Document:

EX-10.15

 Exhibit 10.15 

Confidential 
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

LICENSE AGREEMENT 

THIS COLLABORATION AND LICENSE AGREEMENT (this “Agreement”) is entered into as of this 26th day of August, 2016 (the
“Effective Date”), by and between MedImmune Limited, a company incorporated in England and Wales (under company number 2451177) whose registered office is Milstein Building, Granta Park, Cambridge, CB21 UK
(“Licensor”), AbMed Corporation a Delaware corporation with its principal place of business at 160 Greentree Drive, Suite 101, Dover, Kent County, Delaware 19904 (“Company”) and, solely with respect to the specified
provisions hereof, AbPro Corporation, a Delaware corporation with its principal place of business at 65 Cummings Park Drive, Woburn, Massachusetts 01801 (“AbPro”). Licensor, Company and AbPro are sometimes collectively referred to
herein as the “Parties” and each separately as a “Party.” 
 RECITALS 

WHEREAS, Licensor is a biopharmaceutical research and development company that owns or controls the rights to the Licensor Molecule (as
defined below) and desires to collaborate with Company to further the research, clinical and commercial development of such Licensor Molecule; and 

WHEREAS, Company is a wholly-owned subsidiary of AbPro; 

WHEREAS, Company has the capability to commercially develop Products (as defined below) and desires to exclusively license the Licensor
Molecule and the underlying intellectual property rights to further the research, development and commercialization of such Licensor Molecule; and 

WHEREAS, Licensor desires to exclusively license the Licensor Molecule and the intellectual property rights to Company to support
Company’s research, development and commercialization of such Licensor Molecule. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and legal sufficiency of which are hereby mutually acknowledged, the Parties hereby agree as follows: 

  
 1. 

 Confidential 

 

 ARTICLE 1 

DEFINITIONS 
 The following capitalized
terms will have the meanings set forth below when used in this Agreement: 
  

	1.1	“AbPro Preferred Shares” shall have the meaning given to it in Section 32. 

  

	1.2	“Affiliate” means, with respect to a Person, any other Person that controls, is controlled by, or is under common control with that Person. For the purpose of this definition, “control” shall
mean, direct or indirect, ownership of fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation, or fifty percent (50%) or more of the equity interest in the case of any other
type of legal entity, status as a general partner in any partnership, or any other arrangement whereby the entity or person controls or has the right to control the board of directors or equivalent governing body of a corporation or other entity, or
the ability to cause the direction of the management or policies of a corporation or other entity. In the case of entities organized under the laws of certain countries, the maximum percentage ownership permitted by law for a foreign investor may be
less than fifty percent (50%), and in such case such lower percentage shall be substituted in the preceding sentence, provided that such foreign investor has the power to direct the management and policies of such entity. 

 

	1.3	“ANG2” means angiopoietin-2 which is an angiopoietin that binds to the TIE-2 receptor and antagonizes the effect of angiopoietin-1 and which includes for illustrative purposes GenBank Accession Number AA143903. 

  

	1.4	“Applicable Law” means individually and collectively, any federal, state, local, national and supranational laws, treaties, statutes, ordinances, rules and regulations, including any rules, regulations,
guidance, guidelines or requirements having the binding effect of law of national securities exchanges, automated quotation systems or securities listing organizations, Regulatory Authorities, courts, tribunals and agencies, legislative bodies and
commissions that are in effect from time to time during the term of this Agreement, each as the same may be amended or supplemented, that are applicable to the conduct of the activities under this Agreement. 

 

	1.5	“Control” or “Controlled” means, with respect to the intellectual property rights of a Party, that such Party and/or its Affiliates owns or has licensed (or otherwise has obtained
rights to or under) such intellectual property rights and such Party and/or its Affiliates has the right to grant licenses or sublicenses, as applicable, to such intellectual property rights to the other Party as contemplated by this Agreement,
without requiring the consent of a Third Party or violating the terms of any agreement or arrangement with such Third Party. 

  

	1.6	“Commercially Reasonable Efforts” mean exerting such efforts and employing such resources as would normally be exerted or employed by a reasonable Third-Party company for a product of similar market
potential at a similar stage of its product life, when utilizing sound and reasonable scientific and business practice and judgement in order to develop the Product in a timely manner and maximize the economic return to the Parties from its
commercialization. 

  

	1.7	“Common Stock” shall have the meaning given to it in Section 5.1(a). 

  

	1.8	“Company Indemnitees” shall have the meaning given to it in Section 9.1(b). 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

2. 

 Confidential 

 

	1.9	“Confidential Information” means all information, technology, inventions, discoveries, know-how, data, formulae, compositions, biological materials, substances,
processes and equipment which are regarded as confidential by a Party (hereinafter, the “Disclosing Party”) and disclosed to the other Party (hereinafter, the “Receiving Party”). Notwithstanding the foregoing,
specific information shall not be considered “Confidential Information” to the evidence that such information: (a) was known by the Receiving Party prior to communication by the Disclosing Party of such information to such Receiving
Party; (b) was a matter of public knowledge at the time of such disclosure to the Receiving Party; (c) becomes a matter of public knowledge, without fault on the part of the Receiving Party, subsequent to the disclosure by the Disclosing
Party of such information to the Receiving Party; (d) was disclosed to the Receiving Party by a Third Party lawfully having possession of such information without an obligation of confidentiality; or (e) was independently discovered or
developed by the Receiving Party or its Affiliates, without the use of the Disclosing Party’s Confidential Information as evidenced by contemporaneous written evidence. 

 

	1.10	“Convertible Preferred Stock” shall have the meaning given to it in Section 3.2. 

  

	1.11	“Dispute” shall have the meaning given to it in Section 13.1. 

  

	1.12	“Distributor” shall mean any Third Party to whom Company, a Company Affiliate or a Sublicensee has granted, express or implied, the right to distribute a Product pursuant to Section 2.1(b).

  

	1.13	“First Commercial Sale” shall mean the first Sale anywhere in the applicable License Territory of a Product. 

  

	1.14	“Initial Financing” shall have the meaning given to it in Section 3.2. 

  

	1.15	“License Field” shall mean all fields of use. 

  

	1.16	“License Territory” shall mean worldwide. 

  

	1.17	“Licensor Common Shares” shall have the meaning given to it in Section 5.1(a). 

  

	1.18	Licensor Indemnitees” shall have the meaning given to it in Section 9.1(a). 

  

	1.19	“Licensor Molecule” means the proprietary bispecific antibody (ies) Controlled by Licensor known as “ANG2/VEGF-H1RK” identified in the Licensor Patent Rights. 

 

	1.20	“Licensor Molecule IP” means any and all (i) Licensor Patent Rights and/or (ii) Licensor Know-How. 

 

	1.21	 “Licensor Know-How” means research and development data,
information, reports, studies, validation methods and procedures, unpatented inventions, knowledge, trade secrets, technical or other data or information, or other materials, methods, procedures, processes, flow diagrams, materials, developments or
technology, including all biological, chemical, 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

3. 

 Confidential 

 

	 	
pharmacological, toxicological, clinical, manufacturing, analytical, safety, quality assurance, quality control and other data, information, reports or studies Controlled by Licensor and/or its
Affiliates concerning or otherwise related to the Licensor Molecule as set forth in Appendix B and includes, without limitation, the Licensor Molecule and the sequences for or not any of the foregoing is in the public domain. 

 

	1.22	“Licensor Patent Rights” shall mean the Licensor’s rights in the patents and/or patent applications listed in Appendix A, and/or the equivalent of such application including any divisional,
continuation, or continuation-in-part application, and/or any foreign patent application and/or Letters Patent, and/or the equivalent thereof issuing thereon, and/or
reissue, reexamination or extension thereof. 

  

	1.23	“Licensor Preferred Shares” shall have the meaning given to it in Section 5.1(b). 

  

	1.24	“Net Sales” shall be calculated as set forth in this Section 1.24: 

  

	 	(a)	Subject to the conditions set forth below, “Net Sales” shall mean: 

  

	 	(i)	the gross amount received, cash or non-cash, by Company and its Affiliates and Sublicensees for or on account of Sales of Products; 

 

	 	(ii)	less the following amounts to the extent actually paid by Company Affiliates or its Sublicensees in effecting such Sale: 

  

	 	i.	amounts repaid or credited by reason of rejection or return of applicable Products; 

  

	 	ii.	normal and customary trade, quantity or cash rebates or discounts to the extent allowed and taken; 

  

	 	iii.	amounts for outbound transportation, insurance, handling and shipping, but only to the extent separately invoiced in a manner that clearly specifies the charges applicable to the applicable Products; and

  

	 	iv.	taxes, customs duties and other governmental charges levied on or measured by Sales of Products, to the extent separately invoiced, whether paid by or on behalf of Company, but not franchise or income taxes of any kind
whatsoever. 

  

	 	(iii)	In no event will any particular amount, identified above, be deducted more than once in calculating Net Sales. 

  

	 	(b)	Specifically excluded from the definition of “Net Sales” are amounts attributable to any Sale of any Product between or among Company and any Company Affiliate and/or Sublicensee, unless the transferee
is the end purchaser, user or consumer of such Product. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

4. 

 Confidential 

 

	 	(c)	Net Sales shall be deemed to have occurred and the applicable Product “Sold” on the earliest of the date of billing, invoicing, delivery or payment or the due date for payment. 

 

	1.25	“Patent Costs” shall have the meaning given to it in Section 5.2. 

  

	1.26	“Person” means any individual, corporation, partnership, firm, association, joint venture, joint stock company, trust, limited liability company, or other entity. 

 

	1.27	“Product” shall mean any article, device or composition comprising a bispecific antibody targeting both VEGF and ANG2 that (i) is covered by a least one Valid Claim within the Licensor Patent
Rights and/or (ii) comprises and/or whose development used in any way the Licensor Know How. 

  

	1.28	“Payment” shall have the meaning given to it in Section 5.8. 

  

	1.29	“Regulatory Approval(s)” means, with respect to a Product, all regulatory approvals, authorizations, licenses, applications, supplements, variations, agreements and/or permits issued by any Regulatory
Authority in such country necessary to research, develop, manufacture, market, and otherwise commercialize the Product in accordance with Applicable Law. 

  

	1.30	“Regulatory Authority” means any federal, national, international, state or local regulatory authority, regulatory agency or other governmental body or entity in any country with authority over the
research, development, testing, manufacture, use, storage, importation, promotion, marketing, pricing or sale of a pharmaceutical product in such country, including the United States Food and Drug Administration (FDA) and the European Medicines
Agency (EMA). 

  

	1.31	“Regulatory Exclusivity Expiry” means in relation to a particular Product, on a country by country basis, the date upon which any exclusive marketing rights or data exclusivity rights conferred by any
Regulatory Authority in connection with a Regulatory Approval expires or lapses, thereby providing a Third Party the right to sell a biosimilar version of such Product in the applicable country. 

 

	1.32	“Reporting Period” shall mean each three (3) month period ending March 31, June 30, September 30 and December 31. 

 

	1.33	“Research Plan” shall have the meaning given to it in Section 3.1. 

  

	1.34	“Royalty Term” shall have the meaning given to it in Section 5.5. 

  

	1.35	“Sell” (and “Sale” and “Sold” as the case may be) shall mean to sell or have sold, to lease or have leased, to import or have imported or otherwise to transfer or have
transferred a Product for valuable consideration (in the form of cash or otherwise). 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

5. 

 Confidential 

 

	1.36	“Sublicensee” shall mean any sublicensee of rights granted in accordance with Section 2.1(a). For purpose of this Agreement, a Distributor of a Product shall not be included in the definition of
Sublicensee unless such Distributor (i) is granted any right to make, have made, use or have used, Sell, have Sold the Licensor Molecule and/or Products in accordance with Section 2.1(a), or (ii) has agreed to pay to Company or its
Affiliate(s) royalties on such Distributor’s sales of the Licensor Molecule and/or Products, in which case such Distributor shall be a Sublicensee for all purposes of this Agreement. 

 

	1.37	“Third Party” means any Person other than the Parties or their respective Affiliates. 

  

	1.38	“Upstream Licenses” means the licenses, collaboration and/or other agreements entered into by Licensor and/or its Affiliates and one or more Third Parties pursuant to which the Licensor Molecule and/or
the Licensor Molecule IP are licensed to Licensor and/or its Affiliates and sublicensed to the Company under this Agreement. 

  

	1.39	“Valid Claim” means, with respect to a particular country, a claim in a patent application and/or an unexpired patent within the Licensor Patent Rights in such country that has not lapsed or been
abandoned, disclaimed, revoked, held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and that has not been
admitted to be invalid or unenforceable through re-examination, re-issue, disclaimer or otherwise, or lost in an interference proceeding; provided that if a pending
claim of a patent application within the Licensor Patent Rights does not issue within [*] years from its earliest priority date, such pending claim will cease to be a Valid Claim unless and until actually issued. 

 

	1.40	“VEGF” means a vascular endothelial growth factor that binds to a vascular endothelial growth factor receptor and promotes endothelial cell growth and which includes for illustrative purposes GenBank
Accession Number AAM03108, 

 Unless the context of this Agreement otherwise requires: (a) words of any gender include each other gender;
(b) words using the singular or plural number also include the plural or singular number, respectively; (c) the terms “hereof,” “herein,” “hereby,” and derivative or similar words refer to this entire
Agreement; (d) the terms “Section,” “Article” or “Appendix” refer to the specified Section, Article or Appendix of this Agreement; (e) the term “including” means “including without
limitation”; (f) “days” refers to calendar days, “quarterly” refers to calendar quarter, and “annual” refers to calendar year; and (g) “will” shall mean “shall”. 

ARTICLE 2 
 LICENSE

  

	2.1	Grant of License. 

 (a) Subject to the terms of this Agreement, Licensor hereby grants to
Company an exclusive (even as to Licensor), royalty-bearing, sublicenseable (in accordance with Section 22) license in the License Field under the Licensor Molecule IP to make, have made, use, have used, Sell and have Sold the Licensor Molecule
and/or Products in the License Territory. For the avoidance of doubt, Company shall not be licensed under the Licensor Molecule IP to make, have made, use, have used, Sell and have Sold any article, device or composition that binds to ANG2

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

6. 

 Confidential 

 

 
alone or VEGF alone, or any other item except the Licensor Molecule or Products, it being acknowledged that the license set forth above is restricted solely to the Licensor Molecule and/or
Products. For the further of avoidance of doubt, Licensor shall have the exclusive right under the Licensor Molecule IP to make, have made, use, have used, Sell and have Sold any article, device or composition except Licensor Molecule and Products

 (b) The license granted in Section 2.1(a) above includes: (i) the right to grant to the final purchaser, user or consumer of the
Licensor Molecule and/or Products the worldwide right to use such purchased Licensor Molecule and/or Products in a method coming within the scope of Licensor Patent Rights; and (ii) the right to grant a Distributor the right to Sell (but not to
make, have made, use or have used) such Licensor Molecule and/or Products for or on behalf of Company, its Affiliates and/or Sublicensees in a manner consistent with this Agreement. 

2.2 Sublicenses. Subject to Section 2.1(b), any sublicense granted by Company shall be [*]. Licensor shall, [*], or in the event that [*]. Each
sublicense granted hereunder shall be consistent with and comply with all terms of this Agreement, shall incorporate terms and conditions sufficient to enable Company to comply with this Agreement [*]. Upon termination of this Agreement or any
license granted hereunder for any reason, any sublicenses shall be addressed in accordance with Section 12.6. Any sublicense which is not in accordance with the forgoing provisions shall be null and void. 

2.3 Upstream Licenses. Licensor shall at all times remain responsible for the payment of any royalty, milestone and other payment obligations, if any,
due to Third Parties under any Upstream Licenses to which Licensor is bound and all such payments shall be timely made, or otherwise agreed, by the Licensor in accordance with the terms of the applicable Upstream License. 

2.4 Retained Rights. Except as expressly set forth in this Agreement, no other rights, express or implied, are granted to Company by Licensor and no
additional rights shall be deemed granted by implication, estoppel or otherwise. 
 ARTICLE 3 

RESEARCH AND DEVELOPMENT 
 3.1 Research
Plan. Within [*] of the Effective Date, AbPro shall develop in good faith, and provide to Licensor, a written plan for advancing the research and development of the Licensor Molecule (the “Research Plan”). Company shall use
Commercially Reasonable Efforts to perform such Research Plan and to develop the Licensor Molecule towards a Product in compliance with all Applicable Laws. Such Commercially Reasonable Efforts shall include achieving the following objectives within
the time periods designated below following the Effective Date: 
  

			
	 Milestones required to be achieved to evidence

use of Commercially Reasonable Efforts
	  	Date milestone to be
achieved
	 [*]
	  	[*]

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

7. 

 Confidential 

 

 3.2 Initial Financing. AbPro shall contribute at least [*] (“Initial Financing”) to
Company (which may be contributed in one or more installments, provided that the first installment shall be in an amount of at least [*] and shall be contributed within [*] of the Effective Date and provided further that a total of [*] shall be
contributed by [*]) in exchange for shares (the “AbPro Preferred Shares”) of the Series A Preferred Stock, par value $$0.001 per share, of Company (the “Convertible Preferred Stock”). The proceeds of such
contribution shall be used by Company to perform the Research Plan. 
 3.3 Development and Commercialization. Following Regulatory Approval of a
Product, Company shall use its Commercially Reasonable Efforts to Sell such Product at its own cost and expense, and following the First Commercial Sale in any country in the License Territory, Company shall itself or through its Affiliates,
Distributors and/or Sublicensees use its Commercially Reasonable Efforts to make continuing Sales of the applicable Product in such country. 

ARTICLE 4 
 REGULATORY
MATTERS 
 4.1 Regulatory Activities and Submissions Generally. The Company and AbPro will confer and cooperate with one another with respect to
all dealings with Regulatory Authorities concerning the Product and will jointly prepare a strategy concerning any applications for Regulatory Approvals, including without limitation, discussions regarding the regulatory documentation to be filed,
the decision as to whether to make such filings and the timing of such filings. Company will periodically report to Licensor the status of any pending or proposed applications for Regulatory Approval for the Product in the License Territory and will
keep Licensor fully informed on an ongoing basis regarding the schedule and process for the preparation of such applications for Regulatory Approval for any given Product. 

4.2 Regulatory Approvals. All applications for Regulatory Approval of the Products shall be filed and maintained in the name of Company and Company
shall be the owner of all resulting Regulatory Approvals. Company shall have responsibility for dealing with Regulatory Authorities, including filing all supplements and other documents with such Regulatory Authorities with respect to obtaining or
maintaining Regulatory Approvals, reporting all adverse events related to the Product, and handling all Product complaints. 
 4.3 Product Reporting
Events. Except as otherwise agreed upon by the Parties in writing, after Regulatory Approval or a Product, on an ongoing basis, Company will be responsible for reporting any adverse events for the Product sold in the License Territory to the
applicable Regulatory Authority. 
 4.4 Product Complaints. Company will have the sole authority and responsibility for: (i) investigating and
responding to any complaints relating to any Product sold in the License Territory, (ii) reporting any complaints relating to any Product that are required to be reported to the applicable Regulatory Authority in the License Territory, and
(iii) responding to any Regulatory Authority inquiries regarding any Product in the License Territory. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

8. 

 Confidential 

 

 4.5 Product Recalls. The Parties each agree to share with each other any information that might lead
to field-corrections, recalls, and market withdrawals of any Product, within twenty-four (24) hours of its receipt of such information. Company will have the responsibility to handle all field corrections, recalls, and market withdrawals of the
Product in the License Territory in accordance with Applicable Law. 
 ARTICLE 5 

PAYMENTS AND ROYALTIES 
 5.1 License
Issue Fee. 
 (a) Common Stock. As partial consideration for the rights and licenses granted to Company herein, on the Effective
Date, Company shall issue Licensor [*] shares (the “Licensor Common Shares”) of the common stock, par value $0.001 per share, of Company (the “Common Stock”), equal to eighteen percent (18%) of all of the capital
stock of Company on a fully diluted basis. On the Effective Date, Company shall deliver to Licensor (i) stock certificates evidencing the Licensor Common Shares, registered in Licensor’s name; (ii) certified copies of Company’s
Certificate of Incorporation (the “Certificate of Incorporation”) and Bylaws, each as in effect on the Effective Date and which are set forth in Appendix C attached hereto; (iii) the executed Shareholders Agreement, in the form
attached in Appendix D hereto and (iv) a certificate of good standing for Company from the State of Delaware. 
 (b) Convertible
Preferred Stock. As partial consideration for the rights and licenses granted to Company herein, at any time Company issues shares of the Convertible Preferred Stock, Company shall issue Licensor, without any further consideration therefor, a
number of shares (the “Licensor Preferred Shares”) of the Convertible Preferred Stock equal to [*], until such time as the aggregate original principal amount on the Licensor Preferred Shares so issued equals [*]. The Convertible
Preferred Stock and the Common Stock shall have the rights and preferences respectively as set forth in the Certificate of Incorporation. 

(c) Observer Rights. Company shall give Licensor written notice of each meeting of its board of directors and each committee thereof at
the same time and in the same manner as notice is given to the directors, and Company shall permit a representative of Licensor, in Licensor’s sole discretion, to attend as an observer all meetings of its board of directors and all committees
thereof; provided, however, that the Company reserves the right to exclude Licensor’s representative from access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably
necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information or for other similar reasons. Each representative shall be entitled to receive all written materials and other information (including,
without limitation, copies of meeting minutes) given to directors in connection with such meetings at the same time such materials and information are given to the directors. If Company proposes to take any action by written consent in lieu of a
meeting of its board of directors or of any committee thereof, Company shall give written notice thereof to Licensor prior to the effective date of such consent describing in reasonable detail the nature and substance of such action. Company shall
pay the reasonable out-of-pocket expenses of each representative incurred in connection with attending such board and committee meetings. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

9. 

 Confidential 

 

 (d) Capitalization of Company. As of the Effective Date and immediately thereafter,
the authorized capital stock of Company shall consist of [*] shares of Common Stock, of which [*] shares shall be issued and outstanding and [*] shares of Convertible Preferred Stock, of which [*] shares shall be issued and outstanding. As of the
Effective Date, Company shall not have outstanding any stock or securities convertible or exchangeable for any shares of its capital stock or containing any profit participation features, nor shall it have outstanding any rights or options to
subscribe for or to purchase its capital stock or any stock or securities convertible into or exchangeable for its capital stock or any stock appreciation rights or phantom stock plans, except for the Convertible Preferred Stock. As of the Effective
Date, Company shall not be subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its capital stock or any warrants, options or other rights to acquire its capital stock, except pursuant to
Company’s Certificate of Incorporation as set forth in Appendix C attached hereto. As of the Effective Date, all of the outstanding shares of Company’s capital stock shall be validly issued, fully paid and nonassessable. 

5.2 Patent Cost Reimbursement. Company shall reimburse Licensor for all documented, out of-pocket costs
associated with the preparation., filing, prosecution and maintenance of Licensor Patent Rights (the “Patent Costs”) incurred by Licensor after the Effective Date. Company shall pay to Licensor all Patent Costs within [*] of
Company’s receipt of an invoice for such Patent Costs from Licensor. 
 5.3 Milestone Payments. In addition to the payments set forth in Sections
51 and 5.2 above, Company shall pay Licensor the following one-time milestone payments within [*] following achievement of the corresponding milestone: 

 

			
	 Development Milestones
	  	Payment Amount
	 [*]
	  	[*]

 5.4 Net Sales Milestones. Company shall pay Licensor the following one-time
milestone payments upon sales of Products achieving the following Net Sales Events (whether such achievement is Company or its Sublicensees): 
  

			
	 Net Sales Event
	  	Payment Amount
	 When annual worldwide Net Sales for Products first exceeds [*]:
	  	[*]
	 When annual worldwide Net Sales for such Licensed Product first exceeds [*]:
	  	[*]
	 When annual worldwide Net Sales for such Licensed Product first exceeds [*]:
	  	[*]

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

10. 

 Confidential 

 

 5.5 Royalties. On a
country-by-country and Product by Product basis commencing upon the First Commercial Sale of any such Product, Company shall pay Licensor a royalty payment calculated as
a percentage of Net Sales at the royalty rates set forth below: 
  

			
	 Cumulative Annual Worldwide Net Sales (USD)
	  	Applicable Royalty Rate
	 Less than or equal to [*]:
	  	[*]
	 Greater than [*] but less than [*]
	  	[*]
	 Greater than [*] but less than [*]
	  	[*]
	 Greater than [*]
	  	[*]

 Such royalties shall be payable on a
country-by-country basis for a period commencing from the First Commercial Sale in each country until the later of (i) the expiration of the last to expire Licensor
Patent Right containing a Valid Claim which covers the sale of such Product in such country, (ii) the [*] anniversary of the date of the First Commercial Sale of such Product in such country, and (iii) Regulatory Exclusivity Expiry in such
country (“Royalty Term”). All payments due to Licensor under this Section 5.5 shall be due and payable by Company within [*] after the end of each Reporting Period, and shall be accompanied by a report as set forth in
Section 6.3. 
 5.6 Third Party Royalty Reductions. In the event that Company is required to make royalty payments to one or more Third Parties
in order to make, use, Sell or import the Licensor Molecule, Products or otherwise practice the Licensor Molecule IP, then Company may reduce the total royalty payable to Licensor hereunder by offsetting up to [*] of any royalty payments paid to
such Third Party against any royalty payments that are due to Licensor hereunder in a given Reporting Period; provided, however, the royalties payable to any such Third Party are necessary to make, use, Sell or import the Licensor Molecule, Products
or otherwise practice the Licensor Molecule IP. For the avoidance of doubt, the royalties payable by Company to Licensor hereunder shall not be reduced pursuant to this Section 5.6 in respect of any royalties paid by Licensor pursuant to the
Upstream Licenses (as set forth in Section 2.3 hereof). 
 5.7 Know-How Only Royalty Reduction. In the
event a Product is being sold in a country for a period when no Valid Claim exists in that country that covers the use, offer for sale, Sale or import of such Product in such country, then the royalty rate for royalties payable to Licensor under
Sections 5.5 shall be reduced by [*] for such period during the Royalty Term in such country. In no event shall the royalties paid by Company to Licensor in any quarter be reduced pursuant to Section 5.6 and 5.7 to less to less than [*] of Net
Sales. 
 5.8 Form of Payment. The milestones, royalties, fees and other amounts payable by any Party to the other Party pursuant to this Agreement
(each, a “Payment”) shall be paid free and clear of any and all taxes except for any withholding taxes required by Applicable Law. Except as provided in this Section the receiving Party shall be solely responsible for paying any and
all taxes [*] levied on account of, or measured in whole or in part by reference to, any Payments it receives. The paying Party shall deduct or withhold from the Payments any taxes that it is required by Applicable Law to deduct or withhold. The
paying Party shall [*] the receiving Party [*] such withholding tax. Notwithstanding the foregoing, if a receiving Party is entitled under any applicable tax treaty to a reduction of rate of or the elimination of, or the recovery of,

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

11. 

 Confidential 

 

 
applicable withholding tax, it shall deliver to the paying Party or the appropriate governmental authority (with the assistance of the paying Party to the extent that this is reasonably required
and is requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve the paying Party of its obligation to withhold such tax and the paying Party shall apply the reduced rate of withholding or
dispense with the withholding, as the case may be; provided that the paying Party has received evidence of the receiving Party’s delivery of all applicable forms (and, if necessary, its receipt of appropriate governmental authorization) at
least [*] prior to the time that the Payments are due. If, in accordance with the foregoing, the paying Party withholds any amount, it shall pay to the receiving Party the balance when due, make timely payment to the proper governmental authority of
the withheld amount and send to the receiving Party proof of such payment within [*] following such payment. 
 ARTICLE 6 

REPORTS AND RECORDS 
 6.1 Diligence
Reports. Within [*] after the end of each calendar year, Company shall report in writing to Licensor on progress made toward the objectives set forth in Section 3.1 during such preceding twelve (12) month period, including, without
limitation, progress on research and development., status of applications for Regulatory Approvals. Licensor shall have the right to disclose copies of any and all reports sent to Licensor by Company pursuant to this Section 6.1 to the
licensors of the applicable Upstream Licenses, but only to the extent that each such licensor is subject to a written obligation of confidentiality which is at least as protective of Company’s Confidential Information as is provided in Article
11. 
 6.2 Milestone Achievement Notification. Company shall report to Licensor the dates on which it achieves the milestones set forth in
Section 5.3 within [*] of each such occurrence. 
 6.3 Sales Reports. Company shall report to Licensor the date on which Company or its
Affiliates or Sublicensees achieve the First Commercial Sale in each country of the License Territory within [*] of such occurrence. Following the First Commercial Sale, Company shall deliver reports to Licensor within [*] after the end of each
Reporting Period. Each report under this Section 6.3 shall contain at least the following information as may be pertinent to a royalty accounting hereunder for the immediately preceding Reporting Period: 

(a) the number of Products Sold by Company, its Affiliates and Sublicensees in each country of the License Territory; 

(b) the amounts billed, invoiced and received by Company, its Affiliates and Sublicensees for each Product, in each country of the License
Territory, and total billings or payments due or made for all Products; 
 (c) calculation of Net Sales for the applicable Reporting Period
in each country of the License Territory, including an itemized listing of permitted offsets and deductions; 
 (d) total royalties payable
on Net Sales in U.S. dollars, together with the exchange rates used for conversion; and 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

12. 

 Confidential 

 

 (e) any other payments due to Licensor under this Agreement. If no amounts are due to
Licensor for any Reporting Period, the report shall so state. 
 6.4 Audit Rights. Company shall maintain, and shall cause each of its Affiliates and
Sublicensees to maintain, complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to Licensor in relation to this Agreement, which records shall contain sufficient information to permit
Licensor and its representatives to confirm the accuracy of any payments and reports delivered to Licensor and compliance in all other respects with this Agreement. Company shall retain, and shall cause each of its Affiliates and Sublicensees to
retain, such records for the longer of (i) at least [*] following the end of the calendar year to which they pertain; or (ii) as required by Applicable Law. Company shall make available to Licensor and/or its representatives such records,
upon at least [*] advance written notice, for inspection during normal business hours to verify any reports and payments made and/or compliance in other respects under this Agreement; provided, however, that Licensor and its representatives agree to
treat all such records made available to Licensor as Company’s or, as applicable its Affiliates’ or Sublicensees’ Confidential Information in accordance with the provisions of this Agreement, Licensor shall be responsible for any
costs associated with such inspections unless such inspection shows that there is an inaccuracy of more than [*] and more than [*] in any royalty statement, in which case the Company shall pay any and all costs associated with that inspection. 

ARTICLE 7 
 PATENT
PROSECUTION AND MAINTENANCE 
 7.1 Prosecution. Subject at all times to this Section 7.1, Licensor shall have the right, but no obligation,
to prepare, file, prosecute, and maintain (including controlling any opposition proceedings) all patent applications and patents included in Licensor Patent Rights. Should Licensor elect not to continue any preparation, filing, prosecution and
maintenance of Licensor Patent Rights that include or would reasonably support at least one (1) claim that covers the Licensor Molecule or Product or a method of use thereof Licensor shall give Company at least [*] prior notice of such election
so that Company may assume responsibility for such activities for the patent applications and patents included in the Licensor Patent Rights that include or would reasonably support at least one (1) claim that covers the Licensor Molecule or
Product or a method of use thereof. For the purposes of Sections 7.1 and 7.2, the determination of whether the Licensor Patent Rights include or support at least one (1) claim that covers the Licensor Molecule, the Product or methods of use
thereof shall be made by Licensor in good faith and in consultation with the Company and, as necessary, their respective patent counsel. 
 7.2 Copies of
Documents. With respect to any Licensor Patent Rights licensed hereunder, Licensor or Company, as the case may be, shall instruct the patent counsel prosecuting such Licensor Patent Rights that include or would reasonably support at least one
(1) claim that covers the Licensor Molecule or Product or a method of use thereof to (x) copy Company or Licensor, as the case may be, on patent prosecution documents that are received from or filed with the United States Patent and
Trademark Office (USPTO) and foreign equivalent, as applicable; (y) if requested by Company or Licensor, as the case may be, provide such other party copies of draft submissions to the USPTO and foreign equivalent prior to filing; and
(z) give good faith consideration to the comments and requests of Licensor, Company, or their respective patent counsel. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

13. 

 Confidential 

 

 7.3 Company’s Election Not to Proceed. Company may elect to surrender any patent or patent
application in Licensor Patent Rights in any country upon [*] advance written notice to Licensor. Such notice shall relieve Company from the obligation to pay for future Patent Costs but shall not relieve Company from responsibility to pay Patent
Costs incurred prior to Licensor’s receipt of such notice in accordance with Section 5.2. Such surrendered U.S. or foreign patent application or patent shall thereupon cease to be a Licensor Patent Right hereunder and accordingly Company
shall not be licensed under such patent or patent application and shall have no further rights therein. 
 ARTICLE 8 

THIRD PARTY INFRINGEMENT AND LEGAL ACTIONS 

8.1 Licensor Right to Enforce and Defend. Licensor shall have the right, but not obligation, to enforce the Licensor Patent Rights from infringement
and take any action in connection with defending, preserving or protecting the validity or scope of the Licensor Patent Rights, including, without limitation, any action in relation to any pre-grant or
post-grant challenge or proceeding before any patent office. If Company shall have supplied Licensor with written evidence demonstrating infringement of a claim of a Licensor Patent Right by a Third Party consistent with the license rights granted
to Company under Section 2.1(a), Company may by notice request Licensor to take steps to protect such Licensor Patent Right. Licensor shall notify Company within [*] of the receipt of such notice, or sooner if required by Applicable Law,
whether Licensor intends to take legal action in connection the alleged infringement. If Licensor notifies Company that it intends to take such action, Licensor shall, within [*] of its notice to Company either (i) attempt to cause such
infringement to terminate, or (ii) initiate legal proceedings against the alleged infringer. The costs of any steps taken by Licensor to enforce its Licensor Patent Rights in accordance with this Section 8.1 will be borne by the Licensor
and any damages, settlement, or other agreement related thereto will be [*]. 
 8.2 Company Right to Enforce and Defend. In the event Licensor
notifies Company that Licensor does not intend to take legal action in connection with an infringement identified in the second sentence under Section 8.1, or if Licensor otherwise fails to notify Company whether Licensor intends to take such
action in accordance with the second sentence under Section 8.1, then Company may, upon notice to Licensor, initiate legal proceedings against the alleged infringer at Company’s expense with respect to any claim of a Licensor Patent Right
that covers the Licensor Molecule or Product or a method of use thereof, consistent with the license rights granted to Company under Section 2.1(a) in the License Field in the License Territory. If required by Applicable Law, Licensor will be
joined as a party-plaintiff in such suit in accordance with Section 8.3. Before commencing such action, Company and, as applicable, any Affiliate, shall consult with Licensor in an effort to use reasonable efforts to accommodate the views of
Licensor regarding the proposed action, including without limitation with respect to potential effects on the public interest. Company shall be responsible for all costs, expenses and liabilities in connection with any such action, regardless of
whether Licensor is a party-plaintiff, except for the expense of 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

14. 

 Confidential 

 

 
any independent counsel retained by Licensor, and [*] any damages or settlement amounts in connection with any such action. For the purposes of this Section 8.2, the determination of whether
the Licensor Patent Rights include at least one (1) claim that covers the Licensor Molecule, the Product or methods of use thereof shall be made by Licensor in good faith and in consultation with the Company and, as necessary, their respective
patent counsel. 
 8.3 Cooperation. Each Party agrees to cooperate reasonably with the other Party in any action under this Article 8 which is
controlled by the other Party, provided that the controlling Party reimburses the cooperating Party for any out-of-pocket costs and expenses incurred by the cooperating
Party in connection with providing such assistance, except for the expense of any independent counsel retained by the cooperating Party in accordance with this Section 8.3. Such controlling Party shall keep the cooperating Party informed of the
progress of such proceedings and shall make its counsel available to the cooperating Party; provided however, the controlling Party shall have the sole and absolute discretion of keeping the cooperating Party informed in all cases where this may
compromise its legal rights or remedies, including without limitation, in cases where privilege or legal strategy may be at risk. The cooperating Party shall also be entitled to independent counsel in such proceedings but at its own expense, said
expense to be offset against any damages received for counsel fees by the Party bringing suit in accordance with Section 8.6. 

ARTICLE 9 

INDEMNIFICATION AND INSURANCE 
 9.1
Indemnification. 
 (a) Company shall indemnify, defend and hold harmless Licensor and its Affiliates and their respective directors,
officers, employees, and agents and their respective successors, heirs and assigns (the “Licensor Indemnitees”), against any liability, damage, loss or expense (including reasonable attorney’s fees and expenses of litigation)
incurred by or imposed upon the Licensor Indemnitees or any one of them in connection with any third party claims, suits, actions, demands or judgments arising out of the development, manufacture, use, marketing, importing, or sale of, or any other
dealing in, any of the Products, by the Company or any of its sub-licensees, or subsequently by any customer or any other person, including claims based on product liability laws (including, but not limited
to, actions in the form of contract, tort, warranty, or strict liability) all except to the extent resulting from the negligence or the willful misconduct of such Licensor Indemnitees or a breach of this Agreement by Licensor. 

(b) Licensor shall indemnify, defend and hold harmless Company, AbPro, their Affiliates and their respective directors, officers, employees,
and agents and their respective successors, heirs and assigns (the “Company Indemnitees”), against any liability, damage, loss or expense (including reasonable attorney’s fees and expenses of litigation) incurred by or imposed
upon the Company Indemnitees or any one of them in connection with any third party claims, suits, actions, demands or judgments arising out of (i) Licensor’s negligence or intentional misconduct, (ii) Licensor’s breach of this
Agreement or failure to comply with Applicable Law, or (iii) Licensor’s breach or failure to comply with the Upstream Licenses, all except to the extent resulting from the negligence or the willful misconduct of such Company Indemnitees or
a breach of this Agreement by Company. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

15. 

 Confidential 

 

 (c) To receive the benefit of indemnification under Section 9.1, the indemnified party
must: (i) promptly notify the indemnifying Party of the claim, suit, action, demand or judgment for which indemnification is being sought; provided, that failure to give such timely notice shall not relieve the indemnifying Party of its
indemnification obligations except where such failure actually and materially prejudices the rights of the indemnifying Party; (ii) provide reasonable cooperation with the indemnifying Party; and (iii) tender to the indemnifying Party full
authority to defend such claim, suit, action, demand or judgment The indemnifying Party agrees, at its own expense, to provide attorneys reasonably acceptable to the indemnified party to defend against any actions brought or filed against any such
indemnified party hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully brought. The indemnified parties shall have the right to participate, at their own expense, in the defense of any such
actions or claims and in selecting counsel therefore. The indemnifying Party agrees to keep the indemnified party informed of the progress in the defense and disposition of such claim and to consult with the indemnified party prior to any proposed
settlement. 
 9.2 Insurance. Beginning at such time as any Licensor Molecule and/or Product is being commercially Sold (other than for the purpose of
obtaining Regulatory Approvals), by Company, an Affiliate or Sublicensee, Company shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than [*] per incident and [*] annual aggregate.
Company shall provide Licensor with written evidence of such insurance upon request of Licensor. 
 ARTICLE 10 

DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY 

10.1 Mutual Warranties. Licensor and Company each represent and warrant to the other that: (a) it is duly organized and existing under the laws of
its state of incorporation and has the power and authority to enter into this Agreement; (b) it has taken all necessary action to authorize the execution and delivery of this Agreement, and to authorize the performance of its obligations
hereunder; (c) the execution and delivery of this Agreement and its performance will not result in any breach or violation of, or constitute a default under, any agreement instrument, judgment or order to which it is a party or by which it is
bound; and (d) it will comply, and will ensure that its Affiliates and, as applicable, any Sublicensees and Distributors comply, with all Applicable Law, including without limitation all local, state, and international laws and regulations
applicable to the development, manufacture, use, sale and importation of the Licensor Molecule and Products. 
 10.2 Licensor Warranties. Licensor
further represents, warrants and covenants that it has the right to grant the licenses granted to Licensee pursuant to Section 2.1; (b) that Licensor and/or its Affiliates are and shall at all times remain in compliance with all Upstream
Licenses and Licensor shall promptly notify Company in writing in the event Licensor and/or its Affiliates receives notice alleging Licensor’s and/or its Affiliates’ failure to comply with any such Upstream License; and (c) [*] Licensor
and its Affiliates shall not undertake the development, promotion or sale of any product which (i) [*], and (ii) [*]. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

16. 

 Confidential 

 

 10.3 No Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY
REPRESENTATIONS OR WARRANTIES OF ANY KIND. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE PARTIES DISCLAIM ANY AND ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. 
 10.4 Limitation of Liability.
EXCEPT WITH RESPECT TO BREACHES OF ANY OBLIGATIONS OF CONFIDENTIALITY OWED BY ONE PARTY TO THE OTHER PARTY HEREUNDER, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATES, SUBLICENSEES, DISTRIBUTORS OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS,
EMPLOYEES AND AGENTS BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES, SUBLICENSEES OR DISTRIBUTORS FOR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING IN ANY WAY OUT OF THIS AGREEMENT OR THE LICENSE OR RIGHTS GRANTED
HEREUNDER, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, INCLUDING WITHOUT LIMITATION ECONOMIC DAMAGES OR INJURY TO PROPERTY OR LOST PROFITS, REGARDLESS OF WHETHER SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW
OF THE POSSIBILITY OF THE FOREGOING. 
 ARTICLE 11 

CONFIDENTIALITY 
 11.1 Confidentiality
Obligations. Subject to the terms of this Agreement, each Party in its capacity as a Receiving Party, agrees that, unless the Disclosing Party gives its prior written authorization, it shall: (a) not use the Confidential Information for any
other purpose other than for the purpose of this Agreement; and (b) not disclose any Confidential Information to any Third Party except those directors, officers, employees, consultants, advisors and agents of the Receiving Party who are
required to have such Confidential Information in order to carry out the purpose of this Agreement. 
 11.2 Disclosure to Related Parties and
Sublicensees. Either Party in its capacity as a Receiving Party may disclose the Confidential Information of the Disclosing Party to any of its Affiliates, directors, officers, employees, consultants, advisors and agents as such Receiving Party
deems such to be in good faith reasonably required in connection with the exercise of the rights and licenses granted under this Agreement; provided, however, that any recipient of Confidential Information is bound by covenants of confidentiality
that are substantially as protective of the Disclosing Party’s rights as those agreed to by the Parties hereunder. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

17. 

 Confidential 

 

 11.3 Degree of Care. Each Party in its capacity as a Receiving Party shall prevent the unauthorized
use, disclosure, dissemination or publication of the Disclosing Party’s Confidential Information with the same degree of care that the Receiving Party uses to protect its own confidential information of a similar nature, but no less than a
reasonable degree of care. The Receiving Party agrees to promptly notify the Disclosing Party in writing of any misuse or misappropriation of the Disclosing Party’s Confidential Information that may come to the Receiving Party’s attention.

 11.4 Treatment of Agreement. The Parties agree to treat the existence and the contents of this Agreement as Confidential Information of the other
Party wider this Agreement. 
 11.5 Required Disclosure. If the Receiving Party becomes legally obligated to disclose the Disclosing Party’s
Confidential Information by any governmental entity with jurisdiction over it, prior to such disclosure, the Receiving Party shall give the Disclosing Party prompt written notice of such obligations sufficient to allow the Disclosing Party the
opportunity to pursue its legal and equitable remedies (including but not limited to making an application for a protective order) regarding such potential disclosure. The Receiving Party agrees to: (a) assert the confidential nature of the
Disclosing Party’s Confidential Information to the governmental entities; (b) disclose only such information as is required to be disclosed by law, as such is deemed in good faith by the Receiving Party based on advice of counsel;
(c) use its commercially reasonable efforts to obtain confidential treatment for any Confidential Information that is so disclosed; and (d) provide reasonable assistance to the Disclosing Party in protecting such disclosure. 

11.6 Return of Confidential Information. Upon termination or expiration of this Agreement, the Receiving Party shall: (a) promptly return all
originals, copies, reproductions and summaries of the Confidential Information furnished by the Disclosing Party; or (b) destroy or delete all originals, copies, reproductions and summaries of the Confidential Information furnished by the
Disclosing Party. In the event of such destruction or deletion, the Receiving Party shall certify in writing to the Disclosing Party, within ten (10) business days, that such destruction or deletion has been accomplished. Notwithstanding the
foregoing, the Receiving Party shall not be obligated to destroy electronic copies of Confidential Information that are retained as part of Receiving Party’s normal disaster recovery prop-am; provided
however, that the obligations of confidentiality shall continue to apply to any such non-destroyed Confidential Information. 

11.7 Survival. The obligations of the Receiving Party to protect the Disclosing Party’s Confidential Information under this Agreement shall survive
for a period of [*] from the date of termination of this Agreement; provided however, that any Confidential Information that constitutes a trade secret under Applicable Law shall be subject to the obligations of confidentiality set forth herein for
as long as such Confidential Information retains its status as a trade secret. 
 11.8 Press Releases. All publicity, press releases or public
announcements relating to this Agreement shall be reviewed in advance by, and shall be subject to the written approval of both Parties, such approval not to be unreasonably withheld, delayed or conditioned. For the sake of clarity, any information
that is contained in an approved publicity, press releases or public announcement may be disclosed subsequently by either Party without the need to seek any further approval, subject to any restrictions that apply to the original disclosure. The
Parties shall agree on language of a joint press release announcing the execution of this Agreement, which shall be issued by the Parties on a mutually agreed date. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

18. 

 Confidential 

 

 ARTICLE 12 

TERM AND TERMINATION 
 12.1 Term.
The term of this Agreement shall commence on the Effective Date and shall remain in effect, on a country-by country basis until the expiry of the Royalty Term in such country, unless this Agreement is
terminated earlier in accordance with any of the other provisions of Section 12. 
 12.2 Termination for Failure to Pay. If Company fails to make
any payment when due hereunder, Licensor shall have the right to terminate this Agreement upon [*] written notice, unless Company makes such payments, within said [*] notice period. If such payments are not made, Licensor may immediately terminate
this Agreement at the end of said [*] day period. 
 12.3 Termination for Failure to Contribute Initial Financing. If AbPro fails to contribute the
full amount of the Initial Financing prior to [*], Licensor shall have the right to immediately terminate this Agreement on written notice to AbPro and Company. 

12.4 Termination for Insolvency. Licensor shall have the right to terminate this Agreement immediately upon written notice to Company with no further
notice obligation or opportunity to cure if Company: (i) is adjudged bankrupt, voluntarily files for bankruptcy or has a receiver or trustee (or the like) in bankruptcy appointed by reason of its insolvency; (ii) shall make an assignment
for the benefit of creditors; (iii) shall have a petition in bankruptcy filed against it and not dismissed within [*] or (iv) has an Event of Default (as such term is defined in the Certificate of Incorporation of Company). 

12.5 Termination for Non-Financial Default. If Company, any of its Affiliates or any Sublicensee shall default
in the performance of any of its other material obligations under this Agreement not otherwise covered by the provisions of Section 12.2, 12.3 and 12.4, and if such material default has not been cured within [*] after Company’s receipt of
notice by Licensor in writing of such material default, Licensor may immediately terminate this Agreement, and/or any license granted hereunder at the end of said [*] cure period. Without limiting the foregoing, the Parties agree that Company’s
obligations pursuant to Sections 3.1 and 13.6 shall constitute a material obligation for the purposes of this Section 12.4. 
 12.6 Termination by
Company. Company shall have the right to terminate this Agreement by giving at least [*] advance written notice to Licensor and upon such termination shall immediately cease all use and Sales of Licensor Molecule and/or Products, subject to
Section 12.9. 
 12.7 Effect of Termination on Sublicenses. Any sublicenses granted by Company under this Agreement shall provide for termination
or assignment to Licensor of Company’s interest therein, upon termination of this Agreement. To the extent that there are any Sublicensees as of the date of termination of this Agreement, and such Sublicensees are in compliance with the terms
and obligations set forth in the applicable sublicense agreement, then Licensor shall assume such sublicense agreements; provided that Licensor shall have no obligations under such sublicense agreements other than to preserve the effectiveness,
scope and validity of the licenses granted therein under the Licensor Molecule IP. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

19. 

 Confidential 

 

 12.8 Effects of Termination of Agreement. Upon termination of this Agreement or any of the licenses
hereunder for any reason, final reports in accordance with Section 6.3 shall be submitted to Licensor and all royalties and other payments accrued or due to Licensor as of the termination date shall become immediately payable. The termination
or expiration of this Agreement or any license granted hereunder shall not relieve Company, its Affiliates or Sublicensees of obligations arising before such termination or expiration. In the event of a termination of this Agreement [*], then:
(a) Company shall [*] and/or [*] and/or [*]; and (b) upon Licensor’s request within [*] following such termination, the Parties shall negotiate in good faith the terms pursuant to which Company would grant to Licensor a license,
sublicenseable through multiple tiers, to any and all data, regulatory filings, pricing approvals, marketing authorizations, permits and/or other applications Controlled by the Company that concern the Licensor Molecule or any other article, device
or composition comprising a bi-specific antibody targeting both VEGF and ANG2, that arise after the Effective Date, and that are necessary or useful to enable the Licensor’s, its Affiliates and/or
sublicensees continuing research, development and commercialization of the Licensor Molecule or any other article, device or composition comprising a bi-specific antibody targeting both VEGF and ANG2,
(collectively, the “Company Arising Data”). In the event that the Parties cannot agree the financial terms for the foregoing license for Company Arising Data [*], the Parties shall [*]. In the event of a termination of this
Agreement [*], then: (x) Company shall [*] and/or [*] and/or [*]; and (y) Company shall [*] and [*] and/or [*]. For the avoidance of doubt, upon termination of this Agreement or any of the licenses hereunder for any reason, Company shall
have no right to continue use of any Licensor Know How and shall have no rights under the Licensor Patent Rights except to the extent set forth in Section 12.9. 

12.9 Inventory. Upon early termination of this Agreement, Company, its Affiliates and Sublicensees may complete and sell any work-in-progress and inventory of Products that exist as of the effective date of termination provided that Company pays Licensor the applicable running royalty or other
amounts due on such Net Sales in accordance with the terms and conditions of this Agreement. 
 12.10 Redemption upon Request. Upon any termination of
this Agreement in accordance with [*] (other than a termination pursuant to [*]), Licensor shall have the right to request redemption of all of its Licensor Preferred Shares by delivering written notice of such request to Company. Within [*] after
receipt of such request, Company shall redeem all Licensor Preferred Shares with respect to which such redemption request has been made and pay to Licensor (upon surrender of the certificate(s) representing such shares) an amount in cash equal to
[*]. 
 ARTICLE 13 

MISCELLANEOUS 
 13.1 Dispute
Resolution. In the event of any dispute, claim, question or disagreement arising out of or relating to this Agreement, or the obligations of the Parties hereunder, including any question regarding the existence, validity or termination of this
Agreement (each a “Dispute”), the 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

20. 

 Confidential 

 

 
Parties shall use all reasonable efforts to settle the Dispute through good faith negotiation. If these efforts are unsuccessful, either Party may escalate the Dispute to Licensor’s senior
research executive or their nominee and Company’s CEO to resolve the Dispute. Thereafter, the designated officials of the Parties shall confer promptly and attempt to reach a mutually satisfactory settlement. If Licensor’s senior research
executive or their nominee and Company’s CEO are unable to settle any Dispute within [*] after the date of the Notice of Dispute, the Parties agree to engage in alternative dispute resolution, using a neutral party or panel, such means of
dispute resolution shall be agreed upon by both Parties. Each Party shall bear its own costs associated with the resolution or arbitration of any Dispute, and all fees and other costs of the resolution proceeding shall be shared equally between the
Parties. Notwithstanding any of the terms of this Section 13.1 and without limiting any other remedies that may be available, each Party shall have the right to seek immediate injunctive relief and other equitable relief from any court of
competent jurisdiction to enjoin any breach or violation of this Agreement, without any obligation to undertake extrajudicial dispute resolution of any such Dispute or claim or otherwise to comply with this Section 13.1. 

13.2 Entire Agreement. This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof. 

13.3 Notices. Any notices, reports, waivers, correspondences or other communications required under or pertaining to this Agreement shall be in writing
and shall be delivered by hand, or sent by a reputable overnight mail service (e.g., Federal Express), or by first class mail (certified or registered), or by facsimile confirmed by one of the foregoing methods, to the other Party. Notices will be
deemed effective (a) three (3) business days after deposit, postage prepaid, if mailed, (b) the next day if sent by overnight mail, or (c) the same day if sent by facsimile and confirmed as set forth above or delivered by hand. Unless
changed in writing in accordance with this Section, the notice address for Licensor shall be as follows: 
 MedImmune, Limited 

Attn: Legal Department 
 Milstein
Building, 
 Granta Park, 

Cambridge, 
 CB21 6GH, 

United Kingdom 
 Unless changed in writing in
accordance with this Section, the notice address for Company and AbPro shall be as follows: 
 AbPro Corporation 

Attn: Legal Affairs 
 65 Cummings
Park Drive 
 Woburn, MA 01801 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

21. 

 Confidential 

 

 With copy (which shall not constitute notice) to: 

Morse, Barnes-Brown & Pendleton, P.C. 

Attention: Joseph C. Marrow, Esq. 

230 Third Avenue, Fourth Floor 

Waltham, MA 02451. 
 13.4 Amendment;
Waiver. This Agreement may be amended and any of its terms or conditions may be waived only by a written instrument executed by an authorized signatory of the Parties or, in the case of a waiver, by the Party waiving compliance. The failure of
either Party at any time or times to require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by either Party of any condition or term shall be deemed as a further or continuing
waiver of such condition or term or of any other condition or term. 
 13.5 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the Parties hereto and their respective permitted successors and assigns. 
 13.6 Assignment. The licenses granted by
Licensor to Company are personal to the Company and were granted on the basis of Company’s unique abilities to exploit such licenses for the benefit of both Licensor and Company. In recognition of the foregoing, Company shall not assign this
Agreement or any of its rights or obligations under this Agreement either voluntarily or involuntarily. Any purported assignment by Company of this Agreement or any of its rights or obligations under this Agreement in violation of this
Section 13.6 is void and Licensor shall have the right to terminate this Agreement pursuant to Section 12.5 in the event of any breach by Company of this Section 13.6. Licensor shall have the right to assign this Agreement or any of
its rights or obligations under this Agreement either voluntarily or involuntarily, whether by merger, consolidation, dissolution, operation of law, or in any other manner without the prior written consent of Company. 

13.7 Force Majeure. Neither Party shall be responsible for delays resulting from causes beyond the reasonable control of such Party, including without
limitation fire, explosion, flood, war, sabotage, strike or riot, provided that the nonperforming Party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with
reasonable dispatch whenever such causes are removed. 
 13.8 Governing Law. This Agreement shall be governed by and construed and interpreted in
accordance with the laws of the State of Delaware, excluding with respect to conflict of laws, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have
been granted. Each Party agrees to submit to the exclusive jurisdiction of the competent court located in Delaware with respect to any claim, suit or action in law or equity arising in any way out of this Agreement or the subject matter hereof. 

13.9 Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are deemed
unenforceable under then current applicable law from time to time in effect during the term hereof, it is the intention of the Parties that the remainder of this Agreement shall not be effected thereby. It is further the intention of the Parties
that in lieu of each such provision which is invalid, illegal or unenforceable, there be substituted or added as part of this Agreement a provision which shall be as similar as possible in economic and business objectives as intended by the Parties
to such invalid, illegal or enforceable provision, but shall be valid, legal and enforceable. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

22. 

 Confidential 

 

 13.10 Survival. In addition to any specific survival references in this Agreement, Sections 4.3 (with
respect to the duration of any continuing Product sales by Company post-termination or post-expiration of the Agreement), 4.4 (with respect to the duration of any continuing Product sales by Company post-termination or post-expiration of the
Agreement), 5.1(c), 5.8, 6.3, 6.4, 9.1, 9.2 (with respect to the duration of any continuing Product sales by Company post-termination or post-expiration of the Agreement), 12.7, 12.8, 12.9 and 12.10, and Articles 1, 10, 11 and 13 shall survive
termination or expiration of this Agreement Any other rights, responsibilities, obligations, covenants and warranties which by their nature should survive this Agreement shall similarly survive and remain in effect. 

13.11 Interpretation. The Parties hereto are sophisticated, have had the opportunity to consult legal counsel with respect to this transaction and
hereby waive any presumptions of any statutory or common law rule relating to the interpretation of contracts against the drafter. 
 13.12 Headings.
All headings are for convenience only and shall not affect the meaning of any provision of this Agreement. 
 [Remainder of page
intentionally left blank] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

23. 

 Confidential 

 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized
representatives as of the Effective Date first written above. 
  

									
	MEDIMMUNE LIMITED	 		  	ABMED CORPORATION
					
	BY:	 	 /s/ Jane Osbourne
	 		  	BY:	  	 /s/ Ian Chan

		 	Name:	 		  		  	Name:
	TITLE:	 	VP R&D MedImmune Ltd	 		  	TITLE:	  	CEO
					
	DATE:	 	26 August 2016	 		  	DATE:	  	8/26/2016

 Solely with respect to its obligations expressly set forth in Sections 3.1, 3.2 and 4.1: 

ABPRO CORPORATION 
  

			
	By:	 	 /s/ Ian Chan

		 	Name:
	TITLE:	 	CEO
		
	DATE:	 	8/26/2016

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

24. 

 Confidential 

 

 APPENDIX A 

LICENSOR PATENT RIGHTS 
  

											
	Docket Number	  	Ctry	 	Filing Date	 	Filing Number	 	Publication	 	Grant Number
	 [*]
	  	[*]	 	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

25. 

 Confidential 

 

 APPENDIX B: LICENSOR KNOW HOW 

 

									
	 Assay or Report
	  	Purpose	 	Location	 	Report	 	Reagents
	 [*]
	  	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

26. 

 Confidential 

 

 APPENDIX C 

CERTIFICATE OF INCORPORATION 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

27. 

					
		  	Delaware	  	Page 1
		  	The First State	  	

 I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A
TRUE AND CORRECT COPY OF THE CERTIFICATE OF INCORPORATION OF “ABMED CORPORATION,” FILED IN THIS OFFICE ON THE TWENTY-SECOND DAY OF AUGUST, A.D. 2016 AT 6:25 O’ CLOCK P.M. 

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

 
 

 
  

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

28. 

 

 
 CERTIFICATE OF INCORPORATION 

OF 
 ABMED CORPORATION

 ARTICLE I: NAME. 

The name of this corporation is AbMed Corporation (the “Corporation”). 

ARTICLE II: REGISTERED OFFICE. 

The address of its registered office in the State of Delaware is 160 Greentree Drive, Suite 101, Dover, Kent County, Delaware 19904. The name
of its registered agent at such address is National Registered Agents, Inc. 
 ARTICLE III: DEFINITIONS. 

As used in this Certificate of Incorporation (the “Certificate of Incorporation”), the following terms have the
meanings set forth below: 
 “Original Issue Price” means $2.00 per share for the Series A Preferred Stock. 

“Requisite Holders” means the holders of at least ninety percent (90%) of the outstanding shares of Preferred Stock
(voting as a single class on an as-converted basis). 
 ARTICLE IV: PURPOSE.

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

The name and mailing address of the incorporator are as follows: 

Name:                   Joseph C. Marrow, Esq. 

Mailing Address:  Morse, Barnes-Brown & Pendleton, P.C. 

                       
       CityPoint, 230 Third Avenue, 4th Floor 

                       
       Waltham, MA 02451 
 ARTICLE VI: AUTHORIZED SHARES. 

The total number of shares of all classes of stock that the Corporation has authority to issue is 10,000,000, consisting of (a) 6,950,000
shares of Common Stock, $0.001 par value per share (“Common Stock”), and (b) 3,050,000 shares of Preferred Stock, $0.001 par value per share (“Preferred Stock”). The Preferred Stock may be issued from
time to time in one or more series, each of such series to consist of such number of shares and to have such terms, rights, powers and preferences, and the qualifications and limitations with respect thereto, as stated or expressed herein. As of the
effective date of this Certificate of Incorporation, all shares of the Preferred Stock of the Corporation are hereby designated “Series A Preferred Stock”. 

  
 29 

	A.	COMMON STOCK 

 The following rights, powers privileges and restrictions, qualifications,
and limitations apply to the Common Stock. 
 1. General. The voting, dividend and liquidation rights of the
holders of the Common Stock are subject to and qualified by the rights, powers and privileges of the holders of the Preferred Stock set forth in this Certificate of Incorporation. 

2. Voting. The holders of the Common Stock are entitled to one vote for each share of Common Stock held at all
meetings of stockholders (and written actions in lieu of meetings). Unless required by law, there shall be no cumulative voting. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares
thereof then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of the Certificate of Incorporation) the affirmative vote of the holders of shares of capital stock of
the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law. 

 

	B.	PREFERRED STOCK 

 The following rights, powers and privileges, and restrictions,
qualifications and limitations, shall apply to the Series A Preferred Stock. Unless otherwise indicated, references to “Sections” in this Part B of this Article VT refer to sections of this Part B. 

1. Liquidation, Dissolution, or Winding Up; Certain Mergers, Consolidations and Asset Sales. 

1.1 Payments to Holders of Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the
Corporation or any Deemed Liquidation Event (as defined below), before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, the holders of shares of Preferred Stock then outstanding must be paid out of the
funds and assets available for distribution to its stockholders, an amount per share equal to the greater of (a) the Original Issue Price for such share of Preferred Stock, plus any dividends declared but unpaid thereon, and (b) such
amount per share as would have been payable had all shares of Preferred Stock been converted into Common Stock pursuant to Section 3 immediately prior to such liquidation, dissolution or winding up or Deemed Liquidation
Event. If upon any such liquidation, dissolution, or winding up or Deemed Liquidation Event of the Corporation, the funds and assets available for distribution to the stockholders of the Corporation are insufficient to pay the holders of shares of
Preferred Stock the full amount to which they are entitled under this Section 1.1, the holders of shares of Preferred Stock will share ratably in any distribution of the funds and assets available for distribution in
proportion to the respective amounts that would otherwise be payable in respect of the shares of Series A Preferred Stock held by them upon such distribution if all amounts payable on or with respect to such shares were paid 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

30. 

 
in full. Prior to the liquidation, dissolution or winding up of the Corporation or any Deemed Liquidation Event, the Corporation shall declare for payment all accrued and unpaid dividends with
respect to the Preferred Stock, but only to the extent of funds of the Corporation are legally available for the payment of dividends. Not less than five business days prior to any payments made pursuant to this
Section 1.1, the Corporation shall deliver written notice of any such liquidation, dissolution or winding up of the Corporation or any Deemed Liquidation Event to each record holder of Preferred Stock (the
“Distribution Note”), setting forth in reasonable detail the amount of proceeds to be paid with respect to each share of Preferred Stock and each share of Common Stock in connection with such liquidation, dissolution or
winding up of the Corporation or any such Deemed Liquidation Event. 
 1.2 Payments to Holders of Common Stock. In the event of any
voluntary or involuntary liquidation, dissolution, or winding up or Deemed Liquidation Event of the Corporation, after the payment of all preferential amounts required to be paid to the holders of shares of Preferred Stock as provided in
Section 1.1, the remaining funds and assets available for distribution to the stockholders of the Corporation will be distributed among the holders of shares of Common Stock, pro rata based on the number of shares of Common
Stock held by each such holder. 
 1.3 Deemed Liquidation Events. 

1.3.1 Definition. Each of the following events is a “Deemed Liquidation Event”: 

(a) a merger or consolidation of the Corporation with or into any other corporation or other business entity (except one in which the holders
of capital stock of the Corporation immediately prior to such merger or consolidation continue to hold immediately after such merger or consolidation at least a majority of the outstanding securities having the right to vote in an election of the
Board of Directors (“Voting Stock”) of the surviving corporation); 
 (b) a sale, lease, exchange, exclusive license
or other transfer (in one transaction or a related series of transactions) of all or substantially all of the Corporation’s assets (other than as part of a merger or consolidation not described in Section 1.3.1(a));
and 
 (c) the acquisition by any person or any group of persons (other than the Corporation, any of its direct or indirect subsidiaries, or
any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Corporation or any of its direct or indirect subsidiaries) acting together in any transaction or related series of transactions, of
such number of shares of the Corporation’s Voting Stock as causes such person, or group of persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction or series of transactions, 50% or more of the
combined voting power of the Voting Stock of the Corporation other than as a result of an acquisition of securities directly from the Corporation, or solely as a result of an acquisition of securities by the Corporation which by reducing the number
of shares of the Voting Stock outstanding increases the proportionate voting power represented by the Voting Stock owned by any such person or group of persons to 50% or more of the combined voting power of such Voting Stock. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

31. 

 1.3.2 Amount Deemed Paid or Distributed. The funds and assets deemed paid or distributed
to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer or other disposition described in this Section 1.3 will be the cash or the value of the property, rights or securities
paid or distributed to such holders by the Corporation or the acquiring person, firm or other entity. The value of such property, rights or securities shall be determined in good faith by the Board and such valuation will be included in the
Distribution Notice; provided, however, if any holder of Preferred Stock objects to such valuation in writing prior to the distribution referenced in the Distribution Notice, the Corporation will engage a regionally recognized accounting firm
(mutually agreeable to both the Corporation and the objecting stockholder) to determine the value of such property, rights or securities. 

2. Voting. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting
of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock may cast the number of votes equal to the number of whole shares of Common Stock into which the
shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Fractional votes shall not be permitted, and any fractional voting rights available on an as-converted basis (after aggregating all shares into which shares of Preferred stock held by each holder could be converted) will be rounded to the nearest whole number (with
one-half being rounded upward). Except as provided by law or by the other provisions of this Certificate of Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a
single class on an as-converted basis, shall have full voting rights and powers equal to the voting rights and powers of the holders of Common Stock, and shall be entitled, notwithstanding any provision of
this Certificate of Incorporation, to notice of any stockholder meeting in accordance with the Bylaws of the Corporation. 
 3.
Conversion. The holders of the Preferred Stock have the following conversion rights (the “Conversion Rights”): 

3.1 Optional Conversion.  

3.1.1 Timing. In the event no Qualified Financing (as defined below) occurs prior to the earlier of (a) the closing of the sale of
shares of Common Stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (a “Public Offering”), (b) a Deemed Liquidation
Event or (c) December 15, 2021 (the time of such closing or event, the “Optional Conversion Time”), (i) any holder of Preferred Stock shall have the right to convert all or any portion of the Preferred Stock held by
such holder into shares of Common Stock, at the applicable ratio described in Section 3.1.2 as the same may be adjusted from time to time in accordance with this Section 3 and (ii) such shares
may not be reissued by the Corporation. 
 3.1.2 Ratio. At any Optional Conversion Time, each share of Preferred Stock shall be
convertible, without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Issue Price for each share of Preferred Stock by
the Conversion Price for each share of Preferred Stock in effect at the time of conversion. The “Conversion Price” for each share of Preferred Stock means the Original Issue Price for each share of Preferred Stock, which
initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock, is subject to adjustment as provided in this Certificate of Incorporation. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

32. 

 3.1.3 Notwithstanding any other provision hereof; if a conversion of Preferred Stock is to be
made in connection with a Public Offering or a Deemed Liquidation Event, the conversion of any share of Preferred Stock may, at the election of the holder thereof, be conditioned upon the consummation of such transaction, in which case such
conversion shall not be deemed to be effective until such transaction has been consummated. 
 3.2 Fractional Shares. No fractional
shares of Common Stock will be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value
of a share of Common Stock as determined in good faith by the Board; provided, however, if any holder of Preferred Stock objects to such valuation in writing prior to such payment, the Corporation will engage an independent appraiser
experienced in valuing securities jointly selected by the Corporation and such stockholder. Whether or not fractional shares would be issuable upon such conversion will be determined on the basis of the total number of shares of Preferred Stock the
holder is at the time converting into Common Stock and the aggregate number of shares of Common Stock issuable upon such conversion. 
 3.3
Mechanics of Conversion. 
 3.3.1 Surrender of Certificates. The Corporation shall notify in writing all holders of record of
shares of Preferred Stock of the Optional Conversion Time and the place designated for optional conversion of shares of Preferred Stock pursuant to Section 3.1.1. If the Corporation obtains knowledge that a Public Offering
or a Deemed Liquidation Event is proposed to occur, the Corporation shall give prompt written notice of such event describing in reasonable detail the material terms and date of consummation thereof to each holder of Preferred Stock, but in any
event such notice shall not be given no later than five days prior to the occurrence of such Public Offering or Deemed Liquidation Event. Upon receipt of the notice, each holder of shares of Preferred Stock electing to convert all or any portion of
such holder’s Preferred Stock shall surrender such holder’s certificate or certificates for all such shares being converted (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit
and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place
designated in such notice, and shall thereafter receive certificates for the number of shares of Common Stock to which such holder is entitled pursuant to this Section 3. If so required by the Corporation, certificates
surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form reasonably satisfactory to the Corporation, duly executed by the registered holder or such holder’s attorney duly authorized
in writing. Other than the rights to dividend payments set forth in Section 3.3.2 below, all rights with respect to the Preferred Stock converted pursuant to Section 3.1.1, including the rights, if
any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Optional Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender the certificates at or prior to such time), except
only the rights of 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

33. 

 
the holders thereof, upon surrender of their certificate or certificates (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this
Section 3.3.1. As soon as practicable after the Optional Conversion Time and the surrender of the certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall issue
and deliver to such holder, or to such holder’s nominee(s), a certificate or certificates for the number of full shares of Common Stock issuable on such conversion in accordance with the provisions hereof, together with cash as provided in
Section 3.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted
Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized
number of shares of Preferred Stock (and the applicable series thereof) accordingly. 
 3.3.2 Effect of Conversion. All shares of
Preferred Stock that shall have been surrendered for conversion as provided in this Certificate of Incorporation shall no longer be deemed to be outstanding and all rights with respect to such shares will immediately cease and terminate at the
Optional Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in
Section 3.2, and to receive payment of any unpaid dividends thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued. 

3.3.3 No Further Adjustment. Upon any conversion of shares of Preferred Stock, no adjustment to the Conversion Price of the applicable
series of Preferred Stock will be made with respect to the converted shares for any declared but unpaid dividends on such series of Preferred Stock or on the Common Stock delivered upon conversion. 

3.4 Adjustments to Series A Conversion Price for Diluting Issues. 

3.4.1 Special Definitions. For purposes of this Article VT, the following definitions shall apply: 

(a) “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or
Convertible Securities. 
 (b) “Series A Original Issue Date” shall mean the date on which the first share of Series
A Preferred Stock was issued. 
 (c) “Convertible Securities” shall mean any evidences of indebtedness, shares or
other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

34. 

 (d) “Additional Shares of Common Stock” shall mean all shares of Common
Stock issued (or, pursuant to Subsection 3.4.3 below, deemed to be issued) by the Corporation after the Series A Original Issue Date, other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued
pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively, “Exempted Securities”)1: 

(i) shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution on Series A Preferred Stock; 

(ii) shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split,
split-up or other distribution on shares of Common Stock that is covered by this Section 3; 

(iii) shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to the Corporation or any of its
subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Corporation; 
 (iv) shares of Common
Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such
Option or Convertible Security; 
 (v) shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other
financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors of the Corporation; 

(vi) shares of Common Stock, Options or Convertible Securities issued to suppliers or third party service providers in connection with the
provision of goods or services pursuant to transactions approved by the Board of Directors of the Corporation; or 
 (vii) shares of Common
Stock, Options or Convertible Securities issued pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such
issuances are approved by the Board of Directors of the Corporation. 
 3.4.2 No Adjustment of Series A Conversion Price. No
adjustment in the Series A Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Investors agreeing that no such adjustment
shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

35. 

 3.4.3 Deemed Issue of Additional Shares of Common Stock. 

(a) If the Corporation at any time or from time to time after the Series A Original Issue Date shall issue any Options or Convertible
Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities,
then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained
therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be
Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Series A Conversion Price
pursuant to the terms of Subsection 3.4.4, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms
pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any
such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Series A
Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Series A Conversion Price as would have obtained had such revised
terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Series A Conversion Price to an
amount which exceeds the lower of (i) the Series A Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, and (ii) the Series A Conversion Price that
would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date
and such readjustment date. 
 (c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are
themselves Exempted Securities), the issuance of which did not result in an adjustment to the Series A Conversion Price pursuant to the terms of Subsection 3.4.4 (either because the consideration per share (determined pursuant to
Subsection 3.4.5) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Series A Conversion Price then in effect, or because such Option or Convertible Security was issued before the Series A Original Issue
Date), are revised after the Series A Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant
to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible
Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject
thereto (determined in the manner provided in Subsection 3.4.3(a)) shall be deemed to have been issued effective upon such increase or decrease becoming effective. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

36. 

 (d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged
Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Series A Conversion Price pursuant to the terms of Subsection 3.4.4, the Series A Conversion
Price shall be readjusted to such Series A Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

(e) If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or
the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment
to the Series A Conversion Price provided for in this Subsection 3.4.3 shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent
adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Subsection 3.4.3). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or
Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Series A
Conversion Price that would result under the terms of this Subsection 3.4.3 at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if
subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Series A Conversion Price that such issuance or amendment took place at the time such calculation can first be made. 

3.4.4 Adjustment of Series A Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Corporation shall at
any time after the Series A Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Subsection 3.4.3), without consideration or for a consideration per share less than
the Series A Conversion Price in effect immediately prior to such issue, then the Series A Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth
of a cent) determined in accordance with the following formula: 
 CP2 = CP1* (A + B) (A + C). 
 (a)
CP2” shall mean the Series A Conversion Price in effect immediately after such issue of Additional Shares of Common Stock. 

(b) “CP1” shall mean the Series A Conversion Price in effect immediately
prior to such issue of Additional Shares of Common Stock; 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

37. 

 (c) “A” shall mean the number of shares of Common Stock outstanding immediately prior
to such issue of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion or exchange of Convertible
Securities (including the Series A Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 

(d) “B” shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of Common Stock had
been issued at a price per share equal to CPI (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CPI); and 

(e) “C” shall mean the number of such Additional Shares of Common Stock issued in such transaction. 

3.4.5 Determination of Consideration. For purposes of this Subsection 3.4, the consideration received by the Corporation for the
issue of any Additional Shares of Common Stock shall be computed as follows: 
 (a) Cash and Property: Such consideration shall: 

(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable
for accrued interest; 
 (ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time
of such issue, as determined in good faith by the Board of Directors of the Corporation; provided, however, if any holder of Preferred Stock objects to such valuation in writing, the Corporation will engage an independent appraiser
experienced in valuing such property jointly selected by the Corporation and such objecting stockholder; and 
 (iii) in the event
Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses
(i) and (ii) above, as determined in good faith by the Board of Directors of the Corporation; provided, however, if any holder of Preferred Stock objects to such valuation in writing, the Corporation will engage an independent
appraiser experienced in valuing securities jointly selected by the Corporation and such objecting stockholder. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

38. 

 (b) Options and Convertible Securities. The consideration per share received by the
Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to Subsection 3.4.3, relating to Options and Convertible Securities, shall be determined by dividing 

(i) the total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible
Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the
Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange
of such Convertible Securities, by 
 (ii) the maximum number of shares of Common Stock (as set forth in the instruments relating thereto,
without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible
Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities. 
 3.4.6
Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the
Series A Conversion Price pursuant to the terms of Subsection 3.4.4, and such issuance dates occur within a period of no more than 90 days from the first such issuance to the final such issuance, then, upon the final such issuance, the Series
A Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such
period). 
 3.5 Adjustment for Stock Splits and Combinations. If the Corporation at any time or from time to time after the date on
which the first share of a series of Preferred Stock is issued by the Corporation (such date referred to herein as the “Original Issue Date” for such series of Preferred Stock) effects a subdivision of the outstanding Common
Stock, the Conversion Price for each series of Preferred Stock in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of that series will be
increased in proportion to the increase in the aggregate number of shares of Common Stock outstanding. If the Corporation at any time or from time to time after the Original Issue Date for a series of Preferred Stock combines the outstanding shares
of Common Stock, the Conversion Price for each series of Preferred Stock in effect immediately before the combination will be proportionately increased so that the number of shares of Common Stock issuable on conversion of each share of such series
shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this Section 3.4 becomes effective at the close of business on the date the subdivision
or combination becomes effective. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

39. 

 3.6 Adjustment for Certain Dividends and Distributions. If the Corporation at any time or
from time to time after the Original Issue Date for a series of Preferred Stock makes or issues, or fixes a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common
Stock in additional shares of Common Stock, then and in each such event the Conversion Price for such series of Preferred Stock in effect immediately before the event will be decreased as of the time of such issuance or, in the event a record date
has been fixed, as of the close of business on such record date, by multiplying such Conversion Price then in effect by a fraction: 
 (a)
the numerator of which is the total number of shares of Common Stock issued and outstanding immediately prior to the time of the issuance or the close of business on the record date, and 

(b) the denominator of which is the total number of shares of Common Stock issued and outstanding immediately before the time of such issuance
or the close of business on the record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

Notwithstanding the foregoing, (i) if such record date has have been fixed and the dividend is not fully paid or if such distribution is not fully made
on the date fixed therefor, such Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter such Conversion Price shall be adjusted pursuant to this Section 3.5 as of the
time of actual payment of such dividends or distributions; and (ii) no such adjustment shall be made if the holders of such series of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number
equal to the number of shares of Common Stock that they would have received if all outstanding shares of such series of Preferred Stock had been converted into Common Stock on the date of the event. 

3.7 Adjustments for Other Dividends and Distributions. If the Corporation at any time or from time to time after the Original Issue Date
for a series of Preferred Stock shall makes or issues, or fixes a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution
of shares of Common Stock in respect of outstanding shares of Common Stock), then and in each such event the Corporation shall make, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution to the holders
of the series of Preferred Stock in an amount equal to the amount of securities as the holders would have received if all outstanding shares of such series of Preferred Stock had been converted into Common Stock on the date of such event. 

3.8 Adjustment for Reclassification, Exchange and Substitution. If at any time or from time to time after the Original Issue Date for a
series of Preferred Stock the Common Stock issuable upon the conversion of such series of Preferred Stock is changed into the same or a different number of shares of any class or classes of stock of the Corporation, whether by recapitalization,
reclassification, or otherwise (other than by a stock split or combination, dividend, distribution, merger or consolidation covered by Sections 3.4, 3.5, 3.6 or 3.8 or by
Section 1.3 regarding a Deemed Liquidation Event), then in any such event each holder of such series of Preferred Stock may thereafter convert such stock into the kind and amount of stock and other securities and property
receivable upon such recapitalization, reclassification or other change by holders of the number of shares of Common Stock into which such shares of Preferred Stock could have been converted immediately prior to such recapitalization,
reclassification or change. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

40. 

 3.9 Adjustment for Merger or Consolidation. Subject to the provisions of
Section 1.3, if any consolidation or merger occurs involving the Corporation in which the Common Stock (but not a series of Preferred Stock) is converted into or exchanged for securities, cash, or other property (other than
a transaction covered by Sections 3.5, 3.6 or 3.7), then, following any such consolidation or merger, the Corporation shall provide that each share of such series of Preferred Stock will thereafter be convertible, in lieu of the
Common Stock into which it was convertible prior to the event, into the kind and amount of securities, cash, or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one share of such
series of Preferred Stock immediately prior to the consolidation or merger would have been entitled to receive pursuant to the transaction; and, in such case, the Corporation shall make appropriate adjustment (as determined in good faith by the
Board) in the application of the provisions in this Section 3 with respect to the rights and interests thereafter of the holders of such series of Preferred Stock, to the end that the provisions set forth in this
Section 3 (including provisions with respect to changes in and other adjustments of the Conversion Price of such series of Preferred Stock) shall thereafter be applicable, as nearly as reasonably may be, in relation to any
securities or other property thereafter deliverable upon the conversion of such series of Preferred Stock. 
 3.10 Conversion Into
Qualified Financing Preferred Stock. At the time of the closing of the Qualified Financing (as defined below), the then outstanding Series A Preferred Stock plus any accrued but unpaid dividends due and payable up through the Qualified Financing
Conversion Date shall be converted into fully paid and nonassessable shares of Qualified Financing Preferred Stock (as defined below). The holders of Series A Preferred Stock, upon such conversion, will be entitled to receive that number of whole
shares of Qualified Financing Preferred Stock as shall be equal to the Original Issue Price of each share of Series A Preferred Stock plus any accrued but unpaid dividends thereon, as of the Qualified Financing Conversion Date (as defined
below), could purchase at ninety percent (90%) of the price per share of the Qualified Financing Preferred Stock; provided that if a Qualified Financing involves more than one sale by the Corporation of new equity securities, the “price per
share of the Qualified Financing Preferred Stock” contemplated by this sentence shall mean the lowest price per share of the Qualified Financing Preferred Stock offered in such sales (as equitably adjusted for any stock splits and stock
dividends). “Qualified Financing” shall mean the sale (or a series of sales) by the Corporation of new equity securities, which sale (or series of sales) results in proceeds to the Corporation of an aggregate amount of at
least $7,500,000, excluding the value of the Series A Preferred Stock being converted. “Qualified Financing Conversion Date” shall mean any date on which the then outstanding shares of Series A Preferred Stock shall be
converted into shares of Qualified Financing Preferred Stock. “Qualified Financing Preferred Stock” means shares of a series of new equity securities to be authorized and sold by the Corporation to investors in the Qualified
Financing. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

41. 

 4. Dividends. From and after the date of the issuance of any shares of Series A
Preferred Stock, dividends at the rate of five percent (5%) of the Series A Original Issue Price per share of Series A Preferred Stock per annum shall accrue on such shares of Series A Preferred Stock (subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock) (the “Accruing Dividends”). Accruing Dividends shall accrue from day to day, whether or not
declared, and shall be cumulative; provided, however, that except as set forth in the following sentence of this Section 4, Subsection 1.1, and Subsection 3.3.2 such Accruing Dividends shall be
payable only when, as, and if (a) declared by the Board of Directors or (b) upon the Conversion of the Series A Preferred Stock into Common Stock pursuant to Subsection 3.1 or (c) upon the Conversion of the Series A Preferred
Stock into Qualified Financing Preferred Stock pursuant to Subsection 3.10 and the Corporation shall not otherwise be under any obligation to pay such Accruing Dividends. The Corporation shall not declare, pay or set aside any dividends on
shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in the Certificate of
Incorporation) the holders of the Series A Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding share of Series A Preferred Stock in an amount at least equal to the greater of (i) the
amount of the aggregate Accruing Dividends then accrued on such share of Series A Preferred Stock and not previously paid and (ii) (A) in the case of a dividend on Common Stock or any class or series that is convertible into Common Stock, that
dividend per share of Series A Preferred Stock as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock
and (2) the number of shares of Common Stock issuable upon conversion of a share of Series A Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend or (B) in the case of a
dividend on any class or series that is not convertible into Common Stock, at a rate per share of Series A Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by
the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and
(2) multiplying such fraction by an amount equal to the Series A Original Issue Price (as defined below); provided that if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or
series of capital stock of the Corporation, the dividend payable to the holders of Series A Preferred Stock pursuant to this Section 4 shall be calculated based upon the dividend on the class or series of capital stock that
would result in the highest Series A Preferred Stock dividend. 
 5. Special Redemptions. 

5.1 If a Deemed Liquidation Event is proposed to occur, the Corporation shall give prompt written notice of such Deemed Liquidation Event
describing in reasonable detail the material terms and date of consummation thereof to each holder of Preferred Stock, but in any event such notice shall not be given later than five days prior to the occurrence of such Deemed Liquidation Event, and
the Corporation shall give each holder of Preferred Stock prompt written notice of any material change in the terms or timing of such transaction. Any holder of Preferred Stock may require the Corporation to redeem all or any portion of the
Preferred Stock owned by such holder at a price per share equal to the Original Issue Price thereof (plus all accrued and unpaid dividends thereon) by giving written notice to the Corporation of such election prior to the later of (a) 21 days after
receipt of the Corporation’s notice and (b) five days prior to the 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

42. 

 
consummation of the Deemed Liquidation Event (the “Expiration Date”). The Corporation shall give prompt written notice of any such election to all other holders of Preferred Stock
within five days after the receipt thereof, and each such holder shall have until the later of (a) the Expiration Date and (b) ten days after receipt of such second notice to request redemption hereunder (by giving written notice to the
Corporation) of all or any portion of the Preferred Stock owned by such holder. 
 5.2 Upon receipt of such election(s), the Corporation
shall be obligated to redeem the aggregate number of shares of Preferred Stock specified therein on the occurrence of the Deemed Liquidation Event. If any proposed Deemed Liquidation Event does not occur, alt requests for redemption in connection
therewith shall be automatically rescinded, or if there has been a material change in the terms or the timing of the transaction, any holder of Preferred Stock may rescind such holder’s request for redemption by giving written notice of such
rescission to the Corporation. If the Corporation does not have sufficient funds legally available to redeem all shares of Preferred Stock on the occurrence of the Deemed Liquidation Event, the Corporation shall redeem a pro rata portion of each
holder’s shares out of funds legally available therefor, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the legally available funds were sufficient to redeem all such shares, and
shall redeem the remaining shares to have been redeemed as soon as practicable after the Corporation has funds legally available therefor. 

6. Redeemed or Otherwise Acquired Shares. Any shares of Preferred Stock that are redeemed or otherwise acquired by the
Corporation or any of its subsidiaries will be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to
the holders of Preferred Stock following any such redemption. 
 7. Waiver. Any of the rights, powers, privileges
and other terms of the Preferred Stock set forth herein may be waived prospectively or retrospectively on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of the Requisite Holders. 

8. Notice of Record Date. In the event: 

(a) the Corporation takes a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon
conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or
to receive any other security; or 
 (b) of any capital reorganization of the Corporation, any reclassification of the Common Stock of the
Corporation, or any Deemed Liquidation Event; or 
 (c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation, 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

43. 

 then, and in each such case, the Corporation shall send or cause to be sent to the holders of the Preferred Stock
a written notice specifying, as the case may be, (i) the record date for such dividend, distribution, or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or
such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) will be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the
Preferred Stock and the Common Stock. The Corporation shall send the notice at least 20 days before the earlier of the record date or effective date for the event specified in the notice. 

8. Notices. Except as otherwise provided herein, any notice required or permitted by the provisions of this Article
VI to be given to a holder of shares of Preferred Stock must be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General
Corporation Law, and will be deemed sent upon such mailing or electronic transmission. 
 ARTICLE VII: PREEMPTIVE RIGHTS.

 No stockholder of the Corporation has a right to purchase shares of capital stock of the Corporation sold or issued by the
Corporation except to the extent that such a right may from time to time be set forth in a written agreement between the Corporation and the stockholder. 

ARTICLE VIII: BYLAW PROVISIONS. 

A. AMENDMENT OF BYLAWS. Subject to any additional vote required by this Certificate of Incorporation or bylaws of the Corporation (the
“Bylaws”), in furtherance and not in limitation of the powers conferred by statute, the Board is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws. 

B. NUMBER OF DIRECTORS. Subject to any additional vote required by this Certificate of Incorporation, the number of directors of the Corporation
will be determined in the manner set forth in the Bylaws. 
 C. BALLOT. Elections of directors need not be by written ballot unless the Bylaws
so provide. 
 D. MEETINGS AND BOOKS. Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws may provide.
The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

44. 

 ARTICLE IX: DIRECTOR LIABILITY. 

A. LIMITATION. To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this Article IX to authorize corporate action
further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended. Any repeal or
modification of the foregoing provisions of this Article IX by the stockholders will not adversely affect any right or protection of a director of the Corporation existing at the time of, or increase the liability of any director of the Corporation
with respect to any acts or omissions of such director occurring prior to, such repeal or modification. 
 B. INDEMNIFICATION. To the fullest
extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which General Corporation Law permits the
Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by
Section 145 of the General Corporation Law. 
 C. MODIFICATION. Any amendment, repeal, or modification of the foregoing provisions of this
Article IX will not adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of such amendment, repeal or modification. 

This Certificate of Incorporation, has been duly adopted in accordance with the General Corporation Law of the State of Delaware.

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

45. 

 The undersigned, for purposes of forming a corporation under the laws of the State of Delaware,
does make, file and record this Certificate of Incorporation, and does certify that the facts herein stated are true, and the undersigned has accordingly hereunto set his hand this 22nd day of August, 2016. 

 

	
	 /s/ Joseph C. Marrow

	Joseph C. Marrow, Incorporator

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

46. 

 [*] (17 pages omitted) 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

1. 

 APPENDIX D 

SHAREHOLDER AGREEMENT 

[*] (16 pages omitted) 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

2. 

 FIRST AMENDMENT TO LICENSE AGREEMENT 

This First Amendment Agreement dated 11 November 2016 (the “Amendment”) to the Collaboration and License Agreement dated 26 August
2016 (the “Agreement”) is between 
 MedImmune Limited, a company incorporated in England whose registered office is Milstein Building,
Granta Park, Cambridge, CB21 6GH, UK (“Licensor”); 
 AbMed Corporation a Delaware corporation with its principal place of business at 160
Greentree Drive, Suite 101, Dover, Kent County, Delaware 19904 (“Company”); and 
 AbPro Corporation, a Delaware corporation with its
principal place of business at 65 Cummings Park Drive, Woburn, Massachusetts 01801 (“AbPro”). 
 Background 

(A) WHEREAS, Licensor, Company and AbPro entered into the Agreement. 

(B) WHEREAS, the Parties desire to amend certain terms of the Agreement. 

Terms and Conditions 
 NOW, THEREFORE, in consideration of
the mutual covenants contained in this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Licensor, Company and AbPro, intending to be legally bound, agree as follows: 

 

	1.	Definitions 

  

	 	1.1	Any capitalised terms not separately defined in this Amendment shall have the meaning ascribed to them in the Agreement. 

  

	2.	Amendment  

  

	 	2.1	Article 1 of the Agreement is hereby amended to add the following definition as new Section 1.41: 

“1.41 “[*] Agreement” means the [*] License Agreement between [*] and MedImmune, LLC dated [*], a redacted version of
which is set forth in Appendix E hereto and which, for the purposes of this Agreement, shall be deemed an Upstream License.” 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

3. 

	 	2.2	Article 2 of the Agreement is hereby amended to add the following new Section 2.1(a)(i) after Section 2.1 (a): 

“2.1(a)(i) Subject to the terms of this Agreement and the [*] Agreement, Licensor hereby grants to Company solely within the FIELD OF USE
and TERRITORY, a non-exclusive, non-sublicenseable, sublicense to use the MATERIALS and [*] INTELLECTUAL PROPERTY to make, have made, use, have used, Sell, have Sold,
import and have imported COMMERCIALIZED PRODUCTS comprising or consisting of the Licensor Molecule and/or Product. For the purposes of this Section 2.1 (a) (i), the terms “FIELD OF USE”, “TERRITORY”, “MATERIALS”,
“[*] INTELLECTUAL PROPERTY” and “COMMERCIALIZED PRODUCTS” shall have the meaning given to them in the [*] Agreement.” 
  

	 	2.3	Section 2.2 of the Agreement is hereby deleted in its entirety and is replaced with the following amended Section 2.2: 

“2.2 Sublicenses. Subject to Sections 2.1(b) and 2.2(a) of the Agreement, any sublicense granted by Company to the Licensor
Molecule IP shall be [*]. Licensor shall, [*], or in the event that [*]. Each sublicense granted hereunder shall be consistent with and comply with all terms of this Agreement, shall incorporate terms and conditions sufficient to enable Company to
comply with this Agreement [*]. Upon termination of this Agreement or any license granted hereunder for any reason, any sublicenses shall be addressed in accordance with Section 12.6. Any sublicense which is not in accordance with the forgoing
provisions shall be null and void.” 
  

	 	2.4	Article 2 of the Agreement is hereby amended to add the following new Section 2.2(a): 

“2.2(a) [*] Sublicenses. Company shall not have the right to sublicense the rights granted pursuant to
Section 2.1(a)(i).” 
  

	 	2.5	Section 2.3 of the Agreement is hereby deleted in its entirety and is replaced with the following amended Section 2.3: 

“2.3 Upstream Licenses. Except as set forth in Section 2.3(a) below, Licensor shall at all times remain responsible for the
payment of any royalty, milestone and other payment obligations, if any, due to Third Parties under any Upstream Licenses to which Licensor is bound and all such payments shall be timely made, or otherwise agreed, by the Licensor in accordance with
the terms of the applicable Upstream License.” 
  

	 	2.6	Article 2 of the Agreement is hereby amended to add the following new Section 2.3(a): 

“2.3(a) [*] Agreement. Company shall at all times comply with the provisions of the [*] Agreement to the extent that they relate to
Licensor Molecule and/or Products and shall be responsible for [*] in respect of the [*]. The sublicense granted pursuant to Section 2.1 (a)(i) of this Agreement with respect to “MATERIALS” (as such term is defined in the [*]
Agreement) and “[*] INTELLECTUAL PROPERTY” (as such term is defined in the [*] Agreement) is a sublicense under the license granted to MedImmune, LLC under the [*] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

4. 

 Agreement and the rights and licenses sublicensed hereunder are subject to and limited by the
terms and conditions of the [*] Agreement and Company acknowledges and agrees that the scope of such granted sublicense is no greater than the license granted to MedImmune, LLC under the [*] Agreement. Company hereby agrees that where there is a
conflict between the terms of this Agreement and the [*] Agreement in relation to the “MATERIALS” (as such term is defined in the [*] Agreement) and “[*] INTELLECTUAL PROPERTY” (as such term is defined in the [*] Agreement) it
shall be bound by the terms and conditions of the [*] Agreement solely as it concerns such MATERIALS and [*] INTELLECTUAL PROPERTY. Company further agrees to do all such lawful acts and all such things as may be reasonably necessary or desirable to
enable MedImmune, LLC to comply with the [*] Agreement in relation to Company’s receipt of its sublicense hereunder. Licensor represents, warrants and covenants that it has the right to grant the licenses granted to Company pursuant to
Section 2.1(a)(i).” 
  

	 	2.7	“Appendix B: Licensor Know-How” is hereby deleted in its entirety and is replaced with amended Appendix B attached hereto. 

 

	 	2.8	With respect to the Licensor Know-How identified in Appendix B as [*], the license grant from MedImmune set forth in Section 2.1(a) shall [*] and such license shall [*], it
being acknowledged that Company shall be responsible for [*] associated therewith and [*] accordingly. 

  

	3.	Governing Law and Disputes 

  

	 	3.1	This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Delaware, excluding with respect to conflict of laws, except that questions affecting the construction and
effect of any patent shall be determined by the law of the country in which the patent shall have been granted. Each Party agrees to submit to the exclusive jurisdiction of the competent court located in Delaware with respect to any claim, suit or
action in law or equity arising in any way out of this Agreement or the subject matter hereof. 

  

	4.	Entire Agreement. The Agreement, as amended by this Amendment, constitutes the entire understanding between the Parties relating to the subject matter hereof and the Agreement is hereby ratified and confirmed by
the Parties. Except as expressly amended by this Amendment, the Agreement amended shall remain unchanged and shall be in full force and effect. 

IN WITNESS WHEREOF THE PARTIES SET THEIR NAMES HERETO ON THE DATE AND YEAR FIRST ABOVE WRITTEN 

 

			
	Signed	 	 /s/ Jane Osbourn

	for and on behalf of MedImmune Limited
	Name: Jane Osbourn
	Position: VP R&D MedImmune Ltd

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

5. 

			
		
	Signed	 	 /s/ Ian Chan

	for and on behalf of AbMed Corporation
	Name: Ian Chan
	Position: CEO

 Solely with respect to its obligations expressly set forth in Section 3.1, 3.2 and 4.1 of the Agreement: 

 

			
	Signed	 	 /s/ Ian Chan

	for and on behalf of AbPro Corporation
	Name: Ian Chan
	Position: CEO

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

6. 

 Appendix B: Licensor Know-How 

[*] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

7. 

 Appendix E: [*] Agreement 

[*] (18 pages omitted) 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

8. 

 SECOND AMENDMENT TO LICENSE AGREEMENT 

THIS SECOND AMENDMENT TO LICENSE AGREEMENT (the Second Amendment), dated as of this 1 day of November, 2017, is entered into by
and between MedImmune Limited, a company incorporated in England and Wales whose registered office is Milstein Building, Granta Park, Cambridge, CB21 6GH, UK (“Licensor”), AbMed Corporation, a Delaware corporation with its principal
place of business at 160 Greentree Drive, Suite 101, Dover, Kent County, Delaware 19904 (“Company”) and, solely with respect to the specified provisions hereof, AbPro Corporation, a Delaware corporation with its principal place of
business at 65 Cummings Park Drive, Woburn, Massachusetts 01801 (“AbPro”), and relates to that certain License Agreement entered into by and between Company, AbMed and AbPro effective August 26, 2016 (as previously amended, the
“Agreement”). 
 WHEREAS, the Parties are desirous of further amending the Agreement to, among other things, revise
certain aspects of the ongoing performance of the Research Plan; and 
 WHEREAS, the capitalized terms used in this Second Amendment
and not otherwise defined shall have the same meaning as set forth in the Agreement. 
 NOW, THEREFORE, in consideration of the P
premises and the mutual promises hereinafter contained, the sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows: 

1. Research Plan. Section 3.1 of the Agreement is hereby deleted in its entirety and replaced with the following amended Section 3.1:

 3.1 Research Plan. Within [*] of the Effective Date, AbPro shall develop in good faith, and provide to Licensor, a written plan for
advancing the research and development of Research Plan Efforts to perform such Research Plan and to develop the Licensor Molecule (the “Research Plan”) Company shall use Commercially Reasonable Efforts to perform such Research Plan
and to develop the Licensor Molecule towards a Product in compliance with all Applicable Laws. Such Commercially Reasonable Efforts shall include achieving the following objectives within the time periods designated below following the Effective
Date: 
  

			
	 Milestones required to be achieved to evidence

use of Commercially Reasonable Efforts
	  	Date milestone to
be achieved
	 [*]
	  	[*]

 2. Entire Agreement. The Agreement, as amended by this Second Amendment, constitutes the entire
understanding between the Parties relating to the subject matter hereof and is hereby ratified and confirmed by the parties. Except as expressly amended by this Second Amendment, the Agreement shall remain unchanged and shall be in full force and
effect. 
 Remainder of page intentionally left blank. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

9. 

 IN WITNESS WHEREOF, the Parties, by their duly authorized representatives, have executed
this Second Amendment as of the date first written above. 
  

	
	Signed /s/ Jane Osbourn        
	for and on behalf of MedImmune Limited
	Name: Jane Osbourn
	Position: VP R&D

  

	
	Signed /s/ Ian Chan                
	for and on behalf of AbMed Corporation
	Name: Ian Chan
	Position: CEO

 Solely with respect to its obligations expressly set forth in Section 3.1, 3.2 and 4.1 of the
Agreement: 
  

	
	Signed /s/ Ian Chan                
	for and on behalf of AbPro Corporation
	Name: Ian Chan
	Position: CEO

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 THIRD AMENDMENT TO LICENSE AGREEMENT 

THIS THIRD AMENDMENT TO LICENSE AGREEMENT (the “Third Amendment”), dated as of this 5 day of March, 2018, is entered into by and
between MedImmune Limited, a company incorporated in England and Wales whose registered office is Milstein Building, Granta Park, Cambridge, CB21 6GH, UK (“Licensor”), AbMed Corporation, a Delaware corporation with its principal
place of business at 160 Greentree Drive, Suite 101, Dover, Kent County, Delaware 19904 (“Company”) and, solely with respect to the specified provisions hereof, AbPro Corporation, a Delaware corporation with its principal place of
business at 65 Cummings Park Drive, Woburn, Massachusetts 01801 (“AbPro”), and relates to that certain License Agreement entered into by and between Company, AbMed and AbPro effective August 26, 2016 (as previously amended, the
“Agreement”). 
 WHEREAS, the Parties are desirous of further amending the Agreement to, among other things, revise certain aspects
of the ongoing performance of the Research Plan; and 
 WHEREAS, the capitalized terms used in this Third Amendment and not otherwise defined shall
have the same meaning as set forth in the Agreement. 
 NOW, THEREFORE, in consideration of the Parties’ continued business relationship,
foregoing premises and the mutual promises hereinafter contained, the sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows: 

1. Research Plan. Section 3.1 of the Agreement is hereby deleted in its entirety and replaced with the following amended Section 3.1: 

3.1 Research Plan. Within [*] of the Effective Date, AbPro shall develop in good faith, and provide to Licensor, a written plan for
advancing the research and development of the Licensor Molecule (the “Research Plan”). Company shall use Commercially Reasonable Efforts to perform such Research Plan and to develop the Licensor Molecule towards a Product in
compliance with all Applicable Laws. Such Commercially Reasonable Efforts shall include achieving the following objectives within the time periods designated below following the Effective Date: 

 

			
	 Milestones required to be achieved to evidence

use of Commercially Reasonable Efforts
	  	Date milestone to be
achieved
	[*]	  	[*]

 2. Entire Agreement. The Agreement, as amended by this Third Amendment, constitutes the entire understanding between
the Parties relating to the subject matter hereof and is hereby ratified and confirmed by the parties. Except as expressly amended by this Third Amendment, the Agreement shall remain unchanged and shall be in full force and effect. 

Remainder of page intentionally left blank. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

2. 

 IN WITNESS WHEREOF, the Parties, by their duly authorized representatives, have executed this Third
Amendment as of the date first written above. 
  

			
	Signed      /s/ Jane Osbourn
                            
	for and on behalf of MedImmune Limited
	Name:	 	Jane Osbourn
	Position:	 	VP R&D
	
	Signed     /s/ Ian Chan
                                    
	for and on behalf of AbMed Corporation
	Name:	 	Ian Chan
	Position:	 	CEO

 Solely with respect to its obligations expressly set forth in Section 3.1, 3.2 and 4.1 of the Agreement: 

 

			
	Signed     /s/ Ian Chan
                                    
	for and on behalf of AbPro Corporation
	Name:	 	Ian Chan
	Position:	 	CEO

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

3.EX-10.16

 Exhibit 10.16 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 Confidential 

EXCLUSIVE LICENSE AGREEMENT 

for MSK’s technology 

“Her2-huOKT3 bispecific Antibody—SK2014-064” 

No binding agreement between the Parties will exist until this Agreement has been signed by 

both Parties. Unsigned drafts of this Agreement shall not be considered offers. 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1
	  	DEFINITIONS	  	 	1	 
	 ARTICLE 2
	  	GRANT	  	 	4	 
	 ARTICLE 3
	  	SUBLICENSES	  	 	4	 
	 ARTICLE 4
	  	DILIGENCE	  	 	5	 
	 ARTICLE 5
	  	PAYMENTS	  	 	6	 
	 ARTICLE 6
	  	REPORTS AND RECORDS	  	 	9	 
	 ARTICLE 7
	  	PATENT PROSECUTION: THE PATENT RIGHTS	  	 	10	 
	 ARTICLE 8
	  	INFRINGEMENT	  	 	11	 
	 ARTICLE 9
	  	CONFIDENTIALITY	  	 	12	 
	 ARTICLE 10
	  	NDEMNIFICATION. PRODUCT LIABILITY	  	 	13	 
	 ARTICLE 11
	  	REPRESENTATIONS, WARRANTIES AND DISCLAIMERS	  	 	14	 
	 ARTICLE 12
	  	COMPLIANCE WITH LAW	  	 	15	 
	 ARTICLE 13
	  	NON-USE OF NAMES	  	 	16	 
	 ARTICLE 14
	  	RESERVED	  	 	16	 
	 ARTICLE 15
	  	ASSIGNMENT	  	 	16	 
	 ARTICLE 16
	  	TERMINATION	  	 	16	 
	 ARTICLE 17
	  	NOTICES AND OTHER COMMUNICATIONS	  	 	18	 
	 ARTICLE 18
	  	MISCELLANEOUS PROVISIONS	  	 	19	 

  

			
	Exhibit A	  	LICENSED RIGHTS - PATENT RIGHTS AND KNOW-HOW
	Exhibit B	  	DEVELOPMENT PLAN
	Exhibit C	  	SUBSCRIPTION AGREEMENT
	Exhibit D	  	PRODUCT DEVELOPMENT DIRECTED ACTIVITIES

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

-i- 

 This Exclusive License Agreement (the “Agreement”) is effective on the date of the last signature below
(“Effective Date”), and is by and between Memorial Sloan Kettering Cancer Center (hereinafter referred to as “MSK”), a New York
not-for-profit corporation with principal offices at 1275 York Avenue, New York NY 10065, and AbPro Corporation, a Delaware corporation with principal offices
located at 65 Cummings Park Drive, Woburn, Massachusetts 01801 (“LICENSEE”). MSK and LICENSEE are sometimes referred to singly as “Party” and collectively as “Parties”. 

WITNESSETH 
 WHEREAS, MSK owns certain
Licensed Rights (as later defined herein) and desires to have the Licensed Rights utilized in the public interest; 
 WHEREAS, LICENSEE desires to obtain a
license to the Licensed Rights to commercially develop the Licensed Rights through a program of exploiting the Licensed Rights in accordance with the terms of this Agreement whereby public utilization shall result therefrom; and 

WHEREAS, MSK is willing to grant a license to LICENSEE on the terms and conditions that follow; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows: 

ARTICLE 1 - DEFINITIONS 
 For the purpose
of this Agreement, the following words and phrases shall have the following meanings: 
  

	 	1.1	“Affiliate” as used herein in either singular or plural means, with respect to a Party, any corporation, company, partnership, joint venture or other entity, which directly or indirectly: (a) Controls, is
Controlled by or is under common Control with the specified entity; or (b) both (i) owns, is owned by, or is under common ownership with the specified entity, in whole or in part, and (ii) conducts business under a trade identifier of the
specified entity, with the authorization of the specified entity. For purposes of this definition, “Control” of an entity means the direct or indirect ownership or control of at least fifty percent (50%) of the right to direct or cause the
direction of the policies and management of such person or entity, whether by the ownership of stock, by contract or otherwise. In any jurisdiction where 50% control is not permitted by applicable law, the “greater than 50%” threshold
shall be deemed satisfied by the possession of substantially the maximum percentage allowable in such jurisdiction. With regard to MSK, “Affiliate” shall include, without limitation, Sloan-Kettering Institute for Cancer Research and the
Memorial Hospital for Cancer and Allied Diseases. 

  

	 	1.2	“Clinical Trial Agreement” means the written agreement between LICENSEE and MSK containing the terms and conditions under which certain clinical research relating to this Agreement will be performed.

  

	 	1.3	“Confidential Information” shall mean all confidential or proprietary information disclosed by one Party to the other Party relating to and in the performance of this Agreement, including confidential or
proprietary methods or manufacture or use, formulations, clinical data, test results, and research and development plans, whether in oral, graphic, electronic, or any other media or form. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

1. 

	 	1.4	“Contract Quarter-Year” shall mean the three month periods ending on March 31, June 30, September 30 and December 31 of each year. 

 

	 	1.5	“Feasibility Study” means an initial study to be performed by LICENSEE after the Effective Date of this Agreement in an effort to evaluate and confirm the [*], as further defined by the Parties in this
Agreement. 

  

	 	1.6	“Field of Use” shall mean use of a Her2-huOKT3 bispecific antibody as a human cancer diagnostic or a human cancer treatment or prevention. 

 

	 	1.7	“Licensed Know-How” means any developments, ideas, know-how, information, methods, processes, designs, concepts or techniques [*]
that are necessary to use Licensed Products or perform Licensed Services and are listed in an exhibit to this Agreement. 

  

	 	1.8	“Licensed Rights” shall collectively mean the Licensed Know-How and the Patent Rights. 

 

	 	1.9	“Licensed Product” shall mean any Her2-huOKT3 bispecific antibody that is (A) covered by a Valid Claim, (B) made by a process covered by a Valid Claim, (C) used in a manner that is covered by a
Valid Claim, (D) the making, use, sale, offer to sell, or importation of which would, but for the license granted herein or a statutory exemption such as, but not limited to, that provided by 35 U.S.C. § 271(e)(1), infringe one or more
Valid Claim, or (E) that embodies, contains, incorporates, uses, or is made through the use of, or was in whole or in part derived from, the Licensed Know-How. 

 

	 	1.10	“Licensed Services” include any process or services performed for a fee comprising a Her2-huOKT3 bispecific antibody and that is (a) covered by a Valid Claim, (b) embodies, contains, incorporates,
uses, or is made through the use of, or was in whole or in part derived from, MSK Know-How, or (c) contains, incorporates or uses a Licensed Product. 

 

	 	1.11	“Net Sales” means the gross price billed or invoiced on sales of Licensed Products or provision of Licensed Services by LICENSEE, its Affiliates, or Sublicensees, less: 

 

	 	(a)	Freight expense (actual), including insurance, to the extent it is not charged to or reimbursed by the customer; 

  

	 	(b)	Cash discounts actually granted and deducted solely on account of sales of Licensed Products or provision of Licensed Services; 

  

	 	(c)	Rebates actually paid to individual or group purchasers of Licensed Products that are solely on account of the purchase of such Licensed Products; 

 

	 	(d)	Credits issued for returns of Licensed Products recalled or not accepted by customers; and 

  

	 	(e)	Taxes (including, but not limited to sales, value added, consumption and similar taxes) actually incurred, paid or collected and remitted to the relevant tax authority for the sale or Licensed Products.

 No deductions shall be taken or permitted in calculating Net Sales that depend or are based in whole or in part on the sale
or purchase of any product or service that is not a Licensed Product, including without limitation for the practice commonly known as “bundling.” 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

2. 

	 	1.12	“Patent Rights” shall mean: 

  

	 	(a)	The U.S. and ex-U.S. patents and patent applications listed in Exhibit A; 

  

	 	(b)	U.S. and ex-U.S. patents that issue from or claim priority to any patents or patent applications listed in Exhibit A, including any divisionals, continuations, and extensions
thereof, and any patents issuing therefrom, but not including claims in continuation-in-part applications or patents except to the extent provided in (c) below;

  

	 	(c)	Continuation-in-part applications or patents described in (a) or (b) above, to the extent that such continuation-in-part applications or patents are entitled to priority to patents or patent applications listed in (a) or (b) above; and 

 

	 	(d)	Any reissues or re-examinations of patents described in (a), (b), or (c) above. 

  

	 	1.13	“Royalty Term” shall mean, on a Licensed Product-by-Licensed Product and Licensed Service-by-Licensed Service basis and country-by-country basis, the period commencing on the Effective Date and concluding on
the later of the: (a) expiration of the last Valid Claim covering such Licensed Product or Licensed Service; (b) expiration of any market exclusivity period granted by law with respect to such Licensed Product or Licensed Service; or
(c) the date that is [*] from the first commercial sale of the applicable Licensed Product or Licensed Service in such country. 

  

	 	1.14	“Royalty Year” shall mean each twelve (12) month period commencing January 1 and ending December 31 during the Term of this Agreement. For the first year of this Agreement, the Royalty Year
shall be the period of time between the signing of the Agreement and December 31. 

  

	 	1.15	“Sponsored Research Agreement” means the written agreement between LICENSEE and MSK containing the terms and conditions under which the sponsored research at MSK will be performed. 

 

	 	1.16	“Sublicensee” means any person or business entity to which LICENSEE has granted a sublicense of the Licensed Rights. 

  

	 	1.17	“Term” shall mean the term of this Agreement, which will commence on the Effective Date and expire upon LICENSEE’s satisfaction of all obligations hereunder following the expiration of the last Royalty
Term for any Licensed Product, unless earlier terminated pursuant to the Article 16 of this Agreement. 

  

	 	1.18	“Territory” shall mean worldwide. 

  

	 	1.19	“Valid Claim” shall mean an issued and unexpired claim or a pending claim within the Patent Rights, that shall not have been irretrievably withdrawn, cancelled, or disclaimed, nor been held invalid or
unenforceable by a court or other appropriate agency of competent jurisdiction in an unappealable decision. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

3. 

 ARTICLE 2 - GRANT 

 

	 	2.1	License Grant. Subject to the terms of this Agreement and MSK’s retained rights in the Licensed Rights as set forth in Sections 2.2 and 2.3 below, MSK hereby grants to LICENSEE: (a) an exclusive,
royalty-bearing, license in and to the Patent Rights to make, have made, use, sell, have sold, offer for sale and import Licensed Products and Licensed Services in the Field of Use in the Territory, together with the right to sublicense as provided
in Article 3; and (b) a non-exclusive, royalty-bearing, license to use the Licensed Know-How in connection with any development, manufacture, sale, import, or use
of any Licensed Product or performance of any Licensed Services in the Field of Use in the Territory, together with the right to sublicense as provided in Article 3. For clarity, the Field of Use specifically excludes subject matter within the
Patent Rights directed to any antibody or construct that is not the Her2-huOKT3 bispecific antibody, including method of use claims to combinations of other antibodies or drugs with Her2-CD3 bispecific
antibodies. 

  

	 	2.2	Reserved Rights. Notwithstanding anything in this Agreement to the contrary, MSK shall have the right to (i) use the Patent Rights for non-commercial research purposes
and care of patients of MSK, its Affiliates, its network facilities, and clinical trial sites that are participating with MSK in a multicenter clinical trial, and (ii) permit others at academic, government, and not-for-profit institutions to use the Patent Rights in the course of non-commercial research or clinical trials being conducted jointly with MSK. 

 

	 	2.3	U.S. Government Rights. All rights granted herein are subject to rights of the United States pursuant to 35 U.S.C. § 200 et seq., and implementing regulations and agreements. 

 

	 	2.4	No Implied Rights. MSK reserves all rights not expressly granted in the Agreement. The licenses granted hereunder shall not be construed to confer any rights upon LICENSEE by implication, estoppel or otherwise,
and it is understood that practice of the full scope of the Licensed Rights may not be possible absent the grant of a license to patents not included in the Licensed Rights. 

ARTICLE 3 - SUBLICENSES 

 

	 	3.1	LICENSEE may grant sublicenses (and may amend sublicenses) [*]. LICENSEE shall also promptly provide MSK with full executed copies of such sublicense agreements and any amendments thereto; provided, that such sublicense
agreement (or amendment) may be redacted to remove highly sensitive confidential information to the extent such redaction does not impair or preclude MSK from assessing LICENSEE’s compliance with this Agreement. All such documents shall be
deemed Confidential Information of LICENSEE. 

  

	 	3.2	Any sublicense shall by its terms bind the Sublicensee to all provisions of this Agreement that by their terms are capable of performance by a sublicensee, including without limitation the restrictions, limitations, and
obligations of [*], and shall [*]. Any breach by a Sublicensee shall be considered a breach by LICENSEE. 

  

	 	3.3	LICENSEE shall promptly provide MSK with a copy of any notice of breach, termination, or the like sent to or received from a Sublicensee. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

4. 

 ARTICLE 4 - DILIGENCE 

 

	 	4.1	LICENSEE accepts that commercialization of the Licensed Product or Licensed Services is of utmost importance to MSK. LICENSEE shall use commercially reasonable efforts to achieve all Milestone Activities for the first
Licensed Product or Licensed Service on or prior to the Expected Completion Date listed below. If LICENSEE is unable to meet such milestones, it shall notify MSK as far in advance as practical of the likely inability, and the Parties shall discuss
in good-faith modification of the schedule; if technical, scientific, or regulatory (but not economic or financial) impediments beyond the control of LICENSEE were the substantial cause of the delay, MSK will agree to a reasonable modification.
Further, LICENSEE shall have the option of unilaterally extending any of the following milestones by [*] upon payment to MSK of [*], plus an additional [*] upon payment to MSK of an additional [*], but no more than [*] in total for each milestone,
e.g., the first milestone could be extended at LICENSEE’s option to within [*] of the Effective Date and then again to within [*] by making such payments, but not beyond that date. Without limiting the generality of the foregoing, it shall be
inconsistent with the exercise of commercially reasonable efforts for LICENSEE [*]. [*] if LICENSEE cannot provide proof of its commercially reasonable efforts towards the development of a Licensed Product or Licensed Service or fails to achieve a
Development Milestone Activity associated with the development of said Licensed Product or Licensed Service on or prior to the Expected Completion Date. Development Milestone Activities may be modified and Expected Completion Dates extended with
MSK’s written approval and, upon LICENSEE’s request, the Parties shall discuss and negotiate in good faith any reasonable extensions of the applicable Expected Completion Dates that may be necessary despite LICENSEE’s use of its
commercially reasonable efforts towards the development of a Licensed Product or Licensed Service. 

  

	 	(a)	LICENSEE shall use commercially reasonable efforts to (i) bring at least one (1) Licensed Product or Licensed Service to market through a thorough, vigorous and diligent program for exploitation of the
Licensed Rights, and (ii) following the first commercial sale of a Licensed Product or Licensed Service in any country of the Territory, continue active, diligent marketing efforts for such Licensed Product or Licensed Service and make
continuing sales of such Licensed Product and Licensed Service in such country throughout the Term. 

 Without limiting the
foregoing, such commercially reasonable efforts shall include achieving the following milestones: 
  

			
	 Development Milestone Activity
	  	 Expected

Completion Date

	 [*]
	  	 Within [*] of Effective Date

	 [*]
	  	 Within [*] of Effective Date

	 [*]
	  	 Within [*] of Effective Date

	 [*]
	  	 Within [*] of Effective Date

	 [*]
	  	 Within [*] of Effective Date

  

	 	(b)	LICENSEE shall give MSK written notice and evidence within [*] of the achievement of each of the above specific diligence obligations. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

5. 

	 	(c)	LICENSEE’s detailed business plan for the development of the Licensed Rights, including, for example, relevant schedules of capital investments needed to implement the plan, financial, equipment, facility plans,
number and kind of personnel and time planned for each phase of development of the Licensed Rights for a [*] period, to the extent formed by LICENSEE, will be provided by LICENSEE within [*] of the Effective Date and will be annexed hereto and made
part of this Agreement. LICENSEE shall provide similar reports to MSK annually to relay update and status information on LICENSEE’s business, research and development progress, including projections of activity anticipated for the next
reporting year. 

  

	 	(d)	LICENSEE shall be solely responsible, at its sole cost and expense, for securing any necessary governmental or regulatory approvals for development, manufacture, and sale of Licensed Products and performance of Licensed
Services (“Regulatory Approval”). LICENSEE shall advise MSK, through annual reports described in Section 4.1(c) above, of its program of development for obtaining said Regulatory Approvals. 

 

	 	(e)	LICENSEE shall perform the Feasibility Study diligently and at its sole cost and expense. LICENSEE shall conclude the Feasibility Study as promptly as possible and in all events within [*] after the Effective Date.
During the Feasibility Study, LICENSEE shall regularly share any data generated with MSK. Should any data be generated by MSK under Exhibit D funded by LICENSEE, MSK will likewise regularly share such data with LICENSEE. The recipient shall treat
such data as confidential in accordance with Section 9 of this Agreement. If results of the Feasibility Study do not indicate that [*], LICENSEE can terminate this Agreement upon [*] prior written notice to MSK. At the end of the Feasibility
Study, LICENSEE shall notify MSK in writing whether or not it will exercise its rights to terminate this Agreement pursuant to the foregoing sentence. Without limitation to Section 16.8, termination under this Section 4.1 (e) shall not
relieve LICENSEE from obligations (x) that have already been accrued prior to the termination date and/or (y) in respect of costs and/or commitments that cannot be cancelled. 

 

	 	4.2	If LICENSEE is the subject of a demand, notice, inquiry, or inspection report by a governmental authority or certification agency in relation to any Licensed Product or Licensed Service that (i) by its terms
directs or contemplates, or may reasonably be expected to require or relate to, suspension or cessation of manufacturing, sale, development, or marketing of Licensed Products or Licensed Services efforts, (ii) concerns a recall or potential
recall of Licensed Products or Licensed Services, (iii) concerns a loss of life or material issue of safety, or (iv) may reasonably be expected to prevent LICENSEE’s compliance with its diligence obligations, then LICENSEE shall
provide a copy to MSK without delay and keep MSK reasonably apprized of its response. 

 ARTICLE 5 - PAYMENTS 
  

	 	5.1	For the rights, privileges and licenses granted hereunder, LICENSEE shall pay to MSK, in the manner hereinafter provided: 

  

	 	(a)	License Fee: LICENSEE shall pay to MSK a one-time license issue fee of [*]. [*] of the upfront fee is due within [*] of the Effective Date, the remaining [*] are due within [*] of
the Effective Date. The latter payment shall not be due if LICENSEE terminates this Agreement within [*] of the Effective Date in accordance with Section 4.1 (e) of this Agreement. Such license issue fee shall be fully earned when paid,
nonrefundable, and non-creditable against any other obligations hereunder. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

6. 

	 	(b)	Running royalties: LICENSEE shall pay to MSK a royalty in an amount equal to [*] of LICENSEE’s and its Affiliates’ and Sublicensees’ Net Sales. If a Licensed Product or Licensed Service only incorporates
MSK Know How and is not covered by Patent Rights, LICENSEE shall pay MSK a [*] royalty on LICENSEE’s and its Affiliates’ and Sublicensees’ Net Sales of such Licensed Products or Licensed Services. If LICENSEE is required to take a
license under any third party patents to make, use, sell, offer for sale or import Licensed Products, then the royalty payments due to MSK may be reduced [*] for every [*] paid by LICENSEE to third party, provided however, in no event shall
royalties to be paid to MSK be reduced to less than [*] for Licensed Products or Licensed Services covered by the Patent Rights, and to no less than [*] for Licensed Products that only incorporate MSK Know How and are not covered by Patent Rights.

  

	 	(c)	Guaranteed minimum royalties: Annual minimum royalty payments, due at each anniversary of the Effective Date, starting on the [*] anniversary of the Effective Date, in the amount of [*] per Royalty Year [*], and [*], in
the amount of [*] per Royalty Year [*]. The minimum royalty payments may be credited against the running royalty payments required in Section 5.1(b) above for the same Royalty Year. 

 

	 	(d)	Milestones: 

 Within [*] of the occurrence of any of the following milestones, LICENSEE shall
notify MSK of LICENSEE’s or a Sublicensee’s achievement of such milestone and pay to MSK the applicable milestone payment: 
  

					
	 Milestone Activity
	  	 Milestone Payment
	  	 
	[*]	  	[*]	  	Within [*] of Effective Date
	[*]	  	[*]	  	Within [*] of Effective Date
	[*]	  	[*]	  	Within [*] of Effective Date
	[*]	  	[*]	  	Within [*] of Effective Date
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	
	[*]	  	[*]	  	

 The same Milestone Payment shall not be due more than once on an individual Licensed Product or Licensed
Service. If a certain milestone is not performed but either replaced or skipped or if two or more milestone activities are combined to one, both (or all) milestones shall be due at the date of completion of the next Expected Milestone Completion
date. For clarity, the Milestone Payments are due for each separate and unique Licensed Product that reaches such a Milestone Activity. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

7. 

	 	(e)	Sublicensing Income: 

 (i) If income not based on Net Sales,
up-front licensing fees, milestone payments (other than the milestone payments listed in this Agreement), and other income not calculated as a running royalty on Net Sales, is generated through the sublicense
of Patent Rights (hereinafter, “Sublicense Income”), LICENSEE shall pay MSK a sublicense fee of [*] of such Sublicense Income paid to LICENSEE prior to [*], [*] of such Sublicense Income paid to LICENSEE after [*] but prior to [*], [*] of
such Sublicense Income paid to LICENSEE after [*], and [*] of such Sublicense Income paid to LICENSEE after [*]. For the purposes of this Section 5.1(e), Sublicense Income shall expressly exclude consideration included within Net Sales and any
consideration received by LICENSEE from a Sublicensee as reimbursement for any patent costs payable by LICENSEE to MSK in accordance with Section 7.1. 

(ii) If LICENSEE receives from any Sublicensee anything of value in lieu of cash payments in fulfillment of payment obligations of any
sublicense agreement, LICENSEE shall pay MSK its share as required above based on the fair market value of such payment, or if mutually agreed upon by MSK and LICENSEE, LICENSEE shall divide the consideration if it is divisible as for example in the
case of equity. 
  

	 	(f)	[*] LICENSEE will use commercially reasonable efforts to [*] for each Licensed Product developed. Should LICENSEE [*], LICENSEE agrees to [*] or [*]. The Parties agree that LICENSEE shall use its commercially reasonable
efforts to [*] unless the Parties agree otherwise in writing. 

  

	 	(g)	Equity: As partial consideration for the license granted to LICENSEE by MSK herein and other good and valuable consideration, LICENSEE shall, simultaneously with entry into this Agreement, issue to MSK 79,125 shares of
the common stock, $0.001 par value per share, in LICENSEE (the “Common Shares”). In connection with the issuance of the Common Shares to MSK, LICENSEE shall execute and deliver to MSK (i) a stock certificate evidencing the Common
Shares, registered in MSK’s name; and (ii) a subscription agreement in the form attached hereto as Exhibit C. 

  

	 	(h)	Research Funding: LICENSEE commits to sponsor research at MSK for at least six hundred thousand dollars ($600,000) over four (4) years (at hundred and fifty thousand dollars ($150,000) each year) plus the then
current indirect cost rate. Such research sponsorship shall commence within [*] of the effective date of the applicable Sponsored Research Agreement. The first Sponsored Research Agreement shall be executed within [*] of the Effective Date. Failure
to do so shall constitute a breach of this Agreement. LICENSEE further commits to fund clinical research for one hundred and fifty thousand dollars ($150,000) each year over four (4) years, plus the then current indirect cost rate, as agreed
upon by the Parties in the applicable Clinical Trial Agreement. The Parties agree that the Phase 1 trial will be performed at MSK and funded by LICENSEE. The Parties shall discuss and negotiate in good faith one or more of a Sponsored Research
Agreement and a Clinical Trial Agreement relating to the development of a Licensed Product. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

8. 

	 	(i)	Reimbursement of product development-directed activities: In addition to funding sponsored research in accordance with Section 5.1 (h) and the Sponsored Research Agreement, LICENSEE shall fund product
development-directed activities listed in Exhibit D of this Agreement. Payments are due upon receipt of the respective invoice from MSK. Where possible, LICENSEE will pay vendors directly. If costs are incurred for lab work performed at MSK, the
then current indirect cost rate will be applied to the cost listed in Exhibit D. Should MSK be paying a vendor for work under Exhibit D and no lab work is performed at MSK for such listed item, an indirect rate of [*] will be applied.

  

	 	5.2	Payment Terms: Payments shall be payable [*] after they are due, paid in United States dollars in New York, NY, or at such other place as MSK may reasonably designate consistent with the laws and regulations controlling
in any foreign country. If any currency conversion shall be required in connection with the payment of royalties hereunder, such conversion shall be made by using the exchange rate prevailing at the JP Morgan Chase Bank on the last business day of
the Contract Quarter-Year reporting period to which such royalty payments relate. 

  

	 	5.3	Interest: LICENSEE shall pay to MSK interest on any amounts not paid when due at the rate [*]. 

  

	 	5.4	Tax withholding: Payments shall be made in full, without deduction or withholding for wire transfer fees or currency exchange fees. The Parties will cooperate to prevent or minimize the need for any withholding, and at
the request of LICENSEE, MSK will provide LICENSEE with documents evidencing its tax status in the United States. Any withholding or other tax that is required by law to be withheld with respect to payments owed by LICENSEE shall be deducted by
LICENSEE from such payment prior to remittance, and paid over to the relevant taxing authorities when due. LICENSEE shall promptly furnish MSK evidence of any such taxes withheld and of payment thereof, and MSK shall seek to obtain the release of
any such withheld amounts from the taxing authority. At MSK’s request, LICENSEE shall provide MSK with reasonable assistance to release the withheld amount to MSK. If [*], then [*], and [*] receive such withheld amount from the pertinent taxing
authority [*] (or [*] if [*]). 

 ARTICLE 6 - REPORTS AND RECORDS 

 

	 	6.1	 LICENSEE shall keep, and shall require its Affiliates and Sublicensees to keep, full, true and accurate books of
account containing all particulars that may be necessary for the purpose of showing the amounts payable to MSK hereunder. Said books and records shall include, but not be limited to: Invoice registers and invoices, product sales analysis reports,
accounting general ledgers, sub-license and distributor agreements, price lists, contracts for the sale of Licensed Products, product catalogs and marketing materials, audited financial statements and/or
income tax returns, sales tax returns, inventory and production records and shipping documents. Said books and records shall be maintained for a period of no less than [*] following the period to which they pertain. Such records shall include
original data files used to prepare the submitted royalty reports. For the 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

9. 

	 	
Term of this Agreement, and [*], MSK or its agents shall have the right upon reasonable written notice to inspect such books and records for the purpose of verifying LICENSEE’s royalty
statement or compliance in other respects with this Agreement. Such inspections shall be during normal working hours of LICENSEE. Should such inspection lead to the discovery of a discrepancy greater than [*] and at least [*], in reporting to
MSK’s detriment, for any [*] period, LICENSEE shall pay MSK’s out-of-pocket cost of such audit. 

If the audit determines an error that is due to a misinterpretation of the Agreement language or if the error results from the application of
an incorrect accounting or clerical methodology, MSK and or their agents shall be entitled to correct such errors for the period of time that the statute of limitations of the governing state allows. Any additional royalties properly due to MSK from
the correction of errors from the prior periods will be subject to interest as provided for late payments. 
  

	 	6.2	Commercialization Reports: 

 LICENSEE, within [*] of the end of each Contract Quarter-Year,
shall deliver to MSK true and accurate reports, giving such particulars of the business conducted by LICENSEE and its Sublicensees during the preceding period. 

The reports shall include at least the following information, to be itemized per Licensed Product and Licensed Service by country of sales
origin: 
  

	 	(a)	Product number 

  

	 	(b)	Units sold 

  

	 	(c)	Unit price 

  

	 	(d)	Extended sales dollars 

  

	 	(e)	Royalty rate 

  

	 	(f)	Extended royalty dollars due 

  

	 	(g)	the portion of Net Sales that was received from Sublicensees; 

  

	 	(h)	country of sale; 

  

	 	(i)	foreign currency conversion rate; and 

  

	 	(j)	any other Consideration received in the prior Contact Quarter-Year. 

  

	 	6.3	With each such report submitted, LICENSEE shall pay to MSK the royalties due and payable under this Agreement. If no royalties shall be due, LICENSEE shall so report 

 

	 	6.4	Milestone payments shall be reported and paid when due. 

  

	 	6.5	LICENSEE shall promptly forward to MSK copies of reports received from Sublicensees. 

ARTICLE 7 - PATENT PROSECUTION: THE PATENT RIGHTS 
  

	 	7.1	 Patent Cost Reimbursement. Within [*] of notification of completion of the Feasibility Study confirming [*] or
starting [*] from the Effective Date, whichever is earlier, LICENSEE shall be responsible for the reimbursement of any reasonable patent expenses incurred by MSK in connection with the preparation, filing, prosecution and maintenance of the Patent
Rights as of the Effective Date of this Agreement and all future reasonable 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

10. 

	 	
out-of-pocket patent expenses incurred by MSK in connection with the preparation, filing, prosecuting or
maintaining of Patent Rights during the Term of this Agreement; such patent expenses to be shared on a pro rata basis by LICENSEE and each additional licensee, if applicable, of the Patent Rights outside the Field as of the date that such expenses
were incurred. 

  

	 	7.2	MSK shall prosecute and maintain the Patent Rights in the United States and in such countries as are determined by MSK and agreed to by LICENSEE, using counsel of MSK’s choice reasonably acceptable to LICENSEE. If
LICENSEE does not agree to bear the expense of filing patent applications in any foreign countries in which MSK wishes to obtain patent protection, then MSK may file and prosecute such applications at its own expense and any license granted
hereunder shall exclude such countries. 

  

	 	7.3	MSK shall instruct patent counsel prosecuting such Patent Rights to (i) copy LICENSEE on all relevant patent prosecution documentation so that LICENSEE may be informed, (ii) if requested by LICENSEE, provide
LICENSEE with copies of draft submissions to the USPTO or foreign equivalents prior to filing; and (iii) give good faith consideration to the comments and requests of LICENSEE or its patent counsel, and LICENSEE agrees to keep this
documentation confidential. 

  

	 	7.4	The Parties agree that they share a common legal interest in obtaining valid, enforceable patents and that LICENSEE will maintain confidential all non-public information and
Confidential Information concerning the prosecution of the Patent Rights this is received pursuant to this Article 7. 

  

	 	7.5	During the Term of this Agreement, LICENSEE shall not challenge the validity or enforceability of any claim within the Patent Rights and shall cause its Affiliates and Sublicensees to refrain from doing so. In addition
to all other rights and remedies available to MSK for any breach of this provision by LICENSEE, its Affiliates or Sublicensees, in the event that any such challenge is not successful then [*], including but limited to [*]. 

 

	 	7.6	Election Not to Proceed. LICENSEE may elect to surrender any patent or patent application in Patent Rights in any country upon [*] advance written notice to MSK. Such notice shall relieve LICENSEE from the obligation to
pay for future patent costs but shall not relieve LICENSEE from responsibility to pay patent costs incurred prior to MSK’s receipt of such notice. Such surrendered U.S. or foreign patent application or patent shall thereupon cease to be a
Patent Right hereunder, LICENSEE shall have no further rights therein and MSK shall be free to license its rights to that particular U.S. or foreign patent application or patent to any other party on any terms. 

ARTICLE 8 - INFRINGEMENT 
  

	 	8.1	Monitoring. LICENSEE shall use commercially reasonable efforts to monitor third party infringement of the Patent Rights in the Field of Use. LICENSEE shall keep MSK timely informed of any activities by LICENSEE in
regard hereto. 

  

	 	8.2	Actions. This Section sets forth the Parties’ right of enforcement and defense in relation to the Patent Rights. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

11. 

 (a) First Right. LICENSEE shall have the first right, but not the obligation, for the
initiation, defense, and management of any adversarial legal proceeding relating to the Patent Rights in the Field of Use and Territory (including without limitation any declaratory judgment action, patent infringement action or opposition) during
the Term, and will be responsible for all expenses related thereto. MSK shall join in any such action, at LICENSEE’s request and expense. 

(b) Secondary Right. If LICENSEE does not wish to exercise either of the foregoing rights in (a), LICENSEE shall provide MSK with written
notice that LICENSEE declines such right, and after receiving such notice, MSK shall have the secondary right to undertake such infringement action or defend against such challenge at MSK’s cost and expense. 

 

	 	8.3	Cooperation; Settlement. To the extent either Party conducts any legal proceedings in relation to the enforcement or defense of Patent Rights in the Field of Use and Territory, it shall keep the other Party reasonably
informed of such proceedings. The other Party shall reasonably cooperate, at the expense of the requesting Party. In any action conducted by MSK, LICENSEE will join as may be requested by MSK, and in any action conducted by LICENSEE, LICENSEE may
affect joinder of MSK if MSK is an indispensible or necessary party under the applicable law. Notwithstanding anything in this Agreement to the contrary, no settlement, consent judgment, or other voluntary final disposition of any action by LICENSEE
that admits or impairs the invalidity, unenforceability, or scope of the Patent Rights may be entered into without the prior written consent of MSK in its sole and absolute discretion. 

 

	 	8.4	Costs and Recoveries. All costs of any action by either Party to enforce, or to defend against a challenge to, the Patent Rights shall be borne by such Party, which shall keep any sums recovered or obtained in
connection therewith (whether as damages, reasonable royalties, license fees, or otherwise in judgment or settlement derived therefrom), except that in the case of actions commenced by LICENSEE, the excess of such sums over such costs shall be
treated as Net Sales subject to MSK’s rights under this Agreement to collect royalties thereon. For the avoidance of doubt, LICENSEE may not deduct, from Net Sales any portion of LICENSEE’S costs or expenses related to any investigation,
enforcement, defense, judgment or settlement of any such actions. 

  

	 	8.5	Third Party Patents. In the event LICENSEE is sued by a third party for patent infringement or, threatened with such suit, in either case alleging that a Licensed Product or License Service infringes such third
party’s intellectual property rights, it shall promptly notify MSK. In any such action, LICENSEE shall be fully responsible for all its costs, including expenses, judgments and settlements. 

ARTICLE 9 - CONFIDENTIALITY 
 Each Party
agrees that Confidential Information of the other Party disclosed to it or to its employees under this Agreement shall for [*] after disclosure: 
  

	 	(a)	be used only in connection with the legitimate purposes of this Agreement; 

  

	 	(b)	be disclosed only to those who have a need to know it in connection with the Agreement; and 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

12. 

	 	(c)	be safeguarded with the same care normally afforded confidential information in the possession, custody or control of the party holding the Confidential Information but no less than reasonable. 

 

	 	(d)	not be disclosed, divulged or otherwise communicated except with the express written consent of the disclosing party. 

The foregoing shall not apply when, after and to the extent the Confidential Information disclosed: 

 

	 	(i)	can be demonstrated to have been in the public domain prior to the date of the disclosure; or 

  

	 	(ii)	enters the public domain through no fault of the receiving Party; or 

  

	 	(iii)	was already known to the receiving Party at the time of disclosure as evidenced by written records in the possession of the receiving party prior to such time; or 

 

	 	(iv)	is subsequently received by the receiving Party in good faith from a third party without breaching any confidential obligation between the third party and the disclosing Party; or 

 

	 	(v)	was independently developed, as established by tangible evidence, by the receiving Party without reference to information or material provided by the disclosing Party; or 

 

	 	(vi)	is required to be disclosed for compliance with court orders, statutes or regulations or MSK audits for compliance with such regulatory requirements, provided that prior to any such disclosure to the extent reasonably
practicable, the Party from whom disclosure is sought shall promptly notify the other Party and shall afford such other Party the opportunity to challenge or otherwise lawfully seek limits upon such disclosure of Confidential Information.

 ARTICLE 10 - INDEMNIFICATION. PRODUCT LIABILITY 

 

	 	10.1	 LICENSEE will indemnify, defend and hold harmless (and cause its Sublicensees to so indemnify, defend and hold
harmless) MSK and its respective trustees, directors, officers, medical and professional staff, employees, students, and agents and their respective successors, heirs, and assigns (each an “Indemnitee”), against all third party claims and
expenses (including legal expenses and reasonable attorney’s fees) arising out of the death of or injury to any person or persons, or out of any damage to property, against any infringement or misappropriation of intellectual property and
against any other claim, proceeding, demand, expense and liability of any kind whatsoever resulting from the production, manufacture, sale, use, lease, consumption, or advertisement of Licensed Products or Licensed Services hereunder or from a
breach by LICENSEE of any of its express representations, warranties or obligations under this Agreement, provided however, that LICENSEE will not be obligated to indemnify, defend and hold harmless any Indemnitee against any claim, proceeding,
demand, expense, or liability to the extent it arises out of, results from, or is increased by MSK’s negligence or willful misconduct. The Indemnitee will promptly give notice to LICENSEE of any claims or proceedings which might be covered by
this Section 10.1 and LICENSEE will have the right to defend the same, including selection of counsel and control of the proceedings; provided that LICENSEE will not, without the written consent of the Indemnitee, settle or consent to the entry
of any judgment with respect to such third party claims (i) that does not release the Indemnitee from all liability with respect to such third party claim, or (ii) which may materially adversely affect the Indemnitee or under which the
Indemnitee would incur any obligation or liability, other than one as to which LICENSEE has an 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

13. 

	 	
indemnity obligation hereunder. MSK agrees to cooperate and provide reasonable assistance to such defense at LICENSEE’s expense. MSK at all times reserves the right to select and retain
counsel of its own at its own expense to defend MSK’s interests. 

  

	 	10.2	LICENSEE shall obtain and carry in full force and effect general liability insurance that shall protect LICENSEE and MSK in regard to events covered by Section 10.1 above. Such insurance shall be written by a
reputable insurance company, shall list MSK as an additional named insured thereunder, shall be endorsed to include liability coverage, and shall require [*] written notice to be given to MSK prior to any cancellation or material change thereof. The
limits of such insurance shall not be less than [*] per occurrence with an annual aggregate of [*] for personal injury, death or property damage. LICENSEE shall provide MSK with Certificates of Insurance evidencing the same and provide MSK with
prior written notice of any material change in or cancellation of such insurance. 

 ARTICLE 11 - REPRESENTATIONS,
WARRANTIES AND DISCLAIMERS 
  

	 	11.1	Representations and Warranties of LICENSEE 

 (a) LICENSEE hereby represents and warrants to MSK
that as of the Effective Date, to its knowledge, the execution and performance of LICENSEE’s obligations under this Agreement does not conflict with, cause a default under, or violate any existing contractual obligation that may be owed by
LICENSEE to any third party. 
 (b) LICENSEE hereby represents, warrants and covenants to MSK that Licensed Products and Licensed Services
shall be manufactured and provided in all material respects in accordance with applicable federal, state and local laws, rules and regulations, including, without limitation, in all material respects in accordance with all applicable rules and
regulations of the FDA. 
 (c) LICENSEE hereby represents and warrants to MSK that it is a corporation duly organized, validly existing and
in good standing and has all requisite corporate power and authority to execute and deliver this Agreement. 
  

	 	11.2	Representations and Warranties of MSK 

 (a) MSK hereby represents and warrants to LICENSEE
that, as of the Effective Date, to the best of MSK’s knowledge, the execution and performance of MSK’s obligations under this Agreement do not conflict with, cause a default under, or violate any existing contractual obligation that may be
owed by MSK to any third party. 
 (b) MSK hereby represents and warrants to LICENSEE that it is a corporation duly organized, validly
existing and in good standing and has all requisite corporate power and authority to execute and deliver this Agreement. 
 (c) To the best
of the director of MSK’s Office Technology Development knowledge, MSK is the sole owner of the Patent Rights granted hereunder and has sufficient rights and authority to enter into this Agreement. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

14. 

	 	11.3	Disclaimer of Warranties. 

 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER
PARTY MAKES ANY REPRESENTATIONS, NO WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, VALIDITY OF LICENSED RIGHTS, CLAIMS ISSUED OR PENDING OR THAT THE MANUFACTURE,
SALE OR USE OF THE LICENSED PRODUCTS OR PROVISION OF LICENSED SERVICES WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER PROPRIETARY RIGHTS. 
  

	 	11.4	Limitation of Damages. 

 EXCEPT WITH RESPECT TO BREACHES OF ANY OBLIGATIONS OF CONFIDENTIALITY
OWED BY ONE PARTY TO THE OTHER PARTY HEREUNDER, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, SPECIAL, INCIDENTAL, OR PUNITIVE DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO LOSS
OF ANTICIPATED PROFIT, FROM ITS PERFORMANCE OR NONPERFORMANCE OF ITS OBLIGATIONS UNDER THIS AGREEMENT. 
 ARTICLE 12 - COMPLIANCE WITH LAW

  

	 	12.1	It is understood that MSK is subject to United States laws and regulations controlling the export of technical data, computer software, laboratory prototypes and other commodities (including the Arms Export Control Act,
as amended and the Export Administration Act of 1979), and that its obligations hereunder are contingent on compliance with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a
license from the cognizant agency of the United States Government and/or written assurances by LICENSEE that LICENSEE shall not export data or commodities to certain foreign countries without prior approval of such agency. MSK neither represents
that a license shall not be required nor that, if required, it shall be issued. 

  

	 	12.2	LICENSEE shall in all respects conduct its activities under this Agreement, and shall cause its Affiliates and Sublicensees to conduct their activities under this Agreement, in full compliance with all applicable laws
and regulations. 

  

	 	12.3	LICENSEE shall to the extent required by law use its commercially reasonable efforts to substantially manufacture in the United States any Licensed Product to be sold in the United States. 

 

	 	12.4	To the extent required by law, or if the failure to mark would reduce the rights of MSK or LICENSEE to enforce the Patent Rights against infringers, LICENSEE shall mark, and shall cause its Affiliates and Sublicensees
to mark, any Licensed Products and Licensed Services with the appropriate Patent Rights. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

15. 

 ARTICLE 13 - NON-USE OF NAMES 

Neither Party shall use the name of the other Party, nor of any of their employees, nor any adaptation thereof, in any press release, advertising, promotional
or sales literature without prior written consent obtained from the other Party in each case. During and after the Term of this Agreement, neither Party shall utilize or register any trademark, service mark, tradename, or other trade identifier of
the other Party, or that contains (in whole or in part) or is confusingly similar to the foregoing, or is a translation of any of the foregoing, without the prior express written consent of the other Party. Notwithstanding the above, each Party may
freely disclose in the ordinary course of business (but not in a press release, except with prior approval) that it has entered into this Agreement. 

ARTICLE 14 - RESERVED 

ARTICLE 15 - ASSIGNMENT 
 No Party may
assign or delegate any or all of its rights or obligations under this Agreement, or transfer this Agreement, without the prior written consent of the other Party, except that (a) either Party shall have the right to assign any of its rights,
delegate any of its obligations, or transfer this Agreement without such consent (i) to an Affiliate or (ii) as part of a merger, acquisition or reorganization, and (b) MSK may without consent of LICENSEE freely assign all or any
portion of the payments due under this Agreement to a Third Party. Any assignment by LICENSEE shall bind its assignee to all provisions of this. Agreement, including without limitation those concerning dispute resolution (choice of law, choice of
forum, and consent to jurisdiction in New York). Except as otherwise permitted by this Article 15, any assignment, delegation or transfer by any Party without the consent of the other Party shall be void and of no effect. 

ARTICLE 16 - TERMINATION 
  

	 	16.1	Term. The term of this Agreement is the Term (as defined in Article 1). 

  

	 	16.2	Bankruptcy or Cessation/Enjoinder of Business. MSK may terminate this Agreement upon written notice to LICENSEE if: (a) LICENSEE becomes insolvent; (b) a petition in bankruptcy is filed against LICENSEE and is
consented to, acquiesced in or remains undismissed for [*]; (c) LICENSEE or makes a general assignment for the benefit of creditors, or a receiver is appointed for LICENSEE, and LICENSEE does not return to solvency before the expiration of a [*]
period; (d) LICENSEE ceases to do business; or (e) if the enactment of any law, decree, or regulation, or the issuance of any order (including, but not limited to, an injunction), by any governmental authority renders it impracticable or
impossible for LICENSEE to perform any of its obligations hereunder; provided, however, that the Agreement shall not terminate upon such written notice in the event that, within [*] of its receipt of such written notice, LICESEE demonstrates to
MSK’s reasonable satisfaction that such a law, decree, regulation or order would not render LICENSEE’s performance hereunder impracticable or impossible. 

 

	 	16.3	Nonpayment. If LICENSEE fails to pay MSK fees, royalties, ongoing patent expenses or other amounts payable hereunder, and such payments remain past due for more than [*], MSK shall have the right to terminate this
Agreement on [*] written notice, unless LICENSEE pays to MSK within the [*] notice period, all fees, royalties and patent expenses, together with any interest due and payable thereon. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

16. 

	 	16.4	Criminal Activity. MSK may terminate this Agreement upon immediate written notice to LICENSEE if LICENSEE is convicted in a final judgment of a felony relating to the manufacture, use, or sale of Licensed Products or
provision of the Licensed Services in any jurisdiction where LICENSEE manufactures, uses or sells Licensed Products or provides the Licensed Services. 

  

	 	16.5	Breach. In addition to any other termination right specified in this Agreement, either Party may terminate this Agreement upon [*] written notice to the other Party, if such other Party materially breaches a provision
of this Agreement, unless such other Party cures any such breach prior to the expiration of the [*] period. 

  

	 	16.6	Termination by LICENSEE. LICENSEE may terminate this Agreement in its entirety without cause on [*] notice to MSK; provided, however, once the performance of marketing, manufacture, sales, distribution and support
activities of a Licensed Product and/ or Licensed Service (“Commercialization”) have commenced, LICENSEE may terminate this Agreement with such notice only if all Commercialization activities of LICENSEE, Sublicensees, and their Affiliates
have been permanently discontinued. Without limitation to Section 16.8, termination under this Section 16.6 shall not relieve LICENSEE from obligations (x) that have already been accrued prior to the termination date and/or
(y) in respect of costs and/or commitments that cannot be cancelled. 

  

	 	16.7	Effect on Sublicensees. All sublicenses, and rights of Affiliates and Sublicensees, will terminate as of the effective date of termination of this Agreement, provided, however, that if at the effective date of
termination any Sublicensee is in good standing with regard to its obligations under its sublicense and agrees to assume the applicable obligations of LICENSEE hereunder, then, at the request of the Sublicensee, such sublicense shall survive such
termination or expiration of this Agreement and be assigned to MSK; provided, in such case the obligations of MSK to Sublicensee shall not exceed the obligations of MSK to LICENSEE under this Agreement. 

 

	 	16.8	Survival. Upon any expiration or termination of this Agreement, the following shall survive: 

  

	 	(a)	any provision expressly indicated to survive; 

  

	 	(b)	any liability which any Party has already incurred to another Party prior to expiration or termination; 

  

	 	(c)	LICENSEE’s reporting and payment obligations for activities occurring prior to expiration or termination, and MSK’s audit rights; and 

 

	 	(d)	Articles 9, 13, 17, and 18, and Sections 5.1(f) and (g), 7.5, 10.1, 16.7, 16.8 and 16.9. 

  

	 	16.9	Inventory. Upon early termination of this Agreement, LICENSEE, its Affiliates and Sublicensees may complete and sell any work-in-progress
and inventory of Licensed Products that exist as of the effective date of termination provided that (i) LICENSEE pays MSK the applicable running royalty or other amounts due on such Net Sales in accordance with the terms and conditions of this
Agreement, and (ii) LICENSEE, its Affiliates and Sublicensees shall complete and sell all work-in-progress and inventory of Licensed Products within [*] after the
effective date of termination. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

17. 

 ARTICLE 17 - NOTICES AND OTHER COMMUNICATIONS 

Except for payments, each notice or other communication pursuant to this Agreement shall be sufficiently made or given when delivered by courier or other
means providing proof of delivery to such party at its address below or as it shall designate by written notice given to the other party: 
 In the case of
MSK: 
 Memorial Sloan Kettering Cancer Center 
 Office of
Technology Development 
 If by mail:             1275 York Ave., Box 524 

                          
    New York, NY 10065 
 If by courier:         600 Third Avenue, 16th floor 

                          
    New York, NY 10016 
 Attn: Vice President, Technology Development 

Tel: 1-212-639-6181 (not for notice)

 Fax: 1-212-888-1120 (not for
notice) 
 With copies to: 
 Memorial Sloan Kettering Cancer
Center 
 Office of General Counsel 
 If by
mail:             1275 York Ave., Box 524 

                          
    New York, NY 10065 
 If by courier:        1275 York Ave., Box 524 

                          
    New York, NY 10065 
 [*] 
 In the case
of LICENSEE: 

                          
    AbPro Corporation 

                          
    Attn: President and CEO 

                          
    65 Cummings Park Drive 

                          
    Woburn, Massachusetts 018011] 
 With copies (not for notice) to: 

                          
    Morse, Barnes-Brown & Pendleton, P.C. 

                          
    230 Third Avenue 

                          
    Fourth Floor 

                          
    Waltham, Massachusetts 02451 

                          
    Attn: Joseph C. Marrow, Esq. and Stanley F. Chalvire, Esq. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

18. 

 ARTICLE 18 - MISCELLANEOUS PROVISIONS 

 

	 	18.1	This Agreement shall be construed, governed, interpreted and applied in accordance with the laws of the State of New York, without giving effect to any choice/conflict of law principles, except that questions affecting
the construction and effect of any patent shall be determined by the law of the country in which the patent was filed or granted. 

  

	 	18.2	The state and federal courts located in New York County, New York, shall have exclusive jurisdiction of any claims or actions between or among the parties arising out of or relating to this Agreement, and each Party
consents to venue and personal jurisdiction of those courts for the purpose of resolving any such disputes. 

  

	 	18.3	Severability. Except to the extent a provision is stated to be essential, or otherwise to the contrary, the provisions of this Agreement are severable, and in the event that any provisions of this Agreement shall be
determined to be invalid or unenforceable under any controlling body of the law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof. 

 

	 	18.4	Waiver. The failure of either Party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right or excuse a similar subsequent
failure to perform any such term or condition by the other Party. 

  

	 	18.5	Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be an original and all such counterparts shall together constitute but one and the same
agreement. 

  

	 	18.6	Force Majeure. Neither Party shall lose any rights hereunder or be liable to the other party for damages or losses (except for payment obligations) on account of failure of performance by the defaulting party to the
extent such the failure is occasioned by war, strike, fire, Act of God, earthquake, flood, lockout, embargo, governmental acts or orders or restrictions (except if imposed due to or resulting from the party’s violation of law or regulations),
failure of suppliers, or any other reason where failure to perform is beyond the reasonable control and not caused by the negligence, intentional conduct or misconduct of the nonperforming party and the nonperforming Party has exerted all reasonable
efforts to avoid or remedy such force majeure; provided, however, that in no event shall a force majeure excuse performance for a period of more than six months. For clarity, a failure to obtain funding shall not constitute a force majeure event.

  

	 	18.7	Entire Agreement. This Agreement, including its attachments and exhibits (which attachments and exhibits are incorporated herein by reference), constitutes the entire understanding among and between the parties with
respect to the subject matter hereof, and supersedes all prior agreements and communications, whether written, oral or otherwise. This Agreement may only be modified or supplemented in a writing expressly stated for such purpose and signed by the
Parties to this Agreement. 

  

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

19. 

	 	18.8	Relationship between the Parties. The relationship between the Parties under this Agreement is that of independent contractors. Nothing contained in this Agreement shall be construed to create a partnership, joint
venture or agency relationship between any of the parties. No party is a legal representative of any other Party, and no party can assume or create any obligation, liability, representation, warranty or guarantee, express or implied, on behalf of
another Party for any purpose whatsoever. 

  

	 	18.9	Construction and Interpretation. Words (including defined terms) denoting the singular shall include the plural and vice versa. The words “hereof’, “herein”, “hereunder” and words of the
like import when used in this Agreement shall refer to this Agreement as a whole, and not to any particular provision of this Agreement. The term “include” (and any variant thereof), and the giving of examples, shall not be construed as
terms of limitation unless expressly indicated by the context in which they is used. The headings in this Agreement shall not affect its interpretation. Except as expressly provided herein, the rights and remedies herein provided shall be cumulative
and not exclusive of any other rights or remedies provided by law or otherwise. Each of the Parties has had an opportunity to consult with counsel of its choice. Each provision of this Agreement shall be construed without regard to the principle of
contra proferentum. If any provision of this Agreement is held to be invalid or unenforceable the validity of the remaining provisions shall not be affected. The parties shall replace the invalid or unenforceable provision by a valid and enforceable
provision closest to the intention of the parties when signing this Agreement. This Agreement was negotiated, and shall be construed and interpreted, exclusively in the English language. 

IN WITNESS WHEREOF, authorized representatives of the Parties have signed and dated this Agreement below. 

 

									
	ABPRO CORPORATION	  		  	MEMORIAL SLOAN KETTERING CANCER CENTER
					
	By:	 	 /s/ Ian Chan
	  		  	By:	 	 /s/ Gregory Raskin, MD

		 	Name: Ian Chan	  		  		 	Vice President
		 	Title: CEO	  		  		 	Technology Development
		 	Date: 3/21, 2017	  		  		 	Date: 3/21, 2017

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

20. 

 Exhibit A 

Patent Rights 
  

													
	 Information
	  	 Country
	  	 Type
	  	 Appl. No.
	  	 Patent No.
	  	 Application Date -
	  	 Status-

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

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 Licensed Know-How 

[*] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Exhibit B 

Development Plan 
 [*] ( 2 pages
omitted) 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 Exhibit C 

SUBSCRIPTION AND STOCK RESTRICTION AGREEMENT 

(Memorial Sloan Kettering Cancer Center) 
 [*] (8
pages omitted) 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 Exhibit D 

Product Development Directed Activities 
  

							
	 Overhead rate to be

applied to Cost
	  	 Item
	  	 Company
	  	 Cost

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

 Above amounts are due upon invoice from MSK and payable within [*] of receipt of such invoice. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]