter into additional royalty
bearing technology licenses with third parties which are essential in order to
practice and maximize the commercial success of the Technology and/or
Improvements and/or Products, UBC agrees, if required by the Licensee and if
the Licensee has entered into one or more such licenses with non-Affiliated
third parties, that the royalty on Revenues payable hereunder will be reduced
in accordance with this Article 5.2 if the combined royalty rates of the
additional technology licenses and this License Agreement exceed [***]  The royalty rate payable on Revenues
hereunder will be reduced by one half of the amount in excess of [***] but in no
event will the royalty payable to UBC hereunder ever be reduced to less than
[***] of Revenue. For example, if the additional royalty rates of the
additional technology licenses were [***] then the combined royalty rates would
be [***] and the royalty payable to UBC hereunder would be reduced by the
following amount:  [***] and the royalty
payable to UBC would therefore be reduced as follows: 

 

7

 

[***] 
For greater clarity it is confirmed that if the royalties paid by the
Licensee to any third party are subsequently reduced or eliminated, that the
royalty payable to UBC shall thereafter be readjusted upwards to reflect this.

 

5.3                           The
royalty is due and payable within 30 days of each respective Royalty Due Date
and is to be calculated with respect to the Revenue  in the three month period immediately before
the applicable Royalty Due Date.

 

5.4                           All
royalties paid by the Licensee to UBC under this Agreement will be in Canadian
dollars without any reduction or deduction of any nature or kind at all. If the
Licensee or any sublicensee or sub-sublicensee receives any Revenue in a
currency other than Canadian dollars, the currency will be converted to the
equivalent in Canadian dollars on the date that the Revenue is recognized by
the Licensee according to the rules of GAAP. The conversion to Canadian dollars
shall be based on the average Bank of Canada exchange rate for buying Canadian
dollars with such currency in the 30 days prior to the date that Revenue is
recognized by the Licensee. The amount of Canadian dollars resulting from the
conversion is to be included in Revenue.

 

5.5                           Products
are deemed to have been sold by the Licensee, any sublicensee or any
sub-sublicensee and included in the Revenue when invoiced, delivered, shipped,
or paid for, whichever is the first.

 

5.6                           Any
transaction, disposition, or other dealing involving all or part of the
Technology or any Improvements or Products, between the Licensee, any
sublicensee or any sub-sublicensee and another person that is not made at fair
market value is deemed to have been made at fair market value, and the fair
market value of the transaction, disposition, or other dealing will be added to
and deemed part of the Revenue and will be included in the calculation of
royalties under this Agreement.

 

5.7                           In
addition to all other payments due pursuant to this Article 5, the Licensee
shall pay to UBC the following milestone payments within thirty (30) days after
achievement of each of the applicable events for the first Product or any
subsequent Products, as the case may be, in the first Major Market Country for
such Product; provided however that no additional milestone payment shall be
due or owing for any Product that meets the same milestone in an additional
country once such milestone payment has already been paid for the first Major
Market Country, as follows:

 

	
  MILESTONE

  	
   

  	
  Milestone Payment for the 

  First Product

  	
   

  	
  Milestone Payment

  for Each

  Subsequent Product

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  
	
  [***]:

  	
   

  	
  [***]

  	
   

  	
  [***]

  

 

The above milestone payments shall be due and payable
if such milestones are met or achieved by the Licensee or any sublicensee or
sub-sublicensee of the Licensee or any other party who has obtained any rights
to the Technology, Improvements or any Products through the Licensee, sublicensee
or any sub-sublicensee. For greater clarity it is confirmed that enrolment of
the first patient in the [***] component of a combined [***] Clinical Study
shall result in payment of a [***] Milestone Payment, enrolment of the first
patient in the [***] component of a combined [***] Clinical Study shall result
in payment of the [***] Milestone Payment, and 

 

8

 

enrolment of the first patient in the [***] component
of a combined [***] Clinical Study shall result in payment of the [***]
Milestone Payment.

 

6.0                          EQUITY
& ANNUAL LICENSE MAINTENANCE FEE

 

6.1                           As
part of the consideration for the rights granted by UBC to the Licensee
hereunder, the Licensee agrees to deliver to UBC within thirty (30) days
following the execution of this Agreement, and in lieu of an initial license
fee, 30,000 post-consolidation (consolidation having occurred on September 23rd,
2003) voting common shares in the capital stock of the Licensee (the “UBC Shares”).

 

6.2                           The
Licensee will use commercially reasonable efforts to cause all of the UBC
Shares to be issued free from any pooling, escrow or other trading restrictions
placed on such shares by the Licensee or any regulatory authority having
jurisdiction over the Licensee. The Licensee acknowledges and agrees that UBC
shall have the right to transfer any or all of the UBC Shares to a company or
society of which UBC is the sole shareholder in the case of a company or of
which UBC controls the membership, in the case of a society and the Licensee
shall take all steps or do such acts as may be reasonably required to allow
such transfer.

 

6.3                           The
Licensee acknowledges and agrees that it will comply with all applicable laws
and legislation with respect to the issuance of the UBC Shares.

 

6.4                           The
UBC Shares shall be deemed to be fully paid for by UBC as of the date of
issuance and shall be the absolute property of UBC. Neither all nor any portion
of the UBC Shares shall be refundable to the Licensee under any circumstances.

 

6.5                           Until
the Licensee becomes a reporting issuer for equity securities under the Securities Act of British Columbia, or
under the applicable securities legislation in any other jurisdiction which has
jurisdiction over the issuance of securities by the Licensee, the Licensee
shall provide to UBC:

 

(a)                                  Quarterly
financial statements:  Within 60 days
after the last day of each financial quarter, financial statements, including a
balance sheet and a statement of income as of the last date of each financial
quarter, a cumulative statement of income from the first day of the current
financial year to the last day of such financial quarter,

 

(b)                                 Annual
financial statements:  Within 160 days
after the end of each fiscal year of the Licensee, audited financial statements
of the Licensee prepared by a reputable accounting firm.

 

(c)                                  Budget:  Sixty (60) days following the end of each
fiscal year the Licensee, shall provide a budget for the upcoming fiscal year
which shall include quarterly financial breakdowns for such fiscal year.

 

(d)                                 Minutes:  Minutes of all meetings of the Board of Directors of the
Licensee in a timely manner and in no case later than 30 days after the
approval of such Board Minutes by the Board of Directors;

 

(e)                                  Litigation:  A summary of any litigation (pending, threatened
or otherwise) or other proceedings against the Licensee before any court,
tribunal or administrative agency, promptly after the Licensee becomes aware of
same;

 

9

 

(f)                                    Material
Adverse Effect:  Notice of any default, breach, acceleration,
modification or cancellation of any agreement, arrangement or other transaction
or matter that may result in a material adverse effect to the Licensee,
promptly after the Licensee becomes aware of same;

 

(g)                                 Merger:  Notice of the intention to effect a change of
control, sale of assets, reorganization, amalgamation, consolidation, merger or
an agreement to amalgamate, consolidate or merger the Licensee with any entity,
promptly after the Licensee becomes aware of same;

 

(h)                                 Technical
Report:                                  a written report that documents the technical
developments and results of any test marketing, a copy of which shall be
delivered to UBC no later than the first anniversary of the Effective Date of
this Agreement; and

 

(i)                                     Business
& Marketing Plan:  and update once
every year, or as is reasonably requested by UBC, the Licensee’s business and
marketing plan. Copies of all updates of these plans will be provided to UBC in
a timely manner.

 

6.6                           Any
shareholders’ agreement or other relevant transaction document entered into by
the Licensee and its other shareholders, shall include an agreement between UBC
and such other shareholders of the Licensee, that prevents such shareholders
(each a “Selling Shareholder”)
from selling any shares in the capital stock of the Licensee to any third party
unless the UBC Shares are included at the option of UBC, in such sale, pro rata
based on thetotal number of
shares owned by the Selling Shareholder and UBC, and on the sameterms and conditions as those offered to
the Selling Shareholder.

 

6.7                           In
further consideration for the license granted hereunder, the Licensee shall pay
to UBC, in addition to all other amounts due under this Agreement, an annual
maintenance fee of CAN. $2,000.00 payable on or before January 2nd
of each year during which this Agreement remains in full force and effect,
starting on January 2, 2006 (the “Annual
Maintenance Fee”). Neither all nor any part of the Annual
Maintenance Fee paid shall be refundable to the Licensee under any
circumstances. The Annual Maintenance Fee is intended to cover maintenance of
this Agreement by UBC, and shall be separate and distinct from any royalties
due to UBC under this Agreement.

 

6.8                           Any
information provided to UBC under Article 6.5 will be considered Confidential
Information of the Licensee and will be subject to the Confidentiality
provisions of Article 10.

 

7.0                          PATENTS

 

7.1                           UBC
will own and manage the Patent portfolio including all Patents for UBC
Improvements and Joint Improvements. The Licensee may identify any process, use
or products arising out of the Technology and any UBC Improvements and Joint
Improvements that may be patentable and UBC will, on the request of the
Licensee, take reasonable steps to apply for a patent in the name of UBC
provided that the Licensee pays all costs of applying for, registering and
maintaining the patent in the jurisdictions in which the Licensee designates
that a patent is required. UBC will consult with the Licensee with respect to
the choice of patent counsel. The Licensee will be given an opportunity to
review and provide input regarding the scope and content of patent applications
and to request countries for foreign filings. UBC will keep the Licensee
advised as to all significant developments with respect to such applications 

 

10

 

and will make reasonable efforts to supply
the Licensee with copies of material documents received and filed in connection
with the prosecution thereof.

 

7.2                           The
Licensee will own and manage all patents for Licensee Improvements and will pay
all costs of applying for, registering and maintaining the patents filed in
respect of Licensee Improvements. The Licensee, within 30 days of filing of any
new patent application with respect to any Licensee Improvement, will provide
to UBC a copy of the application, and will thereafter make commercially
reasonable efforts to keep UBC informed of all significant developments with
respect to such application.

 

7.3                           On
the issuance of a patent obtained under Article 7.1, the Licensee becomes the
licensee of the patent on the terms and conditions set out in this Agreement.

 

7.4                           Within
30 days of execution of this Agreement the Licensee will reimburse UBC for all
patent costs incurred by UBC with respect to the Technology and Patents prior
to execution of this Agreement, provided that such costs have not already been
reimbursed by the Licensee. Thereafter, within 30 days of presentation of
receipts and/or invoices by UBC to the Licensee, the Licensee will reimburse
UBC for the balance of all costs incurred to date regarding any Patents or
Patent applications relating to the Technology and any UBC Improvements or
Joint Improvements licensed under this Agreement.

 

7.5                           The
Licensee will not contest the validity or scope of any Patents licensed under
this Agreement.

 

7.6                           The
Licensee will ensure proper patent marking for all uses of the Technology and
any Improvements licensed under this Agreement and will clearly mark, where
this is commercially reasonable and possible, the appropriate patent numbers on
any Products made using the Technology and/or Improvements.

 

8.0                          DISCLAIMER
OF WARRANTY

 

8.1                           UBC
represents that as of the Effective Date, to the best of the UBC Industry
Liaison Office’s knowledge and without having made any specific inquiries or
investigations, the UBC Industry Liaison Office is not aware of:

 

(a)                                  any [***] relating to
the Technology; or

 

(b)                                 any [***] to UBC’s
rights, title and interest in and to the Technology.

 

8.2                           Subject
to Article 8.1(a) and (b), UBC makes no representations, conditions or
warranties, either express or implied, regarding the Technology or any
Improvements or the Products. Without limitation, UBC specifically disclaims
any implied warranty, condition or representation that the Technology or any
Improvements or the Products:

 

(a)                                  correspond with a
particular description;

 

(b)                                 are of merchantable
quality;

 

(c)                                  are fit for a
particular purpose; or

 

(d)                                 are durable for a
reasonable period of time.

 

11

 

UBC is not liable for any loss, whether direct,
consequential, incidental or special, which the Licensee or other third parties
suffer arising from any defect, error or fault of the Technology or any
Improvements or Products, or their failure to perform, even if UBC is aware of
the possibility of the defect, error, fault or failure. The Licensee
acknowledges that it has been advised by UBC to undertake its own due diligence
regarding the Technology and any Improvements.

 

8.3                                                                                 Subject to Article
8.1(a) and (b), nothing in this Agreement:

 

(a)                                  constitutes a
warranty or representation by UBC as to title to the Technology and/or any
Improvement or that anything made, used, sold or otherwise disposed of under
the license granted in this Agreement is or will be free from infringement of
patents, copyrights, trade-marks, industrial design or other intellectual
property rights; or

 

(b)                                 imposes an obligation
on UBC to bring, prosecute or defend actions or suits against third parties for
infringement of patents, copyrights, trade-marks, industrial designs or other
intellectual property or contractual rights.

 

8.4                                                                                 Notwithstanding
Article 8.3, if there is an alleged infringement of the Technology, UBC
Improvement or any Joint Improvements or any right with respect to the
Technology, UBC Improvements or any Joint Improvements, the Licensee may, on
receiving the prior written consent of UBC, [***], prosecute litigation
designed to enjoin infringers of the Technology, UBC Improvements or any Joint
Improvements. Provided that it has first granted its prior written consent, UBC
agrees to reasonably co-operate to the extent of signing all necessary
documents and to vest in the Licensee the right to institute the litigation,
provided that all the direct and indirect costs and expenses of bringing and
conducting the litigation or settlement are paid by the Licensee and in this
case all recoveries are for the benefit of the Licensee.

 

8.5                                                                                 If any complaint
alleging infringement of any patent or other proprietary rights is made against
the Licensee or a sublicensee or sub-sublicensee of the Licensee regarding the
use of the Technology or any Joint Improvements or UBC Improvements or the
manufacture, use or sale of the Products, the following procedure will be adopted:

 

(a)                                  the Licensee will
promptly notify UBC on receipt of the complaint and will keep UBC fully
informed of the actions and positions taken by the complainant and taken or
proposed to be taken by the Licensee on behalf of itself or a sublicensee or sub-sublicensee;

 

(b)                                 except as provided in
Article 8.5(d) and 8.5 (e), all costs and expenses incurred by the Licensee or
any sublicensee or sub-sublicensee of the Licensee in investigating, resisting,
litigating and settling the complaint, including the payment of any award of
damages and/or costs to any third party, will be paid by the Licensee or any
sublicensee or sub-sublicensee of the Licensee, as the case may be;

 

(c)                                  no decision or action
concerning or governing any final disposition of the complaint will be taken
without full consultation with, and approval by, UBC, which approval will not
be unreasonably withheld;

 

(d)                                 UBC may elect to
participate as a party in any litigation involving the complaint to the extent
that the court may permit, but any additional expenses generated by 

 

12

 

such participation will be paid by UBC
(subject to the possibility of recovery of some or all of the additional
expenses from the complainant);

 

(e)                                  if the complainant is
willing to accept an offer of settlement and one of the parties to this
Agreement is willing to make or accept such offer and the other is not, then
the unwilling party shall conduct all further proceedings at its own expense,
and shall be responsible for the full amount of any damages, costs, accounting
of profits and settlement costs in excess of those provided in such offer, but
shall be entitled to retain unto itself the benefit of any litigated or settled
result entailing a lower payment of costs, damages, accounting of profits and
settlement costs than that provided in such offer; and

 

(f)                                    the Licensee will pay
all royalties and milestone payments payable under this Agreement to UBC in
trust from the date UBC receives notice of the complaint and until a resolution
of the complaint has been finalized. If the complainant is successful, then the
royalties and milestone payments paid to UBC in trust under this Article 8.5(f)
will be returned to the Licensee, provided that the amount being returned to
the Licensee is no more than the amount paid by the Licensee to the complainant
in the settlement or other disposition of the complaint. If the complainant
does not succeed, then UBC retains all royalties and milestone payments paid to
it under this Article 8.5(f).

 

9.0                                                                               INDEMNITY & LIMITATION OF LIABILITY

 

9.1                                                                                 The Licensee
indemnifies, holds harmless and defends UBC, its Board of Governors, officers,
employees, faculty, students, invitees and agents against any and all claims
(including all associated legal fees and disbursements actually incurred)
arising out of the exercise of any rights under this Agreement, including
without limitation against any damages or losses, consequential or otherwise,
arising in any manner at all from or out of the use of the Technology or any
Improvements or Products licensed under this Agreement by the Licensee or its
sublicensees, sub-sublicensees, or their customers or end-users.

 

9.2                                                                                 UBC’s total
liability, whether under the express or implied terms of this Agreement, in
tort (including negligence) or at common law, for any loss or damage suffered
by the Licensee, whether direct, indirect or special, or any other similar
damage that may arise or does arise from any breaches of this Agreement by UBC,
its Board of Governors, officers, employees, faculty, students or agents, is
limited to the amount of  CAN. $2,000,
which amount may (at UBC’s option) be satisfied by UBC returning and
transferring to the Licensee all of the UBC Shares in the Licensee then owned
by UBC (notwithstanding that UBC may have previously sold or transferred some
of the UBC Shares).

 

9.3                                                                                 The Licensee
acknowledges and agrees that UBC will not be liable for consequential or
incidental damages arising from any breach or breaches of this Agreement.

 

9.4                                                                                 Notwithstanding the
termination or expiration of this Agreement, the rights and obligations in
Article 9 will survive and continue to bind the Licensee and its successors and
assigns.

 

10.0                                                                        PUBLICATION & CONFIDENTIALITY

 

10.1                                                                           Each party will keep
and use the other party’s Confidential Information in confidence and will not,
without the other party’s prior written consent, disclose the other party’s

 

13

 

Confidential Information to any person or
entity, except to the party’s directors, officers, employees, faculty, students
and professional advisors who require the Confidential Information to assist
such party in performing its obligations under this Agreement. The Licensee
will maintain an appropriate internal program limiting the distribution of
UBC’s Confidential Information to only those officers, employees and
professional advisors who require such Confidential Information in performing
the Licensee’s obligations under this Agreement and who have signed appropriate
non-disclosure agreements. UBC shall not be restricted from publishing its own
Confidential Information related to the Technology, UBC Improvements or Joint
Improvements, provided that any such publication or disclosure is made in
accordance with Article 10.3 hereof, and provided further that such publication
or disclosure does not include any Confidential Information of the Licensee,
including without limitation any information related to its business partners,
without the Licensee’s express prior written consent. All Confidential
Information must be marked in writing as Confidential at the time of disclosure
or within thirty (30) days from receipt by the receiving party.

 

10.2                         Any
party required by judicial or administrative process to disclose the other
party’s Confidential Information, will promptly notify the other party and
allow it reasonable time to oppose the process before disclosing the
Confidential Information.

 

10.3                         With
respect to the Technology and/or any UBC Improvements or Joint Improvements
only, UBC shall not be restricted from presenting at symposia, national or
regional professional meetings, or from publishing in journals, or electronic
media including the internet, or other publications, accounts of its research,
including abstracts, provided however that:

 

(a)                                  UBC provides the
Licensee with copies of any proposed publication or presentation (each a “Manuscript”) at least sixty (60) days in
advance of the submission of such Manuscript to a journal, editor, or other
third party; and

 

(b)                                 the Licensee has not,
within thirty (30) days after receipt of said Manuscript, objected in writing
to such Manuscript in accordance with this Article 10.3.

 

The Licensee may object to a Manuscript on the grounds
that it contains material the Licensee considers objectionable (the “Objectionable Material”) and/or on the grounds that it
discloses patentable subject matter which needs protection. In the event that
the Licensee makes such objection on the former ground, the Licensee will
clearly specify what it considers Objectionable Material, and UBC will ensure
that its researchers refrain from disclosing the Manuscript for a period of up
to six (6) months after the date the Licensee received the Manuscript. During
such six (6) month period, the researchers, UBC and the Licensee shall work
together to revise the Manuscript to remove or alter the Objectionable Material
as follows: (a) if the Objectionable Material discloses Confidential
Information of the Licensee, such Objectionable Material will be removed from any
Manuscript prior to disclosure of the same unless otherwise agreed to in
writing by the Licensee; and (b) a Manuscript containing any other
Objectionable Material will be revised to remove or alter such other
Objectionable Material, on a case by case basis and in a manner acceptable to
the Licensee and UBC. The researchers and UBC shall co-operate in all
reasonable respects in making revisions to any Manuscripts considered by the
Licensee to contain Objectionable Material. Once a Manuscript has been revised
to remove or alter the Objectionable Material in a manner acceptable to the
Licensee, the Licensee shall withdraw its objection and the researchers and UBC
shall not be restricted from publishing or presenting the Manuscript, provided
that any objection based on patentable subject matter contained in such
Manuscript has also been addressed in accordance with the terms hereof. In the
event that the Licensee makes such an objection on the grounds that the
Manuscript contains patentable 

 

14

 

subject matter that constitutes Technology, a UBC
Improvement or a Joint Improvement, it shall be deemed to be a direction to UBC
to file a patent application pursuant to Article 7.1, and UBC shall ensure that
its researchers refrain from disclosing the Manuscript until UBC has filed one
or more patent applications with one or more patent offices directed to such
patentable subject matter, or until six (6) months have elapsed from date of
receipt of such written objection from the Licensee by UBC, whichever is
sooner, after which UBC and its researchers may proceed with said presentation
or publication. For greater certainty, a provisional patent application shall
be considered to be a patent application in the United States of America for
the purposes of this Agreement.

 

10.4                                                                           The Licensee requires
of UBC, and to the extent permitted by law UBC agrees, that this Agreement, and
each part of it, is confidential and will not be disclosed to third parties, as
the Licensee claims that the disclosure would or could reveal commercial,
scientific or technical information and would significantly harm the Licensee’s
competitive position and/or interfere with the Licensee’s negotiations with
prospective sublicensees. Notwithstanding anything contained in Article 10, the
Licensee acknowledges and agrees that UBC may identify the title of this
Agreement, the parties to this Agreement and the names of the inventors of the
Technology and any Improvements,
and that UBC may also disclose to the inventors of the Technology the amount of
all payments made to UBC by the Licensee under this Agreement, the manner or
method by which such payments were calculated and all Payment Reports delivered
to UBC by the Licensee in connection with such payments.

 

10.5                                                                           Notwithstanding the
termination or expiration of this Agreement, the rights and obligations in
Article 10 survive and continue to bind the parties, their successors and
assigns.

 

11.0                                                                        PRODUCTION & MARKETING

 

11.1                                                                           The Licensee will not
use the UBC Trade-marks or make reference to UBC or its name in any advertising
or publicity, without the prior written consent of UBC. Without limitation, the
Licensee will not issue a press release regarding this Agreement or the
Technology or any Improvements without first obtaining UBC’s written approval. If
the Licensee is required by law to act in breach of this Article, the Licensee
will provide UBC with sufficient prior notice to permit UBC to bring an
application or other proceeding to contest the requirement.

 

11.2                                                                           The Licensee agrees
that it will use commercially reasonable efforts to

 

(a)                                  develop and
commercialize the Technology and any Improvements;

 

(b)                                 track and monitor on
an ongoing basis performance under the terms of each sublicense and
sub-sublicense entered into under this Agreement;

 

(c)                                  monitor patent
infringement in the Major Market Countries regarding any Patent and any
Improvements licensed under this Agreement; and

 

(d)                                 handle the Technology
and any Improvements with care and without danger to the Licensee, its
employees, agents, or the public.

 

11.3                         The
Licensee will use commercially reasonably efforts to, develop, promote, market,
and sell products incorporating the Technology. Without limiting the generality
of the foregoing, the Licensee shall:

 

15

 

(a)                                  use commercially
reasonable efforts to raise capital as set out in the business and marketing
plan referred to in Article 6.5 as amended from time to time and approved by
the directors of the Licensee;

 

(b)                                 maintain a bona fide
Board of Directors with a majority of directors who are not employees or
officers of the Licensee during the term of this Agreement;

 

(c)                                  undertake those
activities and take such steps as may be reasonably required to enable the
Licensee to fulfill the business and marketing plan as amended and approved
from time to time by the Board of Directors;

 

11.4                         If
UBC is of the view that the Licensee is in breach of Article 11.3, UBC may, not
more than once in any calendar year, give notice to the Licensee in accordance
with Article 16.0 specifying the nature of the breach. Within 15 days of
receiving UBC’s notice, the Licensee shall provide notice to UBC of its
election to:

 

(a)                                  proceed with
remedying the breach as described herein, or

 

(b)                                 dispute the breach (“Dispute”) and refer the Dispute to
mediation in accordance with Articles 11.5.

 

If the Licensee elects to proceed with
remedying the breach, Licensee shall, within 30 days of receiving the notice of
breach, provide UBC with a reasonably detailed plan (“Remedy Plan”) that describes: i)
the actions it will undertake to cure the breach and; ii) an estimate of the
date when the breach will be cured (“Cure Date”). UBC shall have
fifteen (15) days from the receipt of the Remedy Plan to review and approve
such plan. If UBC approves the Remedy Plan proposed by the Licensee and
provided, that the Licensee is employing commercially reasonable efforts to
carry out the plan, the Agreement shall remain in full force and effect until
the Cure Date. Should the Licensor be unable to remedy the breach by the Cure
Date then the Licensee will (counting from the Cure Date) have a further 30
days to remedy the breach in accordance with Article 18.4(a). If the Licensee
fails to remedy the breach within such 30 day period then UBC may terminate
this Agreement or at UBC’s sole discretion it may enter into an agreement with
the Licensee whereby the Licensee will make annual payments of [***] to UBC to
maintain this Agreement, notwithstanding the Licensee’s breach.

 

If UBC, acting reasonably, does not agree to the
Remedy Plan, the matter shall be referred to mediation in accordance with
Article 11.5. If the Licensee fails to make an election to remedy or dispute
the breach in accordance with this Article, then the Licensee will be deemed to
have accepted the breach and UBC may terminate this Agreement.

 

11.5                                                                           If the Licensee
elects to refer the Dispute to mediation, UBC and the Licensee will jointly
select and appoint a mediator (the “Mediator”)
within 15 days of the Licensee’s election. If the parties cannot agree on the
selection of a Mediator then a Mediator will be appointed by the British
Columbia International Commercial Arbitration Centre. On appointment of
Mediator the following rules and procedures will govern the conduct of the
parties and the Mediator before and during the mediation of a Dispute:

 

(a)                                  within 15 days of the
appointment of the Mediator, both Parties will provide to the Mediator a
written summary of its position and copies of all documents on which it intends
to rely.

 

(b)                                 after each of the
Licensee and UBC has provided its summary and documents under Article 11.5(a),
but not more than 60 days from the appointment of the 

 

16

 

Mediator, the parties agree to meet in the
presence of the Mediator with a view to resolving the Dispute. The role of the
Mediator will be to assist in negotiating a resolution of a Dispute and the
Mediator will not make a binding decision without the parties’ prior written
agreement;

 

(c)                                  the mediation of a
Dispute may be terminated by either party, by giving notice to the other party:

 

(i)                                     if the other party fails to comply with its obligations under
Article 11.5; or

 

(ii)                                  if the parties cannot agree on a resolution of the Dispute within 90
days from the appointment of the Mediator;

 

(d)                                 any confidential or
without prejudice information or documents disclosed by either party under this
Article 11.5 must be kept confidential and must not be used except for the
purposes of the Mediation; and

 

(e)                                  each party must bear
its own costs of complying with Article 11.5 and the parties must bear equally
the costs of any Mediator engaged.

 

11.6                                                                           If the parties cannot
agree on the resolution of the Dispute within 90 days from the appointment of
the Mediator, or if the mediation of the Dispute has been terminated under
Article 11.5(c), then the Licensee will (counting from the end of the 90 day
period) have a further 30 days to remedy the breach in accordance with Article
18.4(a). If the Licensee fails to remedy the breach within such 30 day period
then UBC may terminate this Agreement or at UBC’s sole discretion it may enter
into an agreement with the Licensee whereby the Licensee will make annual
payments of [***] to UBC to maintain this Agreement, notwithstanding the
Licensee’s breach.

 

12.0                                                                        ACCOUNTING RECORDS & REPORTS

 

12.1                                                                           The Licensee will
maintain at its principal place of business, or another place as may be most
convenient, separate accounts and records of all Revenues and all business done
in connection with the Technology or any Improvements. The accounts and records
will be in sufficient detail to enable proper returns to be made under this
Agreement and the Licensee will cause its sublicensees and sub-sublicensees to
keep similar accounts and records.

 

12.2                                                                           The Licensee will
complete and deliver to UBC:

 

(a)                                  within 30 days of
each and every Royalty Due Date, a completed Payment Report in the form
attached as Schedule “B”, (or an
amended form as required by UBC from time to time) together with the royalty
payable under this Agreement. A separate Payment Report shall be prepared and
delivered for each sublicense and sub-sublicensee, including an accounting
statement setting out in detail how the amount of Revenue was determined and
identifying each sublicensee and sub-sublicensee and the location of the
business of each. The first Payment Report will be submitted within 30 days of
the first Royalty Due Date after the receipt of the first Revenue, and
thereafter a Payment Report shall be delivered every three months regardless of
whether any Revenue was received in the preceding period; and

 

17

 

(b)                                 on or before February
1st of each year during the Term, starting on February 1st,
2006, an Annual Report in the form attached as Schedule “C” (or an amended form as required by UBC
from time to time).

 

12.3                                                                           The calculation of
royalties will be carried out in accordance with generally accepted Canadian
accounting principles, or the standards and principles adopted by the U.S.
Financial Accounting Standards Board 
applied on a consistent basis.

 

12.4                                                                           The Licensee will
retain the accounts and records referred to in Article 12.1 for at least six
years from when they were made and will, upon ten (10) days written notice and
not more than once in any calendar year, permit a representative of a certified
independent accounting firm to inspect, at UBC’s expense, the accounts and
records during the Licensee’s normal business hours to
verify the accuracy of Revenue and the Licensee’s calculation of all amounts to
be paid by the Licensee to UBC under the terms of this Agreement. The Licensee will
provide to the representative all reasonable evidence necessary to verify the
accounts and records and will allow copies to be made of the accounts, records
and agreements. If an inspection of the Licensee’s records by UBC shows an
under-reporting or underpayment by the Licensee of any amount to UBC, by more
than five percent (5%) for any 12 month period, then the Licensee will
reimburse UBC for the cost of the inspection as well as pay to UBC any amount
found due (including any interest) within 30 days of notice by UBC to the
Licensee.

 

12.5                                                                           Any information
provided to UBC under Article 12  will be
considered Confidential Information of the Licensee and will be subject to the
Confidentiality provisions of Article 10.

 

13.0                                                                        INSURANCE

 

13.1                                                                           During the Term, and
for a period of three years thereafter, the Licensee will procure and maintain
insurance (including public liability and commercial general liability
insurance), as would be acquired by a reasonable and prudent businessperson
carrying on a similar line of business.

 

13.2                                                                           Notwithstanding
Article 13.1, one month before the earlier of:

 

(a)                                  the start of any
Product testing involving human subjects (“Human
Clinical Trials”); or

 

(b)                                 the First Use of the
Technology,

 

the Licensee will give notice to UBC of the terms and
amount of the product liability, clinical trials, public liability, and
commercial general liability insurance and such other types of insurance which
it has placed. This insurance will:

 

(c)                                  be placed with a
reputable and financially secure insurance carrier;

 

(d)                                 include UBC, its
Board of Governors, faculty, officers, employees, students and agents as additional
insureds;

 

(e)                                  provide coverage
regarding all activities under this agreement;

 

(f)                                    a severability of
interest and cross-liability clauses; and

 

 

18

 

(g)                                 provide that the
policy cannot be cancelled except on at least 30 days’ prior notice to UBC, and
will endeavour to provide UBC with notice of any material change in the
insurance coverage.

 

13.3                                                                           UBC shall have the
right to require reasonable amendments to the terms or the amount of coverage
contained in the policy. Failing the parties agreeing on the appropriate terms
or the amount of coverage, then the matter shall be determined by arbitration. The
Licensee will provide to UBC for its approval certificates of insurance
evidencing the coverage seven days before the earlier of any Human Clinical
Trials or the First Use of the Technology. The Licensee will not:

 

(a)                                  start any Human
Clinical Trials,

 

(b)                                 allow the First Use
of the Technology, or

 

(c)                                  sell any Product or
allow any third party to use the Technology or any Improvements

 

at any time unless, a certificate of insurance has
been provided and approved by UBC, and the insurance outlined in Article 13.2
is in effect.

 

13.4                                                                           The Licensee will
also require each sublicensee and sub-sublicensee to procure and maintain:

 

(a)                                  public liability and
commercial general liability insurance and such other types of insurance as
would be acquired by a reasonable and prudent businessperson carrying on a
similar line of business; and

 

(b)                                 in any event, one
month before the earlier of any Human Clinical Trials or the First Use of the
Technology by the sublicensee or sub-sublicensee, product liability, clinical
trials, public liability and commercial general liability insurance in
reasonable amounts, with a reputable and financially secure insurance carrier.

 

The Licensee will use commercially reasonable
efforts to ensure that all sublicensees’ and sub-sublicensees’ policies of
insurance contain a waiver of subrogation against UBC, its Board of Governors,
faculty, officers, employees, students and agents.

 

14.0                                                                        ASSIGNMENT & CHANGE OF CONTROL

 

14.1                                                                           The Licensee will not
assign, transfer, mortgage, pledge, grant a security interest, permit a lien to
be created, charge or otherwise dispose of any or all of the rights granted to
it under this Agreement without the prior written consent of UBC, which consent
will not be unreasonably withheld.

 

14.2                                                                           UBC will have the
right with the prior written consent of Licensee, which consent shall not be
unreasonably refused, to assign its rights, duties and obligations under this
Agreement to a company of which it is the sole shareholder, or a society which
it has incorporated or which has purposes which are consistent with the
objectives of UBC. If UBC makes such an assignment, the Licensee will release
and discharge UBC from all obligations or covenants, provided that the company
or society, as the case may be, signs a written agreement which provides that
the company or society assumes all obligations or covenants from UBC and that the
Licensee retains all rights granted to the Licensee under this Agreement.

 

19

 

15.0                                                                        GOVERNING LAW

 

15.1                                                                           This Agreement is
governed by, and will be construed in accordance with, the laws of British
Columbia and the laws of Canada in force in that province, without regard to
its conflict of law rules. All parties agree that by executing this Agreement
they have attorned to the jurisdiction of the Supreme Court of British Columbia.
The parties agree that the British Columbia Supreme Court has exclusive
jurisdiction over this Agreement.

 

16.0                                                                        NOTICES

 

16.1                                                                           All reports and
notices or other documents that a party is required or may want to deliver to
any other party will be delivered:

 

(a)                                  in writing; and

 

(b)                                 either by personal
delivery or by registered or certified mail at the address for the receiving
party set out in Article 16.2 or as varied by any notice.

 

Any notice personally delivered is deemed to have been
received at the time of delivery. Any notice mailed in accordance with this
Article 16.1 is deemed to have been received at the end of the fifth day after
it is posted.

 

16.2                                                                           The address for
delivery of notices and instructions for making payments to UBC are set out in
the attached Schedule “D”. The
address for delivery of notices to the Licensee is set out below:

 

OncoGenex Technologies, Inc.

Attention: President and CEO

# 400 – 1001 West Broadway

Vancouver, British Columbia 

Canada, V6H 4B1

Telephone:                            (604)
736-3678

Fax:                                         (604) 736-3687

 

With a copy
to:

 

Doug Seppala

McCullough,
O’Conner Irwin, Solicitors

1100-888
Dunsmuir Street

Vancouver, BC,
Canada

Fax:
604-687-7099

 

17.0                                                                        TERM

 

17.1                                                                           The term (the “Term”) of this Agreement starts on the
Effective Date and ends on:

 

(a)                                  the day that is
exactly 20  years later; or

 

(b)                                 the expiry of the
last patent licensed under this Agreement,

 

whichever is
last to occur, unless terminated earlier under Article 18.

 

20

 

18.0                                                                        TERMINATION OF AGREEMENT

 

18.1                                                                           This Agreement
automatically and immediately terminates without notice to the Licensee if any
proceeding under the Bankruptcy and
Insolvency Act of Canada, or any other statute of similar purpose,
is started by or against the Licensee.

 

18.2                                                                           UBC may, at its
option, immediately terminate this Agreement by giving notice to the Licensee
if one or more of the following occurs:

 

(a)                                  the Licensee becomes
insolvent, as evidenced, for example (without limitation) by the appointment of
a receiver, a receiver manager, or the Licensee ceasing or threatening to cease
carrying on business;

 

(b)                                 any execution or
other process of any court becomes enforceable against the Licensee, or if any
similar process is levied on the rights under this Agreement or on any money
due to UBC and is not released or satisfied by the Licensee within 30 days from
the process becoming enforceable or being levied;

 

(c)                                  any resolution is
passed or order made or other steps taken for the winding up, liquidation or
other termination of the existence of the Licensee;

 

18.3                                                                           If any one or more of
the following events has occurred and the Licensee has not cured these events
within thirty (30) days of receiving written notice from UBC, UBC may, at its
option, terminate this Agreement:

 

(a)                                  if the Licensee is
more than thirty (30) days in arrears of royalties or other monies that are due
to UBC under the terms of this Agreement;

 

(b)                                 the Technology, UBC
Improvements or any Joint Improvements become subject to any security interest,
lien, charge or encumbrance in favour of any third party claiming through the
Licensee without the prior written consent of UBC;

 

(c)                                  if the Licensee
breaches any of Articles 4.1, 11.1 or 13;

 

(d)                                 if any sublicensee or
sub-sublicensee of the Licensee is in breach of its sublicense or sub-sublicense
with the Licensee and the Licensee does not use commercially reasonable efforts
to cause the sublicensee or sub-sublicensee to cure the breach within 30 days
of receipt of notice from UBC; or

 

(e)                                  if the Licensee, or
any Affiliated Company is in material breach of any other agreement between the
Licensee or such Affiliated Company and UBC and the material breach has not
been cured within the time provided for the curing of the breach under the
terms of the other agreement.

 

18.4                                                                           Other than as set out
in Articles 18.1, 18.2 and 18.3, either party may terminate this Agreement for
any breach which is not remedied after providing the following notice to the
party in breach:

 

(a)                                  30 days notice in the
case of any breach which can reasonably be remedied within 30 days of the
delivery of such notice; or

 

 

 

21

 

(b)                                 if the breach cannot
be remedied within 30 days and the breach is not remedied within such further
period as may be reasonably necessary, or within 90 days after receipt of
notice, whichever is sooner.

 

18.5                                                                           If this Agreement is
terminated under Article 18.1 to 18.4, the Licensee will make all outstanding
royalty payments to UBC under Articles 5 and 6, and UBC may proceed to enforce
payment of all outstanding royalties or other monies owed to UBC and to
exercise any or all of the rights and remedies available under this Agreement
or otherwise available by law or in equity, successively or concurrently, at
the option of UBC. Within five days of the Effective Termination Date, the
Licensee will deliver to UBC all Technology, UBC Improvements and any Joint
Improvements in its possession or control and has no further right of any
nature at all in the Technology, UBC Improvements or any Joint Improvements. If
the Licensee has not delivered up the Technology, UBC Improvements and any
Joint Improvements within five days from the Effective Termination Date, UBC
may immediately and without notice enter the Licensee’s premises and take
possession of the Technology, UBC Improvements and any Joint Improvements. The
Licensee will pay all charges or expenses incurred by UBC in the enforcement of
its rights or remedies against the Licensee under this Article 18.5, including
without limitation UBC’s legal fees and disbursements on an indemnity basis.

 

18.6                                                                           The Licensee and all
sublicensees will cease to use the Technology, UBC Improvements or any Joint
Improvements in any manner at all or to manufacture or sell the Products within
five days from the Effective Termination Date. The Licensee will then deliver
to UBC an accounting within 30 days from the Effective Termination Date. The
accounting will specify, in or on such terms as UBC may in its sole discretion
require, the inventory or stock of Products manufactured and remaining unsold
on the Effective Termination Date. UBC will instruct that the unsold Products
be stored, destroyed or sold under its direction, provided this Agreement was
terminated under Article 18.2, 18.3 or 18.4. Without limitation, if this
Agreement is terminated under Article 18.1, no Products will be sold without
the prior written consent of UBC. The Licensee will continue to make royalty
payments to UBC in the same manner specified in Articles 5 and 6 on all
Products that are sold in accordance with this Article 18.6, notwithstanding
anything contained in, or any exercise of rights by UBC, under Article 18.5.

 

18.7                                                                           Notwithstanding the
termination or expiration of this Agreement, Article 12 remains in full force
and effect until six years after:

 

(a)                                  all payments of
royalty required to be made by the Licensee to UBC under this Agreement have
been made by the Licensee to UBC; and

 

(b)                                 any other claim or
claims of any nature or kind at all of UBC against the Licensee has been
settled.

 

18.8                                                                           If this Agreement is terminated by UBC under Articles
18.1, to 18.4, and if the Licensee has granted a sublicense under this
Agreement, provided that:

 

(a)                                  such sublicense is consistent with the terms of this
Agreement;

 

(b)                                 such sublicense is in good standing at the time that
this Agreement is terminated; and

 

(c)                                  the termination of this Agreement has not been disputed
by the Licensee nor held invalid by a court of competent jurisdiction in a
final and non-appealable decision,

 

22

 

UBC will
grant a license of the Technology, UBC Improvements and any Joint Improvements
to such sublicensee on substantially the same terms as are contained within the
sublicense with respect to the Technology, UBC Improvements and any Joint Improvements.
In granting such license, UBC shall not be obligated to undertake any
activities, or perform or fulfill any covenant which, in the opinion of UBC, is
unlawful, inappropriate or difficult to be undertaken by a non-profit tax-exempt
educational institution or relates in any way to the Licensee Improvements. UBC
will not modify or amend the financial terms contained within the sublicense
when granting a license to such sublicensee other than any financial terms
related to the license of the Licensee Improvements.

 

19.0                                                                        MISCELLANEOUS COVENANTS OF LICENSEE

 

19.1                                                                           The Licensee
represents and warrants to UBC that the Licensee is a corporation duly
organized, existing and in good standing under the laws of Canada and has the
power, authority and capacity to enter into this Agreement and to carry out the
transactions contemplated by this Agreement, all of which have been duly and
validly authorized by all requisite corporate proceedings.

 

19.2                                                                           The Licensee will
comply with all laws, regulations and ordinances, whether Federal, State,
Provincial, County, Municipal or otherwise, with respect to the Technology and
any Improvements and this Agreement.

 

19.3                                                                           The Licensee will pay
all reasonable legal expenses and costs incurred by UBC in negotiating and
drafting this Agreement [***]. In addition the Licensee will reimburse UBC for
any reasonable legal costs incurred by UBC in connection with any consents and
approvals required from UBC, including without limitation expenses and costs
regarding UBC’s review of any sublicenses or sub-sublicenses to be granted by
the Licensee.

 

19.4                                                                           The Licensee will pay
all taxes and any related interest or penalty designated in any manner at all
and imposed as a result of the existence or operation of this Agreement,
including without limitation tax which the Licensee is required to withhold or
deduct from payments to UBC. The Licensee will provide to UBC evidence as may
be required by Canadian authorities to establish that the tax has been paid. The
royalties specified in this Agreement are exclusive of taxes. If UBC is
required to collect a tax to be paid by the Licensee or any of its sublicensees
or sub-sublicensees, the Licensee will pay the tax to UBC on demand.

 

19.5                                                                           The obligation of the
Licensee to make all payments under this Agreement is absolute and
unconditional and is not, except as expressly set out in this Agreement,
affected by any circumstance, including without limitation any set-off,
compensation, counterclaim, recoupment, defence or other right which the
Licensee may have against UBC, or anyone else for any reason at all.

 

19.6                                                                           The Licensee will pay
interest on all amounts due and owing to UBC under this Agreement but not paid
by the Licensee on the due date, at the rate of [***] per annum, calculated
annually not in advance. The interest accrues on the balance of unpaid amounts
from time to time outstanding, from the date on which portions of the amounts
become due and owing until payment in full.

 

23

 

20.0                                                                        MANAGEMENT OF CONFLICTS OF INTEREST

 

20.1                                                                           The Licensee
acknowledges that it is aware of UBC’s Conflict of Interest Policy #97, Patent
and Licensing Policy #88 and Research Policy #87 (http://www.policy.ubc.ca/),
and that UBC may amend these policies or introduce new policies from time to
time.

 

20.2                                                                           Subject to Article
20.3 the Licensee and UBC agree, that:

 

(a)                                  the facilities and
research programs of the Licensee will be conducted independently of all UBC
facilities, faculty, students or staff, and in particular, independently of and
from the Investigators and the laboratory facilities made available to the
Investigators by reason of the Investigators’ employment at UBC;

 

(b)                                 no students,
post-doctoral fellows or other UBC staff will participate or be involved in
research or projects for or in collaboration with the Licensee that utilize
UBC’s facilities or resources; and

 

(c)                                  the Licensee will use
commercially reasonable efforts to forward to UBC any disclosures of
inventions, manuscripts and/or abstracts made by the Investigators to the
Licensee.

 

20.3                                                                           The Licensee and UBC
may, from time to time, enter into written agreements to permit activities
which would otherwise be prohibited by Article 20.2.

 

21.0                                                                        GENERAL

 

21.1                                                                           Upon 48 hours advance
notice, and at UBC’s sole risk and expenses, the Licensee shall permit any duly
authorized representative of the UBC that has signed an appropriate
non-disclosure agreement with the Licensee to enter upon and into any premises
of the Licensee during normal business hours for the purpose of inspecting the
Products and the manner of their manufacture and generally of ascertaining
whether or not the provisions of this Agreement have been, are being, or will
be complied with by the Licensee.

 

21.2                                                                           Nothing contained in
this Agreement is to be deemed or construed to create between the parties a
partnership or joint venture. No party has the authority to act on behalf of
any other party, or to commit any other party in any manner at all or cause any
other party’s name to be used in any way not specifically authorized by this
Agreement.

 

21.3                                                                           Subject to the
limitations in this Agreement, this Agreement operates for the benefit of and
is binding on the parties and their respective successors and permitted
assigns.

 

21.4                                                                           No condoning,
excusing or overlooking by any party of any default, breach or non-observance
by any other party at any time or times regarding any terms of this Agreement
operates as a waiver of that party’s rights under this Agreement. A waiver of
any term , or right under, this Agreement will be in writing signed by the
party entitled to the benefit of that term or right, and is effective only to
the extent set out in the written waiver.

 

21.5                                                                           No exercise of a
specific right or remedy by any party precludes it from or prejudices it in
exercising another right or pursuing another remedy or maintaining an action to
which it may otherwise be entitled either at law or in equity.

 

24

 

21.6                                                                           All terms which
require performance by the parties after the expiry or termination of this
Agreement, will remain in force despite this Agreement’s expiry or termination
for any reason.

 

21.7                                                                           Part or all of any
Article that is indefinite, invalid, illegal or otherwise voidable or
unenforceable may be severed and the balance of this Agreement will continue in
full force and effect.

 

21.8                                                                           The Licensee
acknowledges that the law firm of Richards Buell Sutton has acted solely for
UBC in connection with this Agreement and that all other parties have been
advised to seek independent legal advice.

 

21.9                                                                           This Agreement sets
out the entire understanding between the parties and no changes are binding
unless signed in writing by the parties to this Agreement.

 

21.10                                                                     Time is of the
essence of this Agreement.

 

25

 

21.11                                                                     Unless the contrary
intention appears, the singular includes the plural and vice versa and words
importing a gender include other genders.

 

SIGNED BY THE PARTIES AS AN AGREEMENT on the 25 day of April, 2005 but effective as of the Effective Date.

 

	
  SIGNED FOR AND ON BEHALF of 

  THE UNIVERSITY OF BRITISH COLUMBIA

  by its authorized signatories:

  	
   

  
	
  /s/ J.P. Heale

  	
  J.P. Heale, PhD, MBA 

  Associate Director 

  University-Industry Liaison Office

  
	
  Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Authorized Signatory

  	
   

  

 

	
  SIGNED
  FOR AND ON BEHALF of ONCOGENEX 

  TECHNOLOGIES INC. 

  by
  its authorized signatories:

  	
   

  
	
   

  	
   

  
	
  /s/
  Scott Cormack

  	
   

  
	
  Authorized
  Signatory 

  	
   

  
	
   

  	
   

  
	
  Scott
  Cormack, President & CEO 

  	
   

  
	
  Please
  print Name and Title of Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Please
  print Name and Title of Signatory

  	
   

  	
   

  

 

26

SCHEDULE
“A”

 

DESCRIPTION
OF “TECHNOLOGY”

 

 

	
  UBC File #

  	
   

  	
  Inventor(s)

  	
   

  	
  Description

  	
   

  	
  Patent #

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

 

SCHEDULE
“B”

 

Payment Report for the Period  dd/mm/yy to dd/mm/yy

 

Instructions
for Completing this Report

 

Please fill
out each section in full, identifying in the Royalty Summary Table the unit
sales and geographical sales areas. If the licence with UBC involves several
product lines, please prepare a separate Summary Table for each product line. For
licences involving sublicensing or sub-sublicensing revenue, please prepare an
additional report for each sublicense or sub-sublicense.

 

PLEASE
NOTE:  An interest rate of [***] per annum, calculated annually not in advance
will be assessed against all payments in arrears.

 

 

	
  Licensee

  (or sublicensee)

  	
   

  	
  Agreement #

  	
   

  	
  UBC ID #

  	
   

  

 

	
  UBC
  Technology

  	
   

  

 

Report Type
(check one and complete as appropriate)

 

	
  Single
  Product Line

  	
  o

  	
  Product Line
  Trade Name

  
	
   

  	
   

  	
   

  
	
  Multiple
  Products

  	
  o

  	
  Page

  	
   

  	
  Of

  	
   

  	
  Product Line
  Trade Name

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sublicense
  Report

  	
  o

  	
  Page

  	
   

  	
  Of

  	
   

  	
   

  

 

Payments
this Quarter (please complete separate tables for multiple product lines)
Royalties on Product Sales

 

	
   

  	
   

  	
  Units 

  	
   

  	
  Unit Price 

  (domestic

  	
   

  	
  Gross 

  	
   

  	
  Less 

  	
   

  	
  Net 

  	
   

  	
  Royalty 

  	
   

  	
  Conversion 

  Rate (to

  	
   

  	
  Period Royalty Amount 

  (Canadian $)

  	
   

  
	
  Country

  	
   

  	
  Sold

  	
   

  	
  currency)

  	
   

  	
  sales

  	
   

  	
  Allowances*

  	
   

  	
  Sales

  	
   

  	
  Rate

  	
   

  	
  Canadian $)

  	
   

  	
  This yr

  	
   

  	
  Last yr

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  US

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Europe

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (specify

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  countries)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Other

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Product Royalties

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Additional Payments (complete all that
  apply)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Minimum Royalty Fee

  	
   

  	
  o

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Amount

  	
   

  	
   

  	
   

  	
   

  
	
  Milestone Payment

  	
   

  	
  o

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Amount

  	
   

  	
   

  	
   

  	
   

  
	
  Annual Licence Maintenance Fee

  	
   

  	
  o

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Amount

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  This
  Year

  	
   

  	
  Last
  Year

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Payments for Period

  	
   

  	
   

  	
   

  	
   

  

 

*Please
indicate the reasons for returns or other allowances, if significant. Please
note any unusual occurrences that affected royalty amounts during the period.

 

	
  Prepared
  by

  	
   

  	
  Date

  	
   

  	
  Dd/mm/yy

  	
   

  	
  Phone

  

 

I                                                    
(print name),                                                 
(title)  hereby certify the foregoing
information as true and correct.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Date Signed

  	
   

  

 

 

SCHEDULE
“C”

 

UBC
License Agreement Annual Report

 

The
information to be completed below shall constitute the annual report required
pursuant to the UBC License Agreement. Any information or documents provided by
the Licensee in this report shall not be interpreted as affecting the express
rights and obligations of the Licensee contained in the License Agreement. This
report is in addition to the Payment Report to accompany each royalty payment.

 

	
  Date of
  Report:

  	
   

  	
  Person
  Preparing This Report:

  
	
   

  	
   

  	
   

  
	
  Name of
  Licensee:

  	
   

  	
  UBC File
  Number:

  
	
   

  	
   

  	
   

  
	
  Jurisdiction
  of Corporation:

  	
   

  	
   

  	
  Head Office
  :

  
	
   

  	
   

  	
   

  	
  Address

  
	
   

  	
   

  	
   

  	
   

  
	
  Contact
  Person for Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Licensed
  Technology:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone
  Number:

  	
   

  	
   

  	
  E-mail
  Address:

  
					

 

1.               Please provide a brief report on the status of development of the
UBC Technology, progress on creating a commercial Product or subsequent
marketing of the Product as appropriate.

 

 

2.               Has the Licensee filed any patent applications for modifications or
improvements relating to the original UBC Technology?  Please provide details, and attach copies of
all relevant documents.

 

 

3.               Has the Licensee become aware of any potential 3rd party
infringing on the UBC patents or related intellectual property?  If so please provide details and outline what
the Licensee is doing about this.

 

 

4.               Has the Licensee met any milestone or performance objectives in the
past year as set forth in the license agreement?  Please outline the past year’s
accomplishments.

 

 

5.               Does the Licensee expect to meet any milestone or performance
objective in the coming year as set forth in the license agreement?  If so please provide details.

 

 

6.               If applicable, has the Licensee granted sublicenses or
sub-sublicenses to 3rd parties and if so have copies of the
sublicense or sub-sublicenses agreement been provided to the Technology Manager
at UBC?  If not, please enclose a copy of
each sublicense or sub-sublicense agreement.

 

 

7.               Has the licensee made any sales in the last 12 months?  Yes o  No  o

If so please
submit a completed Royalty Payment Report.

 

 

a)  Date of sales of Products utilizing the
Technology;

 

b)  Date of any clinical trials.

 

 

8.               Does your company have public liability insurance?  If so, please attach a copy of the insurance
policy naming UBC as insured as required by the License Agreement.

 

 

9.               Please provide the Licensee’s estimate or projection of gross sales
revenue for products based on the UBC Technology for the next 12 months by
licensee and any sub-licensee or sub-sublicensee.

 

 

10.         Is there any other information relating to this License that you
think we should be aware of? Please summarize them below or contact us
directly.

 

 

 

	
  Prepared
  by

  	
   

  	
  Date

  	
   

  	
  Dd/mm/yy

  	
   

  	
  Phone

  

 

 

I                                     
(print name), of                                     (title)
hereby certify the foregoing information as true and correct.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Date Signed

  	
   

  

 

Once completed, please submit this report to:

 

Managing
Director c/o Licensing Compliance Officer

University
– Industry Liaison Office

#103
– 6190 Agronomy Road,

Vancouver, BC

V6T 1Z3

 

2

 

SCHEDULE
“D”

 

ADDRESS
FOR NOTICES & PAYMENT INSTRUCTIONS

 

1.                                                                                       The address for delivery of notices to UBC is:

 

The Director

University – Industry Liaison Office

University of British Columbia

#103 – 6190 Agronomy Road 

Vancouver, British Columbia

V6T 1Z3

Telephone:                                    (604) 822-8580

Fax:                                                                           (604) 822-8589

 

2.                                                                                       Payment of all amounts due to UBC under the terms of this license
may be made as follows:

 

a)                                      by cheque made payable to “The University of British Columbia”
delivered to UBC at the above address; or

 

b)                                     by wire transfer in accordance with the instructions set out below:

 

Note: Please
ensure ALL of the information is provided
for efficient receipt of wire payments:

 

	
  For CAD $Deposits via wire

  	
   

  	
   

  
	
  (General):

  	
   

  	
  For
  USD Deposits via wire:

  
	
   

  	
   

  	
   

  
	
  [***]

  	
   

  	
  [***]

  
	
  [***]

  	
   

  	
  [***]

  
	
  [***]

  	
   

  	
  [***]

  
	
  [***]

  	
   

  	
  [***]

  
	
  [***]

  	
   

  	
  [***]

  
	
   

  	
   

  	
  [***]

  

 

 

 

AMENDING AGREEMENT

 

This Agreement
is made as of August 30, 2006 (the “Effective
Date”).

 

Between:

 

THE
UNIVERSITY OF BRITISH COLUMBIA, a
corporation continued under the University Act
of British Columbia and having its Industry Liaison offices at #103 – 6190
Agronomy Road, Vancouver, British Columbia, V6T 1Z3

 

(the “University”)

 

-and -

 

ONCOGENEX
TECHNOLOGIES INC. a corporation incorporated
under the laws of Canada, and having offices at Suite 400, 1001 West
Broadway, Vancouver, British Columbia, V6H 4B1

 

(the “Licensee”)

 

WHEREAS:

 

A.                                   The
University and the Licensee entered into a license agreement with an Effective
Date of April 5, 2005 with respect to Hsp27 (“Hsp27 License Agreement”) pursuant to which the University
granted the Licensee an exclusive worldwide license to the Technology, as
defined in the Hsp27 License Agreement;

 

B.                                     The
University and the Licensee now wish to amend the Hsp27 License Agreement as
set out below.

 

Now therefore,
in consideration of the premises and the mutual covenants contained in this
Amending Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto covenant and
agree with each other as follows:

 

1.                                                                                       Article 6.6 is hereby amended by adding the following to the
end of it:

 

“The University consents to the termination of any shareholders
agreements to which the University and the Licensee may be party, upon the
Licensee becoming a reporting issuer under the Securities Act of British
Columbia.”

 

2.                                                                                       Article 7.1 is hereby deleted and the following substituted
therefore:

 

“7.1                           The Licensee shall have the right to identify any process, use or
products arising out of the Technology and any University Improvements that may be
patentable and may seek patent protection with respect thereto, in which
case the Licensee shall take all reasonable steps to apply for a patent in the
name of the University provided that the Licensee pays all costs of applying
for, 

 

 

 

registering and maintaining the patent in those jurisdictions in which
the Licensee might designate that a patent is required. The choice of patent
counsel will be mutually agreed upon between the University and the Licensee.
The University shall remain the client of such patent counsel, however, the
Licensee will provide direct instructions to the patent counsel on all patent
matters relating to the Technology including filing, prosecution, management,
maintenance, including renewals and term extensions thereof, and the scope and
content of patent applications and to request countries for foreign filings.
The Licensee will pay patent counsel for all costs incurred with respect to any
and all patents relating to the Technology. The Licensee will supply or
instruct the patent counsel to supply the University with copies of all
documents and correspondence received and filed in connection with the
prosecution of patents. The Licensee will keep the University advised as to all
material developments with respect to such applications with sufficient time
for the University to review and respond, and generally not less than 30 days
prior to an applicable patent deadline, unless circumstances reasonably require
the Licensee to act sooner to protect the patents, in which case the Licensee may act
sooner.  The University shall, as
required and at the Licensee’s cost for the University’s reasonable
out-of-pocket expenses, reasonably cooperate with the Licensee, its lawyers and
agents in the filing, prosecution, management and maintenance of the patents.”.

 

3.                                                                                       The following is added as Article 10.6:

 

“10.6                     Notwithstanding anything contained in this Article, the parties
acknowledge and agree that the Licensee may disclose Confidential
Information to the extent that may be required by applicable securities
laws in connection with the public offering of the Licensee’s securities and
thereafter to comply with its disclosure obligations as a public company. If
required to make such disclosure by any applicable securities laws, the
Licensee shall inform the University in writing by giving notice and will
consider any reasonable comments the University may have. Such notice
shall be generally not less than 48 hours prior to public disclosure unless a
delay of 48 hours would violate applicable securities laws, in which case
notice shall be as soon as practicable.”

 

4.                                                                                       Article 11.1 is hereby deleted and the following substituted
therefore:

 

“11.1                     The Licensee will not use the UBC Trade-marks or make reference to
UBC or its name in any advertising or publicity, without the prior written
consent of UBC. If the Licensee is required by law to act in breach of this
Article, the Licensee will provide UBC with sufficient prior notice to permit
UBC to bring an application or other proceeding to contest the requirement.”.

 

5.                                                                                       The contact information for delivery of notices in Article 16.2
is amended as follows:

 

With a copy to:

 

Doug Seppala

DuMoulin Black LLP

 

2

 

Barristers & Solicitors

10th Floor - 595 Howe Street

Vancouver, British Columbia

V6C 2T5

Fax:                                                                           (604) 687-3635

 

6.                                                                                       Except as modified herein, the University and the Licensee confirm
that the Hsp27 License Agreement remains unmodified and in full force and
effect.

 

7.                                                                                       The Hsp27 License Agreement as modified by this Agreement
constitutes the entire agreement between the parties relating to the subject
matter hereof.

 

This Agreement
may be executed by the parties in separate counterparts and by facsimile,
each of which such counterparts when so executed and delivered shall be deemed
to constitute one and the same instrument.

 

IN
WITNESS WHEREOF the parties have executed
this Agreement as of the date first above written.

 

SIGNED FOR AND
ON BEHALF OF

THE
UNIVERSITY OF BRITISH COLUMBIA

by its duly
authorized officers:

 

 

	
   

  	
   

  	
  J.P.
  Heale, PhD, MBA

  
	
   

  	
   

  	
  Associate
  Director

  
	
  /s/
  J.P. Heale

  	
   

  	
  University-Industry
  Liaison Office

  
	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED
  FOR AND ON BEHALF OF

  	
   

  	
   

  
	
  ONCOGENEX TECHNOLOGIES INC.

  	
   

  	
   

  
	
  By
  its duly authorized officer:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Scott Cormack

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

3

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