Document:

ASSET PURCHASE AND SALE AGREEMENT

  
 Exhibit 10.2

  
 ASSET PURCHASE AND SALE AGREEMENT 

 
 This ASSET PURCHASE AND SALE AGREEMENT, dated as of the 10th day of
August, 2004 (the “Agreement”), is entered into by and between BENTEC SCIENTIFIC LLC, a Delaware limited liability company with its principal place of business at 1380 East Beamer Street,
Woodland, CA 95776 (the “Seller”) and MYKROLIS CORPORATION (“Mykrolis”) a Delaware corporation with a principal place of business at 129 Concord Road, Billerica, MA 01821 (the
“Buyer”). 
  
 RECITALS 

 
 1. Seller develops, manufactures and markets roller brushes made of
polyvinyl alcohol (“PVA”) used in the chemical mechanical planarazation manufacturing processes of the semiconductor, microelectronics and related industries (the “Business”). 
  
 2. Buyer is a worldwide developer, manufacturer and supplier of liquid
and gas delivery systems, components and consumable products used to precisely measure, deliver, control and purify the process liquids, gases and chemicals that are used in the semiconductor manufacturing process. 
  
 3. Buyer has previously purchased certain intellectual property from
Seller pursuant to an Intellectual Property Purchase and Sale Agreement, dated as of September 16, 2003 (the “IPP&SA”). 
  
 4. Seller has granted Buyer the exclusive worldwide right to distribute the Products of the Business in accordance with an Exclusive Supply and
Distribution Agreement, dated as of August 1, 2003 (the “Distribution Agreement”). 
  
 5. Seller desires to sell and Buyer desires to purchase substantially all of the assets used in the Business subject to the assumption of specified liabilities associated with the Business. 
  
 IN CONSIDERATION of these premises and of the mutual covenants herein
contained, Seller and Buyer hereby agree as follows: 
  
 SECTION
1. DEFINITIONS 
  
 The following terms shall have the meanings
assigned to them below whenever they are used in this Agreement; terms defined elsewhere in this Agreement shall have the meanings ascribed to them at the location of their definition. Except where the context otherwise requires, words imparting the
singular shall include the plural and vice versa, words denoting any gender shall include all genders and words denoting persons shall include entities which are not natural persons. 

 1.1. “Affiliate” means any company, corporation, individual or other legal person
that controls the Seller, is controlled by the Seller or is under common control with the Seller. 
  
 1.2. “Assets” means all of the rights and assets referred to in Subsection 2.1 below as being purchased by the Buyer pursuant to
this Agreement including, without limitation the Purchased IP. 
  
 1.3. “Assumed Liabilities” means all of the liabilities and obligations referred to in Subsection 2.3 below as being assumed by the Buyer pursuant to this Agreement. 
  
 1.4. “Assumption of Liabilities” means the instrument
in the form of Exhibit B hereto by which Buyer will assume the Assumed Liabilities. 
  
 1.5. “Balance Sheet” means the unaudited balance sheet of the Seller as at June 30, 2004 prepared in accordance with Subsection 4.5 below and attached hereto as Schedule 1.5. 

 
 1.6. “Business” is defined in Recital 1 above.

  
 1.7. “Closing Date” means the date on
which the purchase and sale of the Assets and the Business contemplated by this Agreement shall be consummated as specified in Subsection 3.1 below. The transactions by which such purchase and sale shall be consummated is hereinafter referred to as
the “Closing.” 
  
 1.8. “Closing
Balance Sheet” means the audited balance sheet of the Business as at the Closing Date prepared pursuant to Subsection 6.4. 
  
 1.9. “Closing Working Capital” means the Assets constituting current assets, less Assumed Liabilities constituting current
liabilities, all as reflected in the Closing Balance Sheet. 
  
 1.10. “Damages” is defined in Subsection 11.5 below. 
  
 1.11. “Excluded Assets” means those assets which, in accordance with Subsection 2.2 below, are not being sold and transferred pursuant hereto. 
  
 1.12. “Excluded Liabilities” means those liabilities
which, in accordance with Subsection 2.4 below, are not being assumed by the Buyer pursuant hereto. 
  
 1.13. “Indemnitee” and “Indemnitor” are defined in Subsection 11.6 below. 
  
 1.14. “Intellectual Property” means (i) all
issued patents, reissued or reexamined patents, revivals of patents, utility models, certificates of invention, registrations of patents and extensions thereof, regardless of country or formal name (collectively, “Issued Patents”);
(ii) all published or unpublished utility and provisional patent applications, reexamination proceedings, invention disclosures and records of invention, whether filed or not, (collectively “Patent Applications” and, with the Issued
Patents, the “Patents”); (iii) all copyrights, copyrightable works, semiconductor topography and mask work rights, including all rights of authorship, use, publication, reproduction, distribution, performance transformation,
moral rights and rights of ownership of 

  

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copyrightable works, semiconductor topography works and mask works, mold designs and all rights to register and obtain renewals and extensions of
registrations, together with all other interests accruing by reason of international copyright, semiconductor topography and mask work conventions (collectively, “Copyrights”); (iv) all trademarks, registered trademarks,
applications for registration of trademarks, service marks, registered service marks, applications for registration of service marks, trade names, registered trade names and applications for registrations of trade names (collectively,
“Trademarks”) and domain name registrations; all technology, ideas, inventions, designs, proprietary information, manufacturing and operating specifications, know-how, formulae, trade secrets, technical data, computer programs,
hardware, software, drawings, procedures, processes, machine settings, labor sequences and routings, quality assurance tests and procedures and assembly and testing protocols; and all other intangible assets, properties and rights (whether or not
appropriate steps have been taken to protect, under applicable law, such other intangible assets, properties or rights). 
  
 1.15. “Interim Supply and Support Agreement” means the agreement substantially in the form attached hereto as Exhibit G.

  
 1.16. “Inventory” means those items of
raw material, component parts, work in process, and finished goods inventory of the Business, all as set forth on Schedule 1.16 attached hereto. 
  
 1.17. “Key Employees” means those employees of the Seller listed on Schedule 3.2.5 attached hereto. “Key Employee
Offer Letter” is defined in Subsection 3.2.5. 
  
 1.18. “Material Adverse Change” or “Material Adverse Effect” means, for any person or entity, a material adverse effect whether individually or in the aggregate (i) on the business, operations,
financial condition, assets and properties or liabilities of such person or entity, or (ii) on the ability of such person to consummate the transactions contemplated hereby; provided, however, that the term “Material Adverse Change” or
“Material Adverse Effect” shall not include any effect attributable to general economic changes or general changes in the industry in which the person or entity is engaged. 
  
 1.19. “Net Current Assets” means the total of the items properly included under “Accounts
Receivable”, “Notes Receivable” and “Inventory”(net of the appropriate related reserve allowances) on the Closing Balance Sheet in accordance with generally accepted accounting principles. 
  
 1.20. “Permits” is defined in Subsection 2.1.8 below.

  
 1.21. “Previously Purchased IP” means
the Intellectual Property previously purchased by the Buyer pursuant to the IPP&SA. 
  
 1.22. “Products” means molded PVA devices including brushes, rollers and related products currently manufactured and marketed by the Business as well as new products based upon or derived from
the Intellectual Property or the New Intellectual Property. 
  

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 1.23. “Purchased IP” means all Intellectual Property, including without limit all
manufacturing documentation, invention concepts and idea disclosures owned or invented by Seller and used to create molds, to cast PVA products therefrom, to assemble and manufacture the Products or otherwise used by the Business as of the date
hereof other than the Previously Purchased IP. 
  
 1.24.
“R&D Consulting Agreement” means the agreement pursuant to which Briant Benson and Daniel McAlpine shall provide R&D services to Mykrolis substantially in the form attached hereto as Exhibit F. 
  
 1.25. “Seller Disclosure Schedule” means Schedule
1.25 attached to and made a part of this Agreement that contains specific information with respect to Seller’s representations and warranties under Section 4 of this Agreement, which information itself shall constitute a representation and
warranty hereunder. The Seller Disclosure Schedule is more fully described in Section 4 below. 
  
 1.26. “Solvent” means, with respect to any person, that as of the date of determination both (i) (a) the sum of such person’s debt (including contingent liabilities) does not exceed all of
its property, at a fair valuation; (b) the present fair saleable value of the property of such person is not less than the amount that will be required to pay the probable liabilities on such person’s then existing debts as they become absolute
and matured; (c) such person’s capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (d) such person does not intend to incur, or believe (nor should it reasonably believe) that it will
incur, debts beyond its ability to pay such debts as they become due; and (ii) such person is “solvent” within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For
purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 
  
 1.27. “Statement of Profit & Loss” means the statement of operations for the partial fiscal year
2004 for the period of January 1, 2004 through June 30, 2004 prepared in accordance with Subsection 4.5 below and attached hereto as Schedule 1.5. 
  
 1.28. “Tax Claims” means the claims for past due taxes assessed against Bentec Group, Inc., a California corporation or any other
Affiliate, by the United States of America and by the State of California, including, without limit, those asserted by the California Employment Development Department, the California State Board of Equalization, and the California Franchise Tax
Board. 
  
 1.29. “Tax” shall mean any
federal, provincial, territorial, local, or foreign income, profits, gross receipts, capital gains taxes, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock,
franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, business license, occupation, value added, goods and 

  

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service, alternative or add-on minimum, estimated, or other tax or governmental charge of any kind whatsoever, including any interest, penalty, or addition
thereto, whether disputed or not, relating in any way to the Assets or the Business. 
  
 1.30. “Tax Return” shall mean any return, declaration, report, estimates, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto,
and including any amendment thereof, covering or relating to the Assets or the Business. 
  
 1.31. “Withheld Funds” shall mean the cash payments specified in Subsections 2.5.1 and 2.5.2 below which shall be held by Buyer in accordance with Section 12 below until the satisfaction of the
respective conditions set forth in Subsections 2.5.1, 2.5.2 and in Section 12. 
  
 SECTION 2. PURCHASE AND SALE OF ASSETS 
  
 2.1. Assets to Be Sold. Subject to the terms and conditions of this Agreement and in reliance on the representations and warranties of the other party hereto, Seller hereby agrees to sell, convey,
transfer, and assign to Buyer at the Closing, and Buyer hereby agrees to purchase from Seller the Business as a going concern, including all of the property, assets, good will, Intellectual Property, and other property of Seller relating to the
Business of whatever kind, nature and description and wherever situated, but excluding the Excluded Assets, including, without limitation, all of Seller’s right, title and interest in and to the following: 
  
 2.1.1. All the machinery, equipment, molds,
furniture, instrumentation and other tangible personal property of the Seller relating to the Business including, without limitation, those described in Schedule 2.1.1 ; 
  
 2.1.2. All of the Inventory, except for such Inventory as shall have been sold by the Seller in the
ordinary course of business from the date hereof through the Closing Date; 
  
 2.1.3. All contracts, service agreements, purchase orders, or outstanding proposals between the Seller and customers and suppliers of the Business, including, without limitation, those listed in Schedule
2.1.3; 
  
 2.1.4. All interest in
machinery and equipment leased under the leases listed on Schedule 2.1.4 used to mold, manufacture and test the Products or otherwise used in the Business that Seller may have upon payment to the lessor of the respective buy-out amounts
listed thereon; 
  
 2.1.5. All customer
lists, supplier lists, mailing lists, sales and financial records and other records, data and files of the Seller relating to the Business; 
  
 2.1.6. All Purchased IP of the Seller relating to the Business or used, useful or related to the development, marketing,
manufacture or sale of the Products (including rights to the name “Bentec Scientific” as provided in Section 6.3 hereof) including without limitation, those set forth on Schedule 2.1.6; 
  

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 2.1.7. All non-disclosure agreements with non-employees (to the extent the same
may be assigned, and to the extent the same may not be assigned, Seller agrees to provide whatever assistance is reasonably required to enforce Seller’s rights thereunder, including the execution of a power of attorney on behalf of Buyer to
take actions and execute documents on Seller’s behalf, which execution, upon such circumstances, shall not be unreasonably withheld or delayed by Seller), all employee agreements, non-disclosure agreements with employees and consulting
agreements of Seller related to the Business, including, without limitation, those described in Schedule 2.1.7; 
  
 2.1.8. All permits, licenses, certificates of occupancy, and other governmental authorizations or approvals of Seller relating to
the Business (hereinafter “Permits”), including, without limitation, those listed on Schedule 2.1.8; and 
  
 2.1.9. All of the assets not described in this Subsection 2.1 used in connection with the operation of the Business as reflected on
the Balance Sheet except the Excluded Assets. 
  
 2.2.
Excluded Assets. There shall be excluded from the Assets to be sold by Seller to Buyer hereunder the following: 
  
 2.2.1. The cash balances listed on the Balance Sheet, all tax and insurance refunds for periods prior to Closing and, except as
otherwise set forth herein, all bank accounts other than accounts used to receive payments on accounts receivable; 
  
 2.2.2. All health, dental, disability and life insurance contracts relating to the Business; 
  
 2.2.3. All liability, property damage and other
insurance policies relating to the Business; 
  
 2.2.4. All company minute books, equity transfer records and the like; 
  
 2.2.5. All causes of action, actions, claims and rights of any kind against others to the extent relating to or arising under any
of the Excluded Assets or Excluded Liabilities; 
  
 2.2.6. All notes, accounts and amounts receivable from related parties and partners and from other than operations; 
  
 2.2.7. All tenant improvements; 
  
 2.2.8. All prepaid expenses and deposits; 
  

2.2.9. All automobiles and automobile leases relating to the Business. 
  

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 2.3. Assumed Liabilities. On the terms and subject to the conditions set forth
herein, in reliance on Seller’s representations herein, and subject to Subsection 2.4 below, from and after the Closing Date, Buyer will assume and satisfy or perform when due the following liabilities: 
  
 2.3.1. Obligations to repair or replace Products
manufactured and sold by the Seller prior to the Closing Date in accordance with the standard express limited warranty policies of the Business, but only up to an aggregate net cost of such obligations of $25,000 (the “Warranty
Cap”). 
  
 2.3.2. All liability
for severance or other employment termination payments due or becoming due with respect to the Key Employees who are terminated by Buyer after the Closing Date; and 
  
 2.3.3. Obligations under those contracts, agreements, orders and proposals assigned to Buyer pursuant
to Subsections 2.1.3 and 2.1.7, provided, that the assignment thereof has been accepted by the other party thereto without imposition of conditions unacceptable to Buyer. 
  
 Any payments by Seller after the Closing Date which result from Buyer’s failure to pay any of the liabilities assumed hereunder shall
be indemnified by Buyer in accordance with Subsection 11.3. 
  
 2.4. Obligations Not Assumed. Buyer will not assume or perform any liability or obligation of the Business or Seller except for the Assumed Liabilities pursuant to Subsection 2.3 above. In particular, and without
limitation, Buyer will not assume any other liabilities of the Business or of Seller (“Excluded Liabilities”) including, without limitation, the following: 
  
 2.4.1. Any of the liabilities and obligations included on the Balance Sheet under the captions
“Accounts Payable”, “Accruals”, “Credit Line,” “Current Debt,” “Long-term Debt” in each case as of the date thereof together with liabilities of the same type properly classified under such captions
in accordance with generally accepted accounting principles and incurred subsequent to June 30, 2004, the deferred purchase price of property or for the lease of property (whether or not secured) and any other liability of the Seller for bank debt
or obligations for money borrowed whether or not under debentures, notes or other evidences of indebtedness; 
  
 2.4.2. All liabilities with respect to the repair or replacement of Products marketed, manufactured or sold by the Seller prior to
the Closing Date that are not assumed warranty obligations pursuant to Subsection 2.3.1 above; 
  
 2.4.3. Any liability with respect to injuries to or illness of employees of the Seller or others, or relating to damage to property
to the extent arising out of events, conduct or conditions existing or occurring on or prior to the Closing Date and all liabilities with respect to vacation and other paid time off (PTO) obligations to employees of the Seller; 
  
 2.4.4. Any liability with respect to real estate
leases for premises occupied by the Business or the Seller. 
  
 2.4.5. All liability for severance or other employment termination payments due or becoming due with respect to employees of the Seller other than the Key Employees; 
  
 2.4.6. Any liability of Seller or its Affiliates for
federal, state, local or other taxes, assessments, deficiencies, penalties, interest with respect thereto and other governmental charges 

  

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or impositions with respect to the operation of the Business prior to and through the Closing Date or with respect to the transactions contemplated hereby;

  
 2.4.7. Any liability relating to or
arising out of any pension, health, disability, severance or other employee benefit plan maintained for the benefit of the employees of the Business prior to the Closing Date; 
  
 2.4.8. Any liability of the Business or Seller arising out of events, conduct or conditions existing
or occurring on or prior to the Closing Date that constitute a violation of or non-compliance with, any law, regulation, ordinance, order or decree, license or permit, including without limitation, those relating to health, safety, environmental
protection, or relating to the release or discharge or the threatened release or discharge of hazardous, toxic, chemical or radioactive wastes or materials into the environment; and 
  
 2.4.9. Any liability associated with or incurred in connection with the sale of the Business,
including, without limitation, the fees and expenses of financial advisors, accountants and legal counsel to the Seller incurred in connection with the transactions contemplated by this Agreement or in connection with other transactions involving
the sale of the Assets or assets of the Seller or its merger, as well as one-half of the costs of the post-closing audit described in Subsection 6.4. 
  
 Seller agrees to pay, discharge or provide for all obligations relating to the Business incurred prior to the Closing Date and not expressly assumed by Buyer under this
Agreement. Any payments by Buyer after the Closing Date which result from Seller’s failure to pay any such liability or obligation shall be indemnified by Seller in accordance with Subsection 11.2. 
  
 2.5. Purchase Price. Subject to the terms and conditions
of this Agreement, in reliance upon the representations, warranties, and agreements of Seller and in consideration of the aforesaid sale, conveyance, assignment, transfer and delivery of the Assets and the Business, Buyer will deliver or cause to be
delivered, in full payment therefor, the following: 
  
 2.5.1. The sum of Two Million and No/100 Dollars ($2,000,000.00) in cash by wire transfer to the Seller (i) less the amounts of the Tax Claims by the United States of America and by claimant agencies of the State of California, to be
paid upon the delivery to Buyer of a release, tax clearance statement or settlement agreement, which such Tax Claim amounts agreed to by Seller and Buyer shall be paid directly to such agencies and (ii) less any Net Asset Deficit pursuant to Section
6.4 below, in each case subject to a full right of offset by Buyer as provided in Section 11 hereof and subject to the terms and provisions of Section 12 below; 
  
 2.5.2. The sum of One Million and No/100 Dollars ($1,000,000.00) in cash by wire transfer to the
Seller on the date that is one (1) year after the Closing Date, subject to: (i) payment of the face value of all open prepaid purchase orders placed by Buyer prior to the Closing Date to the extent not used by offset pursuant to the Interim Supply
and Support Agreement; (ii) payment of any outstanding and unpaid amount of principle and interest on the Notes Receivable in accordance with Subsection 8.9 below; and (iii) a full right of offset as provided in Section 11 hereof and subject to the
terms and provisions of Section 12 below; 
  

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 2.5.3. The sum of Four Million Three Hundred Fifty Thousand and No/100 Dollars
($4,350,000.00) at the Closing in cash by wire transfer to the account of the Seller or an account designated by Seller, provided however, that the foregoing sum shall be reduced by: (i) the unpaid
principal and interest due to Buyer at and as of the Closing, on the demand promissory note in the principal amount of $50,000, dated September 16, 2003 made by Seller in favor of Buyer; (ii) the buy-out price under all personal property
leases with respect to equipment listed on Schedule 2.1.1; and (iii) the payoff of amounts of outstanding principal and accrued but unpaid interest thereon owed by Seller and Seller’s Affiliate, Bentec Medical, Inc., a California
corporation (“Bentec Medical”) to Bay Business Credit, including under that certain Loan and Security Agreement dated January 27, 2004, as amended, by and between Seller and Bay Business Credit; and 
  
 2.5.4. The Assumption of Liabilities duly executed on
behalf of Buyer. 
  
 Buyer and Seller agree that the foregoing purchase price
shall be allocated to the Assets and to the Assumed Liabilities in accordance with Subsection 6.5 below. 
  
 2.6. Assignment of Contracts, Leases and Permits. Seller covenants and agrees that on or prior to the Closing Date, it will cause the
assignment of and will obtain, where required, consents of third parties to the assignment to Buyer of all contracts, leases (excluding leases listed on Schedule 2.1.4), permits and licenses included in the Assets where the failure to obtain such
consents would have a Material Adverse Effect on the Business or the Assets or where such consent is necessary for the operation of the Business. Seller further covenants and agrees to use its best efforts, on or prior to the Closing Date, to cause
or obtain the assignment of all other contracts, leases (excluding leases listed on Schedule 2.1.4), permits and licenses included in the Assets or used by the Business. All such assignments and consents shall be in form and substance reasonably
acceptable to Buyer so that Buyer shall be vested with the benefit of the Assets and the Business equivalent to that which Seller enjoys prior to Closing. If: (a) any attempted assignment hereunder is ineffective; (b) any consent to
any such assignment has not been obtained by the Closing Date; or (c) the terms of any assignment or consent would materially and adversely affect any rights thereunder so that Buyer would not in fact receive all such rights, then the
procedures specified in Subsection 8.5 below shall be followed. 
  
 SECTION 3. CLOSING PROCEDURES 
  
 3.1.
The Closing. The Closing of the transactions provided for in this Agreement is to take place at the offices of Gray Cary Ware & Freidenrich LLP, 400 Capitol Mall, Suite 2400, Sacramento, CA 95814, on the Closing Date at 10:00 AM
local time on August 12, 2004, as such date may be extended by mutual agreement of the parties. All transactions pursuant to the Closing of this Agreement shall be deemed to occur simultaneously and to occur as of the close of business, local time,
on the Closing Date. On the business day immediately preceding the Closing Buyer and Seller agree to conduct a “pre-closing” meeting at the above Closing location and shall execute and deliver in escrow to legal counsel for Buyer, Messrs.
Gray Cary Ware & Freidenrich LLP all instruments and documents required to be delivered by them at the Closing pursuant to this Section 3 and other provisions of this Agreement. Completion of the pre-closing 

  

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procedures and the delivery into escrow of all executed documents required to be delivered at the Closing shall be evidenced by a Cross Receipt in the form
of Exhibit L attached hereto, executed copies of which may be delivered via facsimile or signed on behalf of a party by its counsel. On the Closing Date, upon the satisfaction of all conditions to the Closing, Buyer shall transmit the amount
specified in Subsection 2.5.3, net of the amounts specified in clauses (i) through (iii) thereof, to Seller and upon receipt thereof by Seller the Closing shall be deemed to have occurred and title to the Assets shall vest in Buyer. 
  
 3.2. Deliveries of Seller at Closing. At the Closing,
Seller shall deliver to Buyer the following: 
  
 3.2.1. A General Bill of Sale and Instrument of Assignment, in the form attached as Exhibit A to this Agreement, together with such other deeds, bills of sale, assignments and instruments of transfer as shall be necessary to
transfer the Assets and the Business (including, without limitation, the name “Bentec Scientific” in accordance with Section 6.3 hereof) to Buyer and to carry out the intent of this Agreement; 
  
 3.2.2. Instruments of assignment and executed
consents from third parties as contemplated by Subsection 2.6 above, in each case to be in form and substance reasonably satisfactory to Buyer; 
  
 3.2.3. The favorable opinion of The Corporate Law Group, counsel to Seller, substantially in the form of Exhibit D hereto;

  
 3.2.4. Letters in the form attached
hereto as Exhibits E-1 through E-3 signed respectively by each of the Key Employees listed on Schedule 3.2.5 hereto (the “Key Employee Offer Letters”); 
  
 3.2.5. All other certificates, documents and
instruments reasonably requested by Buyer or required to be delivered to Buyer pursuant to the provisions of this Agreement; 
  
 3.2.6. The R&D Consulting Agreement in the form attached hereto as Exhibit G executed by Seller; together with forms of
Acknowledgement of Nonemployee Status, Assignment of Intellectual Property and Non-Disclosure Agreement signed by each of Briant Benson and Daniel McAlpine; 
  
 3.2.7. A copy of the Interim Supply and Support Agreement that has been duly executed on behalf of Seller; 
  
 3.2.8. The Know How Transfer Agreement in the form
attached hereto as Exhibit I duly executed by Bentec Medical; 
  
 3.2.9. The Equipment Transfer Agreement in the form attached hereto as Exhibit K duly executed by Bentec Medical; 
  

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 3.2.10. Duly executed intellectual property assignments from employees of Bentec
Medical to Bentec Medical and from Bentec Medical to Seller in form and substance acceptable to Buyer; and 
  
 3.2.11. Such other documents as Buyer may reasonably request in order to place Buyer in full ownership and possession of the
Assets. 
  
 Simultaneously with such deliveries, Seller will put Buyer in physical
possession and operating control of the Assets and the Business. 
  
 3.3. Deliveries of Buyer at Closing. At the Closing, Buyer shall deliver or cause to be delivered the following: 
  
 3.3.1. The cash payment in the net amount and manner specified in Subsection 2.5.3 shall be delivered to the account of the Seller
in the manner provided therein; 
  
 3.3.2.
The Assumption of Liabilities that has been duly executed by Buyer; 
  
 3.3.3. The favorable opinion of Peter W. Walcott, Esq., General Counsel of Buyer, with respect to the subject matters described on Exhibit C hereto; 
  
 3.3.4. All other certificates, documents and
instruments reasonably requested by Seller or required to be delivered to Seller pursuant to this Agreement; 
  
 3.3.5. A copy of the R & D Consulting Agreement executed on behalf of the Buyer; 
  
 3.3.6. A copy of the Interim Supply and Support
Agreement that has been duly executed on behalf of Buyer; and 
  
 3.3.7. The original, for cancellation, of that certain demand promissory note in principal amount of $50,000 dated September 16, 2003 made by Seller in favor of Buyer. 
  
 3.4. Deliveries of Buyer Subsequent to Closing. Within a
reasonable time following the Closing, Buyer shall deliver or cause to be delivered the following: 
  
 3.4.1. A report including the “federal wire numbers” as evidence that the amounts withheld pursuant to Subsection
2.5.3(iii) have been transmitted to Bay Business Credit; 
  
 3.4.2. A report including the “federal wire numbers” as evidence that the buy out amounts specified on Schedule 2.1.4 have been transmitted to the respective lessors listed thereon; 
  
 3.5. Treatment of Bay Business Credit Loan at Closing.
Before the Closing Seller shall arrange with Bay Business Credit to execute and deliver to Buyerthe release letter in the form of Exhibit J attached hereto agreeing to release all security interests held on the Assets 

  

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upon payment by Buyer directly to Bay Business Credit of the amount specified in Clause (iii) of subsection 2.5.3 above; . At the Closing Buyer shall
transmit directly to Bay Business Credit the amount specified in Clause (iii) of Subsection 2.5.3 above. 
  
 3.6. Treatment of Equipment Leases at Closing. Schedule 2.1.4 lists the equipment leases currently in effect with respect to
equipment used in the Business and which are included in the Assets listed on Schedule 2.1.1. The leases listed on Schedule 2.1.4 are between the respective lessor and Bentec Medical. Before the Closing Seller shall arrange with the several lessors
and with Bentec Medical for the partial or complete buy-out of such equipment leases. Schedule 2.1.4 lists the buy-out transactions and the respective buy-out amounts for each such lease. At the Closing Buyer shall transmit directly to each such
lessor the respective buy-out amounts for such equipment as detailed on Schedule 2.1.4. Upon receipt from each such lessor of a bill of sale or other document to effect the transfer of title to the leased equipment listed on Schedule 2.1.1, Bentec
Medical shall promptly and without further consideration execute and deliver to Buyer instruments of assignment with respect to such equipment in form satisfactory to Buyer in accordance with the Equipment Transfer Agreement attached hereto as
Exhibit K. Seller hereby guarantees the performance by Bentec Medical of its obligations under such Equipment Transfer Agreement and further agrees to indemnify and hold Buyer harmless from and against any loss incurred by Buyer by reason of
such failure and against any sales tax or other charge that may be levied by reason of such transfer. 
  
 SECTION 4. REPRESENTATIONS, WARRANTIES AND CERTAIN AGREEMENTS OF SELLER 
  
 Except as set forth in the Seller Disclosure Schedule dated as of the date hereof and delivered to Buyer concurrently with the parties’
execution hereof as Schedule 1.25, which shall be organized in subsections corresponding to the numbering in this Section 4 with disclosures in each Subsection of the Seller Disclosure Schedule specifically corresponding to or
cross-referencing another Subsection thereof that specifically corresponds to a particular Subsection of this Section 4, Seller hereby represents and warrants to and covenants and agrees with Buyer as of the date of this Agreement that: 

 
 4.1. Organization, etc. Seller is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of Delaware and has the necessary limited liability company power and authority to own its properties and to carry on its business as now conducted. Seller is
qualified to do business as a foreign limited liability company in the state of California and in any other jurisdiction in which it conducts business. A list of such other jurisdictions in which Seller is qualified to do business is set forth in
the Seller Disclosure Schedule. 
  
 4.2.
Authority. Seller has all requisite power and authority to execute, deliver and perform this Agreement and has taken all necessary action (including, without limit, any necessary approvals of its members and managers) to authorize the
execution, delivery and performance of this Agreement and to consummate or cause the consummation of the transactions contemplated by this Agreement. This Agreement has been duly executed and 

  

 — 12 — 

 
delivered by Seller; and the execution and delivery of the General Bill of Sale and Instrument of Assignment and each other document or instrument executed
or to be executed by Seller in accordance with this Agreement has been duly approved by the Seller’s managers and members. This Agreement constitutes and each other agreement contemplated hereby to be executed by Seller will constitute, when
executed by Seller, the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with each of their terms. 
  
 4.3. Subsidiaries. Section 4.3 of the Seller Disclosure Schedule sets forth the name, country and/or jurisdiction, corporate
form and capital structure of each of Seller’s Affiliates. Seller owns beneficially and of record all of the outstanding capital stock of each of its subsidiaries, free and clear of all liens, claims, encumbrances, charges or restrictions.
Seller and each of its subsidiaries and Affiliates is duly organized and validly existing under the laws of the country or jurisdiction of their respective organization and possesses all necessary power and authority to carry out the business
conducted by it. Seller has heretofore delivered or made available to Buyer a complete and correct copy of the organization and governing documents, each as amended to date, of Seller and each such subsidiary and Affiliate. Seller has no obligation
to contribute to the capital of any enterprise. Seller has not entered into any material transaction with any Affiliate except for transactions that are in the ordinary course of business, upon fair and reasonable terms that are no less favorable
than would be obtained in an arm’s length transaction with a non-affiliated person or entity. Seller has not: (i) guaranteed or otherwise provided any credit support with respect to any of Affiliate’s credit facilities; (ii) relied in any
material manner on any Affiliate for financial or operational support; (iii) held, and does not presently hold, any material assets of any Affiliate whether through bailment, consignment, agency or other arrangement; or (iv) informed any creditors
of any Affiliate, either directly or indirectly, whether in writing or by oral communication, that the assets of Seller would be available to satisfy such creditors’ claims. At all times prior to the date hereof, Seller and each of its
Affiliates have held themselves out to creditors and have conducted their businesses and affairs in such a way that they have operated and maintained their legal status as independent entities, separate and distinct from one and other. 

 
 4.4. No Conflict. The execution and delivery of this
Agreement, the consummation of the transactions contemplated hereby, and the compliance with the terms and conditions hereof in each case by Seller: (i) will not conflict with, or result in a breach of or forfeiture of any rights under
(1) any relevant statute, law, ordinance, rule or regulation applicable to Seller, the Assets or to the Business, or (2) the terms, conditions or provisions of Seller’s Certificate of Formation, as amended, and its Operating
Agreement, as amended, and any other governing documents, or (3) any mortgage, lease, agreement or other instrument or any judgment, order or decree to which Seller is a party or by which its properties are bound, the conflict or breach of
which is reasonably likely to have a Material Adverse Effect on the Business or Seller; and (ii) will not accelerate the maturity or otherwise modify any outstanding indebtedness of Seller or result in the creation of any lien, security
interest, charge or encumbrance upon any of the Assets. Seller is currently in compliance with its Certificate of Formation, as amended, and its Operating Agreement. 
  

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 4.5. Financial Statements, Balance Sheet. Seller has maintained and maintains
accurate and complete consolidated records and books of account which include accounts related to the Business, in which appropriate entries are made of all dealings and transactions relating to the Business in conformity with generally accepted
accounting principles consistently applied. The transactions entered therein represent bona-fide transactions and such accounts accurately reflect the transactions, income, expenses, assets and liabilities and fairly present the financial condition
and results of operations of the Business as of the dates and for the periods indicated in accordance with generally accepted accounting principles, consistently applied. The Balance Sheet and the Statement of Profit & Loss have been prepared in
accordance with generally accepted accounting principles, consistently applied and accurately reflects the assets, liabilities, revenues and expenses of the Business. 
  
 4.6. No Undisclosed Liabilities, etc. The Seller has no liabilities, obligations or commitments accrued,
absolute, contingent or otherwise, of a nature required by generally accepted accounting principles to be reflected or reserved against in a balance sheet or disclosed in the notes thereto, except (a) liabilities and obligations fully
reflected or reserved against in the Balance Sheet or disclosed in the notes thereto, (b) liabilities and obligations incurred in the ordinary course of the Business and not in violation of this Agreement since June 30, 2004, and (c)
liabilities and obligations disclosed in the Seller Disclosure Schedule. Seller is not aware of any event or state of facts which will give rise to future liabilities except for liabilities which will arise in the conduct of the Business in
the ordinary course. 
  
 4.7. Inventories; Accounts
Receivable. The Inventory (including the Inventory reflected on the Balance Sheet) consists of items of a quality and condition usable and salable in the ordinary course of the Business consistent with past practices subject to reserves
reflected in the Balance Sheet for obsolete and slow moving inventories. The accounts receivable of the Business shown on the Balance Sheet are genuine, valid, binding and subsisting, arose out of bona fide sales and deliveries of goods or the
performance of services in the ordinary course of the Business and are collectible with reasonable collection efforts, subject to no defenses, counterclaims or set-offs, in the ordinary course of the Business, subject to the reserve for doubtful
accounts shown on the Balance Sheet. Such reserves for doubtful accounts, returns and allowances and for obsolete and slow moving inventories are reasonable and appropriate on the basis of the Business’ prior experience, and are in accordance
with generally accepted accounting principles consistently applied. The account identified in Section 8.4 and being transferred as part of the Assets is the only account used by Seller for collection of accounts receivable. 
  
 4.8. Conduct of the Business. Since June 30, 2004,
Seller has conducted the Business only in the ordinary course in substantially the same manner as heretofore carried on. Since such date Seller has not: (i) sold, transferred or otherwise disposed of any assets of the Business, or any portion
thereof, other than Inventory or other assets in the ordinary course of business; (ii) granted any lease, license, lien or encumbrance or other interest in or to the Assets; (iii) made any loans or advances to any person whatsoever
(except for standard travel advances to employees made in the ordinary course of business up to an aggregate for all such advances of no more than $10,000 outstanding at any one time); (iv) modified or incurred any obligations on behalf of
the Business, other than in the ordinary course of business in excess of $10,000 or that would be included in the Assumed Liabilities; (v) canceled, modified or compromised any debts or 

  

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claims of the Seller against any other person; or (vi) entered into any contract or commitment for expenditures other than in the ordinary course of
business. 
  
 4.9. Consents. No consent,
approval, order or authorization of, or registration, declaration or filing with, any governmental authority or any other person is required in connection with the execution and delivery by Seller of this Agreement or of any other documents
contemplated hereby or with the consummation of the transactions contemplated hereby. Schedule 2.1.7 contains a list of those non-disclosure agreements, secrecy agreements, confidentiality agreements and other similar agreements providing protection
for confidential information of Seller (i) that have been entered into within the last 5 years, (ii) that are not assignable by Seller, and (iii) for which Seller will obtain the consent of any other required party or parties to the assignment to
Buyer. 
  
 4.10. Compliance with Laws. Seller
has complied in all material respects with all applicable federal, state, local and foreign laws and all applicable regulations and ordinances affecting the Business. All of the permits necessary for the operation of the Business (the
“Permits”) have been duly obtained and are in full force and effect, except for Permits, authorizations and approvals the absence of which would not, in the aggregate, have a Material Adverse Effect on the operation of the Business. No
other Permits, concessions, grants, franchises, licenses or other governmental approvals or authorizations are or immediately after the Closing Date will be required to be obtained by Buyer in order for Buyer to conduct the Business after the
Closing in the same manner as heretofore operated by Seller. There are no proceedings pending or, to the knowledge of Seller threatened, which may result in the revocation, cancellation or suspension of any Permit, concession, grant, franchise,
license or other governmental authorization or approval used by Seller in the conduct of the Business, or any adverse modification thereof and the consummation of the transactions contemplated hereby will not result in any such revocation,
cancellation, suspension or modification. Seller and the Assets and the operations of the Business are not in violation of any decree, order or arbitration award of, any law, statute, regulation or agreement with or license or permit from any
federal, state, local or foreign governmental authority or court. 
  
 4.11. Assets; Condition. The listing of the Assets set forth on Schedule 2.1.1 is current and accurate and includes all of the machinery, equipment, instrumentation, tooling and other tangible personal property used by
Seller in the conduct of the Business. No other item of machinery, equipment, instrumentation, tooling or other tangible personal property is required in order to conduct the Business as it is currently conducted. The Assets are in good repair,
condition and satisfactory working order (reasonable wear and tear excepted) and will be capable of performing the functions for which they have heretofore been used by the Business over the period of time during which they will be depreciated in
accordance with generally accepted accounting principles. 
  
 4.12. Title to Assets. Seller has good and marketable title to the Assets, free and clear of any liens, charges, encumbrances or claims of any nature whatsoever. 
  

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 4.13. Leases. Schedule 2.1.4 sets forth a correct and complete list of all
leases of personal property used by the Business. The Business enjoys peaceful and undisturbed possession under all such leases which, in the case of personal property leases, require annual rental payments in excess of $10,000; all such leases are
valid and subsisting; Seller has paid all rent due and payable under all such leases, and there exists no material default on the part of Seller or, to the knowledge of Seller the lessors, thereunder. 
  
 4.14. Intellectual Property Rights. Schedule
2.1.6 sets forth a complete and accurate list of the Purchased IP which (together with the Previously Purchased IP and related license rights) constitutes all of the Intellectual Property (and applications for registrations of Intellectual
Property) used in the Business; Seller is the owner of all right title and interest in and to all such Purchased IP. Except for the Previously Purchased IP and as set forth on Schedule 2.1.6, there is no other Intellectual Property necessary
in order to mold, manufacture, assemble, test or operate the Products or to otherwise conduct the Business as it is being conducted on the date hereof. All Products heretofore manufactured and sold by Seller were produced by Seller using exclusively
the Purchased IP, the Previously Purchased IP and common methods and processes in the public domain. Seller has the full right to prosecute all patent and copyright applications included in the Purchased IP listed on Schedule 2.1.6 as being
owned by Seller and, upon issue of any patent or copyright pursuant thereto, Seller or its transferee will own the same free and clear of any lien or encumbrance. All manufacturing documentation heretofore delivered to Buyer by Seller are
representative of the quality, completeness and reproducibility of the manufacturing documentation for the Products as a whole. Except as disclosed on Section 4.14 of the Seller Disclosure Schedule, no right or license for the use or practice
of any of such rights has been granted by Seller to any third person or Affiliate and no order of any court or other governmental authority has been issued restricting Seller’s enjoyment of such rights. Section 4.14 of the Seller Disclosure
Schedule clearly indicates all licenses, sublicenses and other agreements to which Seller is a party and pursuant to which Seller is authorized to use any Intellectual Property owned by any third party, excluding “off the shelf” or
other software at a cost not exceeding $5,000 and widely available through regular commercial distribution channels on standard terms and conditions. Seller is not subject to any agreement that restricts in any material respect the use, transfer,
delivery or licensing by Seller of the Purchased IP. Seller has not entered into any agreement to indemnify any other person or Affiliate against any charge of infringement of any of the Previously Purchased IP or the Purchased IP, other than
indemnification provisions contained in standard sales or agreements to end users arising in the ordinary course of business, the forms of which have been delivered or made available to Buyer. There are no royalties, fees or other payments payable
by Seller to any person exceeding $5,000 in any calendar year period by reason of the ownership, use, sale or disposition of the Previously Purchased IP or the Purchased IP. Seller is not in breach of any license, sublicense or other agreement
relating to the Previously Purchased IP or the Purchased IP or the Intellectual Property of any third party. All Patents, registered Trademarks, registered service marks and registered Copyrights held by Seller are valid and subsisting. All
maintenance and annual fees that are due and payable have been fully paid and all fees paid during prosecution and after issuance of any Patent comprising or relating to such item have been paid in the correct entity status amounts. With respect to
the Trademarks included in the Purchased IP, Schedule 2.1.6 contains a complete list of all trademark rights of Seller and accurately represents the status of all such Trademarks. 
  

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 4.15. No Conflicting Claims. The exercise and practice of the Purchased IP and the
Previously Purchased IP (as licensed to Seller) used in the Business as currently conducted and the manufacture, sale, operation and use of the Products does not infringe any Intellectual Property of any third party. No current or former officer,
director, shareholder, employee, consultant or independent contractor of Seller or its Affiliates has any right, claim or interest in or with respect to any of the Purchased IP. There is no unauthorized use, disclosure or misappropriation of any of
the Purchased IP by any employee or former employee of Seller or its Affiliates, or by any other third party. There are no royalties, fees or other payments payable by Seller to any person or Affiliate under any written or oral contract or
understanding by reason of the ownership, use, sale or disposition of the Previously Purchased IP or the Purchased IP. Seller is not aware of any claim or allegation against it in respect of any infringement of the Intellectual Property of any third
party, whether asserted or unasserted; and Seller has not been notified of any claim by any third party alleging that any of the Previously Purchased IP or the Purchased IP is invalid or that the practice of any of the information referred to
thereon or the use or operation of the Products infringes upon any Intellectual Property right of a third party. Except as specified on Section 4.15 of the Seller Disclosure Schedule, Seller is aware of no infringers of any of the Previously
Purchased IP or the Purchased IP. Seller has not brought a proceeding alleging infringement of the Previously Purchased IP or the Purchased IP or breach of any license or agreement involving the Previously Purchased IP or the Purchased IP against
any third party. 
  
 4.16. Preservation of
Confidentiality. Seller has taken all steps reasonably necessary to protect the confidentiality of the trade secrets and other confidential information of the Business, including the execution of confidentiality agreements by all employees
and other persons having access to any of such information or trade secrets (such agreements containing no exceptions or exclusions from the scope of their coverage), which agreements also assign to Seller any intellectual property arising from
services performed for Seller by such persons. Seller is not aware of any breach of the confidentiality of any of such information or the breach of such agreements. All use, disclosure or appropriation of such confidential information owned by
Seller by or to a third party has been pursuant to the terms of a written agreement between Seller and such third party. All use or disclosure of confidential information not owned by Seller has been pursuant to the terms of a written agreement
between Seller and the owner of such confidential information, or is otherwise lawful. 
  
 4.17. Contracts, Customers and Suppliers. Attached as Section 4.17 of the Seller Disclosure Schedule is a complete and accurate list as of the date hereof of the following agreements,
contracts and commitments relating to the Business that are material to the Business: (i) mortgages, indentures, security agreements and other agreements and instruments relating to the extension of credit or borrowing of money; (ii)
sales agency, manufacturer’s representative, distributorship or consignment agreements; (iii) agreements, orders or commitments for the purchase of raw materials, supplies or finished goods in excess or $25,000 for any one agreement,
order or commitment; (iv) agreements, orders or commitments for the sale of Products other than in the ordinary course of business; (v) agreements or commitments for capital expenditures in excess of $25,000 for any single project;
(vi) other agreements, contracts or commitments which are material to the Business or which individually involve total payments or receipts of more than $25,000 in any twelve-month period, or assets, rights or liabilities otherwise valued at
more than 

  

 — 17 — 

 
$50,000. Seller has made available to the Buyer complete and accurate copies of all such material written agreements, contracts and commitments (together
with all amendments thereto) and Section 4.17 of the Seller Disclosure Schedule sets forth complete and accurate descriptions of all oral agreements so listed. All such agreements, contracts and commitments are valid and binding and are in
full force and effect. There has not occurred any default by Seller or by any other party under any such agreements, contracts or commitments, nor any event which, with the giving of notice and/or passage of time, would constitute a default, and
Seller and no other party has waived any rights with respect thereto. Schedule 2.1.3 contains an accurate and complete list of (i) the names and addresses of all customers and suppliers of the Business which accounted for transactions
with a value in excess of $25,000 each, respectively, during the eighteen month period ended June 30, 2004. Seller has no reason to believe any particular agreement described in this Section 4.17 will require more resources to fulfill than have been
currently allocated to its fulfillment. 
  
 4.18.
Litigation. There is no, and since January 1, 2003 there has been no, action, proceeding, arbitration, governmental investigation or other legal or administrative proceeding pending or, to the knowledge of Seller, threatened
against Seller or the Business involving or affecting the Assets or the Business or that would adversely affect Seller’s ability to consummate the transactions contemplated hereby or meet its obligations hereunder in any court or before any
governmental agency or arbitration tribunal. Seller has no knowledge of any state of facts or circumstances that could reasonably be expected to form the basis for any such claim or proceeding. 
  
 4.19. Taxes. The Seller has timely filed all Tax Returns
that it was required to file and all such Tax Returns were true, correct and complete and prepared in compliance with all applicable laws and regulations. All Taxes with respect to the operation of the Business have been paid when and as due;
neither the Business nor the Assets are subject to any claims, liens or liabilities for Taxes owed or owing to any taxing authorities whatsoever, including any possible claim against Buyer as the transferee or purchaser of, or successor to, the
Assets or the Business. Seller is aware of no facts which could reasonably be expected to give rise to any such claim, lien or liability. Seller has not received and is unaware of any notice of deficiency or assessment of additional Taxes relating
to the Business and is not a party to any action or proceeding by any governmental authority for assessment or collection of Taxes in respect of the Business. No claim has ever been made by any authority in a jurisdiction where the Business does not
file Tax Returns that they may be subject to taxation by that jurisdiction. Seller has collected all sales, use, and value-added Taxes required to be collected, and has remitted, or will remit on a timely basis, such amounts to the appropriate
taxing authority, and has furnished properly completed exemption certificates for all exempt transactions. The Seller has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee,
independent contractor, creditor, stockholder, or other third party, and all Forms W-2 and 1099 required with respect thereto have been properly completed and timely filed. The Seller has not waived any statute of limitations in respect of Taxes or
agreed to any extension of time with respect to a tax assessment or deficiency. The Seller is not a party to any tax allocation or sharing agreement and Seller (A) has not been a member of an affiliated group filing a consolidated federal
income Tax Return and (B) has no liability for the Taxes of any person under Treas. Reg. 

  

 — 18 — 

 
§1.1502-6 (or any similar provision of state, local, or foreign law), as a transferee or successor, by contract, or otherwise. At no time from the date
of its organization until the date hereof has Seller been classified as a “C” corporation within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”) or under applicable state and local tax provisions and
Seller knows of no basis for any taxing authority to treat Seller as such a corporation. Seller has no potential liability for any Taxes under the Code or under any applicable state and local tax provisions. The Seller is not a “foreign
person” as defined in Section 1445(f)(3) of the Code. Seller has not granted any power of attorney with respect to Taxes. 
  
 4.20. Absence of Certain Changes. Except to the extent set forth in Section 4.20 of the Seller Disclosure Schedule or pursuant
to the transactions contemplated hereby, since June 30, 2004: 
  
 4.20.1. No liability of any nature material to the Business has been incurred, except in the ordinary course of business, and Seller has not increased, or made or experienced any significant change in any
assumptions underlying or methods of calculating, any bad debt, contingency or other reserves of the Business, nor has Seller changed its practices or procedures with respect to the collection of accounts receivable with respect to the Business or
made any other changes to its accounting method or practices; 
  
 4.20.2. No liability or obligation material to the Business has been paid or discharged other than in the ordinary course or business; 
  
 4.20.3. Seller has not made any capital expenditure or commitment for additions to property, plant or
equipment in respect of the Business, except for expenditures in the ordinary course of business which equal in the aggregate less than $50,000; 
  
 4.20.4. Seller has not granted any increase in the compensation of any of the employees of the Business, and has not granted any
increase in the compensation of any employee whose salary exceeds $50,000, whether now or hereafter payable, including any such increase pursuant to any bonus, pension, profit sharing or other plan or commitment; nor has Seller made any promotions
of employees employed in the Business except promotions made in the ordinary course of business nor entered into any employment agreement with any person except agreements with sales agents. 
  
 4.20.5. Seller has not suffered any material damage,
destruction or loss to the Business or any of the Assets, whether or not covered by insurance. 
  
 4.21. Insurance. Seller has included the assets of the Business on policies of insurance maintained by Seller against casualty and other risks and with coverage limits and insurance carriers which
in Seller’s reasonable belief are at least commensurate with policies usually carried by similarly situated enterprises. Seller shall continue such coverage in effect through the Closing Date. 
  
 4.22. Defective Product Claims. Seller is unaware of any
claim by any third party alleging that any Product heretofore manufactured or sold by Seller is faulty or defective or fails 

  

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to conform in any material respect with any warranties or representations expressly made or implied with respect thereto. Seller is aware of no basis for the
assertion of any such claim. 
  
 4.23. Environmental
Matters. There is not currently pending and Seller is unaware of any basis for the assertion of any claim or alleged claim against the Business, the Assets or the Seller with respect to the operations of the Business relating to the
discharge, release, or threatened release of any pollutants, hazardous materials or chemicals into the environment or to the compliance with federal, state or local environmental laws, regulations or ordinances. 
  
 4.24. Employees. The Key Employees listed on Schedule
1.29 are currently employed and in good standing in the positions indicated thereon at the Business. The description of the title and compensation set forth on such Schedule for each such Key Employee is complete and accurate. As of the date
hereof, no amounts are owed with respect to salary for services rendered prior to the date hereof; all payroll, FICA and other employment taxes for periods prior to the date hereof have been paid; all commissions and expense reimbursements due to
employees with respect to periods prior to the date hereof have been paid. Seller has and has had no collective bargaining agreement with employees of the Business and, except as listed in Section 4.24 of the Seller Disclosure Schedule, has
no employment contracts or agreements relating to the employment of employees of the Business that are not terminable upon less than 30 days’ notice to the employee. Seller has no reason to believe that any Key Employee will not accept
Buyer’s offer of employment. 
  
 4.25.
Prohibited Foreign Trade Practices Act; Sensitive Payments. Seller is in compliance with the Prohibited Foreign Trade Practices Act with respect to the Business, and have had no “sensitive” receipts or disbursements,
which are defined to mean the following types of transactions: (i) illegal receipts from or payments to governmental officials or employees; (ii) commercial bribes or kickbacks; (iii) amounts disbursed or received with an
understanding that rebates or refunds will be made in contravention of the laws of any nation or other jurisdiction; (iv) illegal political contributions; or (v) payments or commitments, regardless of form, made with the knowledge or
under circumstances that would indicate that all or part thereof is to be paid ultimately to or for the benefit of governmental officials or employees or as an influence payment or kickback. 
  
 4.26. Burdensome Agreements. Seller is not a party or
otherwise bound by, and the Assets are not bound by, any agreement or instrument which restricts the ability of the Seller, or which may impair the Buyer, from the conduct of the Business as currently conducted, except as has not had a Material
Adverse Effect on Seller and would not have a Material Adverse Effect on the Assets or Buyer’s ability to conduct the Business as currently conducted. 
  
 4.27. Value of Remaining Assets; Purchase Price. As of the times of the transfer of the Assets, and after giving effect to the
transfer of the Assets, the value of Seller’s assets will exceed the value of the Seller’s liabilities (including the liabilities excluded pursuant to Subsection 2.4 above). Seller is paying its debts as they become due. Seller is Solvent,
and, after giving effect to the transactions contemplated hereby, Seller will be Solvent. The Purchase Price set forth in Section 2.5 constitutes at least reasonably equivalent fair value for the Assets. 
  

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 4.28. No Existing Discussions, Etc. Seller is not engaged, directly or indirectly, or
committed to engage, in any discussions or negotiations with any party other than the Buyer with respect to any merger, consolidation, sale of substantial assets, sale or transfer of shares of stock, partnership interests or any similar transactions
related to Seller. 
  
 4.29. Disclosure.
Seller has not failed to disclose to Buyer any facts material to the Assets or the Business. No representation or warranty by Seller set forth in this Agreement, and no statement by Seller contained in any Exhibit or Schedule hereto or any
certificate delivered in connection with this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading or necessary in order to
fully and fairly provide the information required to be provided by such document. 
  
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BUYER 
  
 Buyer represents and warrants to and agrees with Seller that, as of the date of this Agreement: 
  
 5.1. Organization, etc. Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware and has the necessary corporate power and corporate authority to own its properties and to carry on its business as now conducted. Buyer is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in
which it conducts business except where the failure to so qualify would not have a Material Adverse Effect on the Buyer. 
  
 5.2. Authority. Buyer has all requisite corporate power and corporate authority to execute, deliver and perform this Agreement and at
and as of the Closing Date will have taken all necessary corporate and other action (including, without limitation, approval of its board of directors) to authorize the execution, delivery and performance of this Agreement and to consummate or cause
the consummation of the transactions contemplated by this Agreement. This Agreement has been duly executed and delivered by Buyer; and the execution and delivery of the Assumption of Liabilities and each other document or instrument executed or to
be executed by Buyer in accordance with this Agreement at and as of the Closing Date will have been duly approved by the Buyer’s board of directors. Upon approval by Buyer’s board of directors, this Agreement and each other agreement
contemplated hereby to be executed by Buyer will constitute, when executed by Buyer, the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with each of their terms. 
  
 5.3. No Conflict. The execution and delivery of this
Agreement, the consummation of the transactions contemplated hereby, and the compliance with the terms and conditions hereof, in each case by Buyer will not conflict with, or result in a breach of or forfeiture of any rights under: (1) any
relevant statute, law, ordinance, rule or regulation applicable to Buyer; or (2) the terms, conditions or provisions of the Certificate of Incorporation, as amended, or the By-Laws of Buyer; or (3) any mortgage, lease, agreement or
other instrument or any judgment, order or decree to which Buyer is a party or by which its properties are bound, 

  

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the conflict or breach of which would have a Material Adverse Effect on Buyer. Buyer is currently in compliance with its Certificate of Incorporation, as
amended, and its By-Laws. 
  
 5.4. Financing.
Buyer has all funds necessary to pay any cash required to be paid pursuant to the terms hereof and to timely consummate the transactions contemplated by this Agreement. 
  
 5.5. Consents. No consent, approval, order or authorization of, or registration, declaration or filing
with, any governmental authority or any other person is required in connection with the execution and delivery by Buyer of this Agreement or of any other documents contemplated hereby or with the consummation by Buyer of the transactions
contemplated hereby. 
  
 5.6. Disclosure. No
representation or warranty by Buyer set forth in this Agreement, and no statement contained in any certificate delivered in connection with this Agreement by Buyer contains any untrue statement of a material fact, or omits to state a material fact
necessary in order to make the statements contained herein or therein not misleading or necessary in order to fully and fairly provide the information required to be provided by such document. 
  
 SECTION 6. COVENANTS OF THE SELLER 
  
 6.1. Continuation of Business. Seller covenants and
agrees with the Buyer that from the date hereof and through the Closing Date, Seller will, unless otherwise specifically agreed to in writing by Buyer or otherwise contemplated by this Agreement or the transactions contemplated hereby: 

 
 6.1.1. Carry on the Business in, and only in, the
usual, regular and ordinary course in substantially the same manner as heretofore carried on and, to the extent consistent with the Business, exercise its reasonable best efforts to preserve intact the present business organization of the Business,
to keep available the services of the present employees of the Business, and to preserve the goodwill and relationships of the Business with customers, suppliers and others having business dealings with it to the end that the Business shall be
conducted substantially on the same basis at the Closing Date as at the date hereof; 
  
 6.1.2. Maintain all the material structures, equipment and other tangible personal property of the Business in their current
condition, except for depletion, depreciation, and ordinary wear and tear; 
  
 6.1.3. Keep in full force and effect insurance comparable in amount and scope of coverage to insurance now carried by Seller with respect to the Business; 
  
 6.1.4. Perform all of the Seller’s obligations
under agreements, contracts and instruments relating to or affecting properties and assets of the Business; 
  

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 6.1.5. Maintain books of account and records of the Business in the usual, regular
and ordinary manner in accordance with generally accepted accounting practices; 
  
 6.1.6. Comply with all statutes, laws, ordinances, rules and regulations applicable to the Business; 
  
 6.1.7. Not enter into or assume any agreement,
contract or commitment in an amount in excess of $50,000, excluding agreements, contracts, or commitments for the sale of any Products; 
  
 6.1.8. Promptly advise the Buyer in writing of any Material Adverse Change in the financial condition, operations, properties,
business or prospects of the Business or the Assets; 
  
 6.1.9. Not transfer or license to any person or entity or otherwise extend, amend or modify any rights to the Purchased IP or any other Intellectual Property rights of the Seller other than in the ordinary course of business
consistent with past practices; 
  
 6.1.10.
Not take any action to: (i) increase or agree to increase the compensation payable or to become payable to the Seller’s managers, officers or employees, (ii) grant any additional severance or termination pay to, or enter into
any employment or severance agreements with, managers, officers, or employees, (iii) enter into any collective bargaining agreement, or (iv) establish, adopt, enter into or amend in any material respect any bonus, profit sharing,
thrift, compensation, option, pension, retirement, deferred compensation, employment, termination, severance or other plan, trust, fund, policy or arrangement for the benefit of any officers, managers or employees; 
  
 6.1.11. Not incur any indebtedness for borrowed money
or guarantee any such indebtedness or issue or sell any debt securities or rights to acquire any debt securities or guarantee any debt securities of others, other than indebtedness or guarantees that do not affect any of the Assets or increase any
Assumed Liabilities; 
  
 6.1.12. Not amend
or terminate any contract, agreement or license, except in the ordinary course of business; 
  
 6.1.13. Not initiate any litigation or arbitration proceeding; and 
  
 6.1.14. Not agree to take, in writing or otherwise, any of the actions described in paragraphs 6.1.7
through 6.1.11 above (excluding paragraph 6.1.8), or take or agree to take, in writing or otherwise, any action which is reasonably likely to make any of Seller’s representations or warranties contained in this Agreement untrue or incorrect in
any material respect on the date made (to the extent so limited) or as of the Closing. 
  
 6.2. Access to Information; Preservation of Confidentiality. From the date hereof until the Closing Date, upon reasonable prior notice and at Buyer’s sole cost and expense Seller shall give
the Buyer and its representatives full access during normal business hours to employees, the properties, books, records, contracts and commitments of the Business and will furnish all such information and documents relating to the properties and
operation of the 

  

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Business as the Buyer may reasonably request. Seller shall cause its outside accountants, representatives and advisors to be available to Buyer, instructing
them to cooperate and assist in the completion of the due diligence process to Buyer’s satisfaction. 
  
 6.3. Change of Name. From and after the Closing Date, Seller and its Affiliates will sign such consents and take such other action as
the Buyer shall reasonably request in order to permit the Buyer to use exclusively the name “Bentec Scientific” and will not itself conduct business under the name Bentec Scientific after the Closing Date; provided, further, that after the
Closing Date, (i) neither Seller nor its Affiliates shall conduct business under the name “Bentec” or any name similar to or a variant thereof in the microelectronic or semiconductor equipment market or sell Products under the name
“Bentec” or any name similar to or a variant thereof and (ii) Buyer and its Affiliates shall have no right to conduct any business under, or use, the name “Bentec” or any name similar to or a variant thereof, apart from use of
the name “Bentec Scientific” in the microelectronic or semiconductor market. 
  
 6.4. Minimum Net Current Asset Adjustment. As soon as practicable subsequent to the Closing Date and in no event more than forty-five (45) days after the Closing Date, Seller shall deliver to the
Buyer the Closing Balance Sheet which shall be audited by an independent public accounting firm satisfactory to Buyer. The fees, costs and expenses of such audit shall be shared equally by Buyer and Seller. To the extent that Net Current Assets
reflected on the Closing Balance Sheet is less than $380,000.00 then the amount of the Withheld Funds payable to the Seller shall be decreased, on a Dollar for Dollar basis, by the full amount by which the Net Current Assets reflected on the Closing
Balance Sheet falls below $380,000.00 (“Net Asset Deficit”) and such Net Asset Deficit amount shall be retained by the Buyer. The Net Asset Deficit shall first be paid from the Withheld Funds withheld pursuant to Subsection 2.5.1
and then from Withheld Funds withheld pursuant to Subsection 2.5.2 until paid in full. In the event that the Withheld Funds shall be inadequate to make any Net Asset Deficit payment due hereunder, then Buyer shall be entitled to be indemnified by
Seller for the amount of such payment together with any Damages arising out of such failure in accordance with Section 11. 
  
 6.5. Allocation of Purchase Price. The purchase price specified in Subsection 2.5 above shall be allocated among the Assets in
accordance with the recommendations of Standard & Poors Corporation or such other independent valuation consultant as may be agreed upon by Buyer and Seller. Buyer and Seller and any Affiliates shall report, act and file tax returns (including,
but not limited to Internal Revenue Service Form 8594) in all respects and for all purposes consistent with such allocation. Neither Buyer nor Seller (nor any of their respective Affiliates) shall take any position (whether in audits, tax returns or
otherwise) which is inconsistent with such allocation unless required to do so by applicable law. The fees, costs and expenses of such valuation consultant shall be shared equally by Buyer and Seller. 
  
 6.6. Payment of Transfer Taxes. The Seller shall pay, be
solely responsible for, and indemnify the Buyer against any and all transfer taxes, including but not limited to any sales and use taxes, imposed on the purchase and sale of the Assets contemplated hereby. 
  
 6.7. No Solicitation of Acquisition Proposals. During
the period from the date of this Agreement until the earlier of the termination of this Agreement pursuant to Section 

  

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14 or the Closing, Seller shall not, directly or indirectly, through any manager, officer, director, employee, representative or agent: (i) solicit,
initiate, or knowingly encourage any inquiries or proposals that constitute, or could reasonably be expected to lead to, a proposal or offer for a merger, consolidation, business combination, sale, license, pledge or encumbrance of substantial
assets, sale of equity interests (including without limitation by way of a tender offer) of Seller or similar transactions involving Seller, other than the transactions with Buyer contemplated by this Agreement (any of the foregoing inquiries or
proposals being referred to in this Agreement as an “Acquisition Proposal”), (ii) engage in negotiations or discussions concerning, or provide any non-public information to any person or entity relating to, any Acquisition
Proposal or (iii) agree to or approve any Acquisition Proposal. Seller shall notify Buyer promptly upon receipt by Seller or a representative of Seller of any acquisition proposal or of any similar communication relating to a potential
Acquisition Proposal. 
  
 6.8. No Public
Announcement. Seller shall not make any public announcement of the entering into of this Agreement or the consummation of the transactions contemplated hereby except as specifically contemplated herein or approved by Buyer. 
  
 6.9. Members Consent. If not previously obtained, Seller
shall obtain the consent of the holders of Seller’s outstanding membership interests to the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby to the extent required by applicable
law, Seller’s Certificate of Formation, as amended, and its Operating Agreement. 
  
 SECTION 7. CONDITIONS TO THE CLOSING 
  
 7.1. Conditions to Closing by the Parties. The respective obligations of the Buyer and the Seller to consummate the transactions provided in this Agreement on the Closing Date shall be, at the
option of each party, subject to the fulfillment of the condition that on or before the Closing Date: (i) there shall not be any injunction, writ, preliminary restraining order or any order issued by any court or governmental agency directing
that the transaction contemplated by this Agreement not be consummated, and (ii) there shall not be pending or known to be threatened any action, proceeding or investigation before any such court or governmental agency seeking any such
injunction, writ, preliminary restraining order or other order relating to the Business or the Assets. 
  
 7.2. Conditions to Closing by Buyer. The obligation of the Buyer to consummate the transactions contemplated hereby are, at the
option of the Buyer, subject to the fulfillment of each of the conditions that on or before the Closing Date: 
  
 7.2.1. Representations and Warranties True. The representations and warranties of the Seller contained in this
Agreement and the Schedules annexed hereto shall have been true and correct as of the date of this Agreement (except to the extent that such representations speak as of an earlier date, in which case such representations and warranties shall have
been true and correct as of such date) and shall be true at and as of the Closing Date (without reference to the 

  

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words “as of the date of this Agreement” in the lead-in paragraph to Section 4) with the same force and effect as if made at and as of the Closing
Date; 
  
 7.2.2. Performance of
Obligations. The Seller shall have performed or complied with all of its agreements, covenants, obligations and conditions required by this Agreement to be so performed or complied with by it, prior to or on the Closing Date; 
  
 7.2.3. Acceptance of Key Employees.
Each of the Key Employees shall have signed a Key Employee Offer Letter; 
  
 7.2.4. Receipt of Consents, etc. Buyer shall have received duly executed original copies of all consents set forth in Schedule 7.2.5 in form and substance reasonably satisfactory to Buyer
as well as written evidence satisfactory to Buyer of the approval of this Agreement and the transactions contemplated hereby by the Seller’s managers and its members; 
  
 7.2.5. Sales and Use Tax. Seller shall have delivered to Buyer a certified sales and
use tax clearance certificate from the appropriate agency for the state of California and for each other jurisdiction in which the Seller may be subject to the payment of sales and use taxes. 
  
 7.2.6. Approval of Buyer’s Board of
Directors. The board of directors of Buyer shall have duly approved this Agreement and all of the ancillary documents and transactions provided for in this Agreement and shall have authorized Buyer to proceed with the Closing of the
transactions contemplated hereby. 
  
 7.2.7.
Opinion of Counsel for Seller. The Seller shall have delivered to the Buyer the opinion of Seller’s counsel as provided by Subsection 3.2.3 above; 
  
 7.2.8. Certain Legal Matters. All actions, proceedings, instruments and documents
required to carry out this Agreement, or incidental thereto, and all other related legal matters, shall be reasonably satisfactory to counsel for Buyer and such counsel shall have received all documents, instruments or copies thereof as may be
reasonably requested; and 
  
 7.2.9.
Execution and Delivery of Documents, etc. The Seller shall have executed and delivered (or caused to be executed and delivered, as the case may be) to the Buyer each of the other deliverables set forth in Subsections 3.2.1, 3.2.2,
3.2.3, 3.2.4, 3.2.6, 3.2.7, 3.2.8, 3.2.9, 3.2.10, and 3.2.11 hereof. 
  
 7.2.10. No Material Adverse Change. No Material Adverse Change shall have occurred to any of the Assets of the Business. 
  
 7.2.11. Officer’s Certificate. Buyer shall have received a certificate of a duly
authorized officer of Seller to evidence compliance with the conditions set forth in Clauses 7.2.1, 7.2.2 and 7.2.10 above. 
  
 7.2.12. Discharge of Bay Business and Kevin Douglas Security Interests. Seller shall have arranged for the payment
and discharge of all amounts owed to Bay Business Credit and shall have paid and discharged all amounts owed to Kevin Douglas and shall have delivered to 

  

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Buyer a full and complete release of all liens and/or security interests held by Kevin Douglas on the Assets and shall have arranged for the full and
complete release of all liens and/or security interests held by Bay Business Credit on the Assets. 
  
 7.2.13. Solvency Certificate. Seller shall have delivered to Buyer a Solvency Certificate in the form attached as
Exhibit H. 
  
 7.3. Conditions to Closing by
Seller. The obligation of the Seller to consummate the transactions contemplated hereby are, at the option of the Seller, subject to the fulfillment of each of the conditions that on or before the Closing Date: 
  
 7.3.1. Representations and Warranties
True. The representations and warranties of the Buyer contained in this Agreement and the Schedules annexed hereto shall be true and correct as of the date of this Agreement (except to the extent that such representations speak as of an
earlier date, in which case such representations and warranties shall have been true and correct as of such date) and shall be true at and as of the Closing Date (without reference to the words “as of the date of this Agreement” in the
lead-in paragraph to Section 5) with the same force and effect as if made at and as of the Closing Date; 
  
 7.3.2. Performance of Obligations. The Buyer shall have performed or complied with all of its agreements, covenants,
obligations and conditions required by this Agreement to be so performed or complied with by it, prior to or on the Closing Date; and 
  
 7.3.3. Acceptance of Key Employees. Each of the Key Employees shall have accepted employment with Buyer on the terms
and conditions set forth in their respective Key Employee Offer Letter as evidenced by the delivery to Buyer by each Key Employee of a countersigned copy of his Key Employee Offer Letter. 
  
 7.3.4. Opinion of Counsel for Buyer.
The Buyer shall have delivered to the Seller the opinion of Buyer’s counsel as provided by Subsection 3.3.3 above. 
  
 7.3.5. Certain Legal Matters. All actions, proceedings, instruments and documents required to carry out this
Agreement, or incidental thereto, and all other related legal matters, shall be reasonably satisfactory to counsel for Seller and such counsel shall have received all documents, instruments or copies thereof as may be reasonably requested.

  
 7.3.6. Execution and Delivery of
Documents, etc. The Buyer shall have executed and delivered (or caused to be executed and delivered, as the case may be), to the Seller or to the party to whom delivery is to be made, as the case may be, each of the other deliverables set
forth in Subsections 3.3.1, 3.3.2, 3.3.3, 3.3.5, 3.3.6, 3.3.7 and 3.4.1 and 3.4.2 hereof. 
  
 7.3.7. No Material Adverse Change. No Material Adverse Change of Buyer shall have occurred. 
  
 7.3.8. Officer’s Certificate.
Seller shall have received a certificate of a duly authorized officer of Buyer to evidence compliance with the conditions set forth in Clauses 7.3.1, 7.3.2 and 7.3.7 above. 
  

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 SECTION 8. TRANSACTIONS
SUBSEQUENT TO THE CLOSING 
  
 8.1. Preservation
of Confidentiality. Seller hereby agrees that it shall preserve and maintain in confidence all of the proprietary confidential information and trade secrets of the Business, and will take no action which will compromise the confidentiality
thereof. Upon Closing, Seller hereby grants Buyer permission and authority to proceed on its own behalf to enforce the obligations of employees, former employees consultants and other parties to business relationships under all non-disclosure
agreements heretofore entered into between Seller and each such person, at Buyer’s risk and expense and for Buyer’s sole benefit; Seller agrees to fully cooperate with Buyer at Buyer’s sole cost and expense in any such proceeding.
Notwithstanding the foregoing, (i) Seller may disclose such proprietary confidential information in response to a valid order of a court or other governmental authority, provided Seller first gives notice to Buyer thereof and
makes a reasonable effort, if so requested by Buyer, to obtain a protective order requiring that such information be disclosed only for the limited purposes for which the order was issued, all at Buyer’s sole expense, and (ii) to the
extent reasonably necessary to comply with applicable securities laws, the Seller (and each employee, representative or other agent) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
transaction and all materials of any kind (including opinions or other tax analyses) that are provided to the Seller relating to such tax treatment and tax structure. 
  
 8.2. Assumed Liabilities; Excluded Liabilities. 
  
 8.2.1. From and after the Closing Seller agrees that
Buyer shall have complete control over the payment, settlement or other disposition of, or any dispute involving, any Assumed Liabilities, and Buyer shall have the right to conduct and control all negotiations and proceedings with respect thereto.
Seller shall notify Buyer immediately of any claim made with respect to any Assumed Liability and shall not, except with the prior written consent of Buyer, voluntarily make any payment of, or settle or offer to settle, or consent to any compromise
with respect to, any such Assumed Liabilities. Seller shall cooperate with Buyer in any reasonable manner requested by Buyer in connection with any negotiations or proceedings involving any such obligation or liability. Notwithstanding the
foregoing, the provisions of this Subsection shall be subject to those of Subsection 11.6. 
  
 8.2.2. From and after the Closing Buyer agrees that Seller shall have complete control over the payment, settlement or other
disposition of, or any dispute involving, any Excluded Liabilities, and Seller shall have the right to conduct and control all negotiations and proceedings with respect thereto. Buyer shall notify Seller immediately of any claim made with respect to
any such obligation or liability and shall not, except with the prior written consent of Seller, voluntarily make any payment of, or settle or offer to settle, or consent to any compromise with respect to, any such Excluded Liabilities. Buyer shall
cooperate with Seller in any reasonable manner requested by Seller in connection with any negotiations or proceedings involving any such obligation or liability. Notwithstanding the foregoing, the provisions of this Subsection shall be subject to
those of Subsection 11.6. 
  

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 8.3. Endorsement of Checks. From and after the Closing, Seller agrees that Buyer
shall have the right and authority to endorse without recourse the name of Seller on any check or any other evidences of indebtedness received by Buyer on account of any accounts receivable or otherwise constituting a part of the Assets or the
Business. 
  
 8.4. Collection of Receivables.
From and after the Closing, Seller agrees that Buyer shall have the right and authority to collect for its own account all accounts receivable and other items transferred to Buyer as provided herein. Seller hereby irrevocably constitutes and
appoints Buyer as its attorney-in-fact, with full power of substitution, to act in its name, place and stead to collect all such accounts receivable and other items transferred to Buyer hereunder. Seller agrees that it will promptly transfer and
deliver to Buyer any cash or other property which Seller may receive after the Closing in respect of any such receivables or such other items transferred and sold to Buyer hereunder, Seller agrees to assign and turn over to Buyer on the Closing Date
the administration of that certain bank account of Seller, maintained as a depository for accounts receivable, identified as account number 8015181 maintained with First Northern Bank, Woodland Branch. In addition, Seller agrees that it will
cooperate with Buyer in endeavoring to effect the collection of all receivables and in connection with other actions, proceedings, arrangements or disputes involving Seller or Buyer based upon contracts, arrangements or acts of Seller which were in
effect or occurred on or prior to the Closing Date. 
  
 8.5. Undelivered Consents and Assignments. If Seller shall not have obtained any of the material consents referred to in Subsection 2.6 prior to the Closing Date, and Buyer nevertheless elects to close in accordance
with the terms hereof, then Seller covenants that from and after the Closing, Seller will use its reasonable best efforts to obtain all consents referred to in Subsection 2.6 above which have not been so obtained prior to the Closing Date. Seller
and Buyer agree to cooperate in obtaining any such consents and in any reasonable arrangement designed to provide for Buyer the benefits under any such contracts, agreements and other assets including enforcement at the cost and for the account of
Buyer of any and all rights of Seller against all other parties thereto. To the extent that any material consent or consents which in the aggregate are material to the Business are not obtained within ninety (90) days following the Closing Date or
that an attempted assignment is ineffective and such ineffectiveness has or will have a Material Adverse Effect upon any rights thereunder sought to be assigned, any loss or damages to Buyer as a result thereof shall be indemnified in accordance
with Section 11 hereof. 
  
 8.6. Manufacturing
Capacity; Interim Supply and Support Agreement. Seller agrees that for the term of the Interim Supply and Support Agreement it shall maintain the capacity to manufacture the Products on substantially the same basis as they existed on June
30, 2004. Seller further agrees to faithfully and diligently fulfill its obligations under the Interim Supply and Support Agreement in accordance with its terms. 
  
 8.7. R & D Consulting Agreement. Seller agrees that for the term of the R & D Consulting
Agreement it shall faithfully and diligently fulfill its obligations under the R & D Consulting Agreement in accordance with its terms. 
  

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 8.8. Further Assurances. 
  
 8.8.1. At any time and from time to time after the Closing Date, at the request of Buyer, Seller
will, without the payment of any further consideration, execute and deliver such other instruments of sale, transfer, conveyance, assignment and confirmation and take such other action as Buyer may reasonably request in order to more effectively
transfer, convey and assign the Assets and the Business to Buyer, and to confirm Buyer’s title thereto. 
  
 8.8.2. At any time and from time to time after the Closing Date, at the request of Seller, Buyer will, without the payment of any
further consideration, execute and deliver such other instruments of assumptions and confirmation and take such other action as Seller may reasonably request in order to more effectively evidence or effect the assumption of the Assumed Liabilities
and to confirm Seller’s title to the Excluded Assets. 
  
 8.9. No Dissolution. Seller agrees that it will not dissolve or liquidate during the period from the Closing through the conclusion of the support period in the Interim Supply and Support Agreement. Following that support
period and through the second anniversary of the Closing, Seller will not dissolve or liquidate without the written consent of Buyer, which consent shall not be unreasonably withheld or delayed. 
  
 8.10. Treatment of Notes Receivable. Seller has represented to
Buyer that the notes receivable listed on the Balance Sheet (the “Notes Receivable”) in the amount of $27,256.00 is currently financially non-performing but that alternative collection arrangements whereby the debtor thereunder performs
certain manufacturing services for Seller and the value thereof is offset against such Notes Receivable has been successful. Seller and Buyer agree to attempt to obtain payment of such Notes Receivable by purchasing such manufacturing services the
price thereof to be offset against principal and interest due on such Notes Receivable until the business day immediately preceding the first anniversary of the Closing Date. If as of the close of business on such date any amount of principal or
interest remains outstanding with respect to such Notes Receivable, then the amount thereof shall be paid to Buyer from the funds withheld pursuant to Subsection 2.5.2 and such amount shall be deducted from the amount to be otherwise paid to Seller
in accordance with Section 12. 
  
 SECTION 9. BULK SALES LAWS

  
 Buyer and Seller hereby waive compliance by each party
hereto with the so-called “bulk sales law” and any other similar laws in any applicable jurisdiction in respect of the transactions contemplated by this Agreement. Seller shall indemnify Buyer from and hold it harmless against any
liabilities, damages, costs and expenses resulting from or arising out of: (i) the parties’ failure to comply with the so-called “bulk sales law” or any other similar laws in any jurisdiction in respect of the transactions
contemplated by this Agreement; or (ii) any action brought or levy made as a result thereof, other than those liabilities which have been expressly assumed, on such terms as expressly assumed, by Buyer pursuant to this Agreement. Any claim
for indemnification of Buyer by Seller hereunder shall be satisfied in accordance with Section 11 of this Agreement. 
  

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 SECTION 10.
NON-COMPETITION 
  
 Seller acknowledges that it will benefit
substantially from the purchase by Buyer of the Assets and the Business, from the payments to be made under the R & D Consulting Agreement and from the other transactions contemplated by this Agreement. In consideration of the foregoing, Seller
hereby agrees as follows: 
  
 10.1. No Offer of Competing
Products. For a period of two (2) years from and after the Closing Date, Seller and all Affiliates of Seller, will not directly or indirectly through any other person or firm, manufacture, produce, market, offer for sale, sell or distribute
in any county in the State of California or anywhere else in the world: (i) the Products or any future products specified in Schedule 2.1.6; or (ii) any product or service directly competitive with the Products or any future products
specified in Schedule 2.1.6. 
  
 10.2. No Interference With
Goodwill. 
  
 10.2.1. Customer
Goodwill. Seller will not for the longer of a period of two (2) years from and after the Closing Date or the continuation in effect of the R & D Consulting Agreement: (i) make any disparaging statements concerning Buyer, its
products, personnel or the Products or the Business; (ii) recommend a competitor of the Business or products competitive with the Products to a customer or potential customer of the Business; or (iii) take any other action which would
reasonably be detrimental in any material respect to the goodwill of the Business. Seller shall, for such period, refer all inquiries of actual or potential customers of the Products to the Buyer in a courteous and professional manner. 

 
 10.2.2. Employee Goodwill. Seller will not
for the longer of a period of two (2) years from and after the Closing Date or the continuation in effect of the R & D Consulting Agreement recruit, attempt to recruit or induce or seek to induce to leave the employ of the Buyer or cause any
other person or firm to recruit, attempt to recruit or induce or seek to induce to leave the employ of the Buyer any Key Employee or any other employee of the Buyer. 
  
 10.3. Special Relief. Seller agrees that the remedy at law of Buyer for the violation of any of the provisions
of this Section 10 will be inadequate and that Buyer shall be entitled to temporary and permanent injunctive relief against such violations. 
  
 10.4. Damages. Seller agrees that any damages suffered by Buyer arising out of the breach of the provisions of this Section 10 by Seller or
by its officers or directors shall be subject to indemnification by Seller in accordance with Section 11 below. 
  
 SECTION 11. INDEMNIFICATION 
  
 11.1. Survival of Representations and Warranties. All representations and warranties, and covenants shall survive the Closing and shall continue in effect thereafter for a period of one (1) year
following the Closing Date (except covenants that by their express terms are for a longer period, including, without limitation, Subsection 8.1 and Section 11, which shall survive for such periods. 
  

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 11.2. Indemnification by Seller Against Liabilities and Losses. Seller hereby agrees
to indemnify, defend and hold harmless Buyer from, against and in respect of all Damages resulting from: 
  
 11.2.1. The Excluded Liabilities; 
  
 11.2.2. The Tax Claims; 
  
 11.2.3. The breach by Seller or the inaccuracy of any representation or warranty contained in this Agreement or the breach or
non-fulfillment of any covenant or agreement on the part of Seller under this Agreement or any Schedule, list, certificate, document or other instrument furnished or to be furnished to Buyer hereunder whether or not such inaccuracy, breach,
non-fulfillment or misrepresentation was or should have been known by Buyer; 
  
 11.2.4. The failure to comply with the “bulk sales laws” as provided in Section 9 hereof; 
  
 11.2.5. Any Net Asset Deficit which is not satisfied out of the proceeds provided under Subsections 2.5.1 or 2.5.2; and 

 
 11.2.6. Any other indemnification obligation
expressly undertaken by Seller under this Agreement. 
  
 The Seller shall have no
liability under Subsections 11.2.1, 11.2.3, 11.2.4, or 11.2.6 unless, until and only to the extent that: (1) the aggregate amount of Damages incurred by Buyer by reason hereof exceeds $50,000; and (2) Seller shall have been given notice of and an
opportunity to defend such claims and shall be afforded the right to approve any settlements thereof. Notwithstanding the above, the Seller shall be liable for the entire amount of the Tax Claims without regard to the limitations set forth in
preceding clauses 1 and 2. 
  
 11.3. Indemnity by
Buyer. Buyer hereby agrees to indemnify, defend and hold harmless Seller, from, against and in respect of any and all Damages resulting from: 
  
 11.3.1. The failure on the part of Buyer to fully pay, perform and discharge as due any of the Assumed Liabilities; 
  
 11.3.2. The breach by Buyer or the inaccuracy of any
representation or warranty contained in this Agreement or the breach or non-fulfillment of any covenant or agreement on the part of Buyer under this Agreement or any Schedule, list, certificate, document or other instrument furnished or to be
furnished to Seller hereunder whether or not such inaccuracy, breach, non-fulfillment or misrepresentation was or should have been known by Seller; 
  
 11.3.3. Any claim in respect of Buyer’s operation of the Business subsequent to the Closing or the imposition or attempted
imposition on Seller of any liability or obligation assumed by Buyer under this Agreement. 
  

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 The Buyer shall have no liability under this Subsection 11.3 unless, until and only to the extent that: (1) with
respect to Clauses 11.3.2 and 11.3.3 above, the aggregate amount of Damages incurred by Seller by reason hereof exceeds $50,000; (2) with respect to clauses 11.3.1, 11.3.2, and 11.3.3, Buyer shall have been given notice of and an opportunity to
defend such claims and shall be afforded the right to approve any settlements thereof. 
  
 11.4. Limitation on Claims. Except for the Tax Claims, which shall survive until settled, the respective obligations of Seller and Buyer with respect to the indemnities under this Section 11 shall
expire unless the party entitled to the benefit thereof shall have notified the party giving such indemnity of a claim for indemnification hereunder by notice given prior to 5:00 P.M. Eastern Time on the first anniversary of the Closing Date (except
with respect to covenants that by their express terms are for a longer period, including, without limitation, Subsection 8.1 and Section 11, which shall survive for such periods. 
  
 11.5. Definition of Damages. For purposes of this
Section 11, the term “Damages” shall mean the amount of any liability, loss, claim, demand, damage, deficiency, assessment, judgment, remediation, cost or expense (including reasonable attorneys’, consultants’ and experts’
fees and expenses) arising out of the breach of any obligation, representation, warranty, covenant contained in this Agreement or other matter specified in this agreement as being subject to indemnification under this Section 11. 
  
 11.6. Third Party Actions. In the event any claim is
made, suit is brought or tax audit or other proceeding is instituted against either of the parties hereto or any of their respective directors, officers or affiliates which involves or appears reasonably likely to involve a claim for Damages for
which indemnification may be sought against a party hereunder (the “Indemnitor”), the party seeking indemnification (the “Indemnitee”) will, promptly (and in any event within 30 days) after receipt of notice of any
such claim, suit or proceeding, notify Indemnitor of the commencement thereof. The failure to so notify Indemnitor of the commencement of any such claim, suit or proceeding will relieve Indemnitor from liability only to the extent that such failure
adversely affects the ability of Indemnitor to defend its interests in such claim, action or proceeding. Indemnitor (at its expense) shall have the right and shall be given the opportunity to assume and control the defense of such claim, suit or
proceeding, provided that Indemnitee and its counsel (at Indemnitee’s expense) may participate in (but not control the conduct of) all matters pertaining to the defense or settlement of such claim, suit or proceeding. Whether or
not Indemnitor elects to assume such defense, Indemnitee shall not, except at its own cost, make any settlement with respect to any such claim, suit or proceeding without the prior consent of Indemnitor. Indemnitee’s consent to the settlement
of any such claim, suit or proceeding by Indemnitor shall be required and shall not be unreasonably withheld, but such consent shall not be required if (or to the extent that) such settlement only requires the payment of a monetary amount for which
Indemnitor has agreed to be solely responsible. 
  
 11.7.
Duty to Mitigate. Each party agrees to use its reasonable efforts to minimize the cost to the other party of the obligation to indemnify for Damages in accordance with the terms and conditions of this Section 11. 
  

 — 33 — 

 11.8. Exclusive Remedy. Except with respect to claims for Damages based upon fraud,
with respect to claims for breach of the provisions of Section 11 above and with respect to the representations set forth in Subsections 4.6, 4.9, 4.12, 4.14, 4.15, 4.18 and 4.19, the rights of the parties to indemnification under this Section 11
shall be the sole and exclusive remedy with respect to any breach or alleged breach of the representations, warranties and covenants of the parties set forth herein. 
  
 SECTION 12. TREATMENT OF WITHHELD FUNDS 
  
 The Buyer will hold the cash payments specified in Subsections 2.5.1 and 2.5.2 above until the conditions specified therein
and herein shall have been satisfied. The cash held by Buyer pursuant to Subsection 2.5.1 above shall be held as security against the delivery of (i) a full and complete release, tax clearance statement or settlement agreement of the Tax Claims
satisfactory to Buyer and (ii) as security for the satisfaction of any Net Asset Deficit. Upon the full satisfaction of both such conditions, such cash shall be paid to or at the written direction of Seller together with interest thereon from the
Closing Date until the date of payment at the “prime rate” specified in the Wall Street Journal on the Closing Date. The cash held by Buyer pursuant to Subsection 2.5.2 above shall be held as security: (i) against the delivery of a full
and complete release, tax clearance statement or settlement agreement of the Tax Claims satisfactory to Buyer; (ii) for the satisfaction of any Net Asset Deficit; (iii) to satisfy payment of the face value of all open prepaid purchase orders placed
by Buyer prior to the Closing Date to the extent not used by offset pursuant to the Interim Supply and Support Agreement; (iv) to satisfy payment of any outstanding amount of principal and interest on the Notes Receivable reflected on the Balance
sheet in accordance with Subsection 8.9 above; as well as (v) for and to be applied to indemnify and hold harmless Buyer against and in respect of all matters to which Buyer is entitled to indemnification pursuant to Section 11, and any balance
remaining after satisfaction of all such items shall be paid to or at the written direction of Seller together with interest thereon from the Closing Date until the date of payment at the “prime rate” specified in the Wall Street Journal
on the Closing Date specified therein, but subject to any pending indemnification claims, in accordance with the provisions of Section 11. 
  
 The parties acknowledge that the condition set forth in (i) above may be satisfied generally according to the following procedure: (a) Seller shall
negotiate an agreement with the appropriate governmental agencies with respect to the satisfaction of the particular Tax Claim; (b) prior to execution, Buyer shall approve such agreement; (c) following Buyer’s approval, Seller shall execute a
complete release, tax clearance statement or settlement agreement with the appropriate governmental agencies with respect to the Tax Claims; (d) Buyer shall thereafter pay such governmental agency the agreed amount on behalf of Seller to satisfy all
obligations under such agreement with respect to the Tax Claims; and (e) Seller and Buyer shall receive the complete release, tax clearance statement or settlement agreement with respect to such Tax Claim. 
  

 — 34 — 

  
 SECTION 13. TERMINATION

  
 Anything in the Agreement to the contrary notwithstanding,
this Agreement may, at any time prior to the Closing, be terminated: (a) by mutual agreement of the parties; (b) by Buyer in the event that the conditions set forth in Subsection 7.1 or 7.2 have not been fulfilled or waived by
September 15, 2004; (c) by Seller in the event that the conditions set forth in Subsection 7.1 or 7.3 have not been fulfilled or waived by September 15, 2004. In the event that the conditions referred to in clauses (b) or (c) hereof shall not
have been fulfilled by September 15, 2004 then the non-fulfilling party shall have a period of fifteen (15) business days to cure such non-fulfillment and the Closing Date shall be deferred accordingly; if after the expiration of such period the
non-fulfillment shall not have been cured and not waived by the other party then this Agreement shall be terminated. In the event of a termination hereunder neither party shall have any liability to the other with respect to this Agreement except
that each shall: (i) keep confidential and shall not disclose to third parties any confidential information or documents in its possession provided by the other party in connection with this transaction; (ii) make no use of any such
confidential information or documents, but shall return the same to the providing party; and (iii) be liable to the other for any willful breach of its representations, warranties or covenants under this Agreement. The provisions of this
Section as well as those of Subsection 8.1 and Section 14 shall survive the termination of this Agreement. 
  
 SECTION 14. MISCELLANEOUS PROVISIONS 
  
 14.1. Notices. Any and all notices herein provided for or relating to the transactions contemplated by this Agreement shall be in
writing and shall be deemed to have been sufficiently given to Seller or Buyer: (a) if delivered by courier service, on the date delivered; (b) if transmitted by facsimile or email, on the date transmitted; or (c) if mailed,
three (3) business days after being deposited in the United States mail, postage prepaid, by certified mail with return receipt requested and addressed to it at the address set forth below or to such other address as either party may specify by
notice to the other given in accordance herewith: 
  

					
	 If to Seller, to:
	  	Bentec Scientific LLC	 	 
	 	  	1380 Beamer Street	 	 
	 	  	Woodland, CA	 	 
	 	  	Attention: President	 	Fax: (530) 406-3315
			
	 with a copy to:
	  	The Corporate Law Group	 	 
	 	  	500 Airport Boulevard, Suite 120	 	 
	 	  	Burlingame, CA 94010	 	 
	 	  	Attention: Paul David Marotta	 	Fax: (650) 227-8001
			
	 If to Buyer, to:
	  	Mykrolis Corporation	 	 
	 	  	129 Concord Road	 	 
	 	  	Billerica, MA 01821	 	 
	 	  	Attention: General Counsel	 	Fax: (978) 436-6739

  

 — 35 — 

 Any party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the
address set forth above using any other means (including personal delivery, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and
until it actually is received by the intended recipient. Any party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the manner herein set
forth. 
  
 14.2. Expenses. Except as
otherwise explicitly set forth in this Agreement, Seller and Buyer shall each pay their own costs and expenses incurred in connection with the preparation of this Agreement and the carrying out of the transactions contemplated hereby, including the
fees of their own counsel, financial advisors and accountants. Seller shall pay all of the transfer fees and taxes, if any, relating to the Assets sold to Buyer hereunder. Seller covenants and agrees that it shall not permit any of such costs and
expenses to be charged to or against the Assets. Seller hereby agrees to indemnify and hold harmless Buyer from and against any breach of the foregoing covenant in accordance with Section 11 above. 
  
 14.3. Entire Agreement; Modification. This Agreement
contains the entire agreement and understanding of the parties hereto with respect to Buyer’s purchase of the Assets and the Business from Seller and supersedes any other oral or written statements, representations, agreements or understandings
with respect thereto, which statements, representations, agreements or understandings, if any, are hereby terminated and agreed to be null, void and of no effect. In furtherance of the foregoing, Buyer expressly agrees that it has not based its
decision to enter into this agreement or to proceed with the transactions contemplated hereby upon any financial projections which may have been supplied by Seller and that any such financial projections are speculative and cannot be relied upon.
This Agreement may not be modified in any manner whatsoever except by a writing signed by Seller and Buyer. 
  
 14.4. Successors and Assigns. The terms of this Agreement shall be binding upon, and the benefits of this Agreement shall inure to,
the successors and assigns of the parties hereto. Buyer shall have the right to assign its rights and obligations under this Agreement to a corporation, directly or indirectly controlled by it. Such right of assignment shall include, without
limitation, the right of Buyer to effect the purchase hereunder through a direct or indirect subsidiary. 
  
 14.5. Governing Law, Etc. This Agreement shall be governed by and construed in accordance with the laws of the State of California without
regard to its conflicts of laws principles. 
  
 14.6.
Severability. Any provision or clause hereof which shall be invalidated by virtue of the fact that it is prohibited by law shall be ineffective to the extent of such illegality; however, this shall in no way affect the remaining
provisions of this Agreement, and this Agreement shall be interpreted as if such clause or provision were not contained herein, unless such ineffective provision or clause shall be so significant as to materially affect this Agreement. 

 

 — 36 — 

 14.7. Counterparts. This Agreement may be executed and delivered in a number of
counterparts, each of which, when so executed and delivered, shall be an original and all of such counterparts shall together constitute one and the same Agreement. 
  
 14.8. Brokers. Buyer and Seller each represents and warrants to the other that it has not dealt with
any broker in connection with any of the transactions contemplated by this Agreement, that no broker or other person is entitled to any commission or finder’s fee in connection with any of such transactions, and that it will indemnify and hold
harmless the other in accordance with Section 11 above, from and against any claim to commissions based on its conduct. 
  
 14.9. Joint Preparation. Seller and Buyer have each been represented by competent counsel. This Agreement is therefore deemed to have
been jointly prepared by Seller and Buyer, and any uncertainty or ambiguity existing in it shall not be interpreted against the drafting party, but rather shall be interpreted according to the rules generally governing the interpretation of
contracts. 
  
 14.10. Waivers. One or more
waivers or modifications of any covenant, term or condition in this Agreement by any party shall not be construed by any other party as a waiver or modification applicable to any subsequent breach of the same covenant, term or condition. Evidence of
any such waiver or modification may not be offered or received in evidence in any proceeding, arbitration, or litigation between or among the parties hereto arising out of or affecting this Agreement, or a party’s rights or obligations under
it. This limitation does not apply if the waiver or modification is in writing and duly executed as provided above. 
  
 14.11. Attorneys’ Fees. If a lawsuit or other proceeding is instituted by any party to enforce any of the terms or conditions of
this Agreement against any other party hereto, the prevailing party in such litigation or proceedings shall be entitled, as an additional item of damages, to such reasonable attorneys’ fees as may be fixed by any court of competent
jurisdiction, or other judicial or quasi-judicial body having jurisdiction thereof, whether or not such litigation or proceedings proceed to a final judgment or award. 
  
 14.12. Headings, Schedules and Exhibits. The headings or titles of Sections, Subsections and Clauses
are for convenience of reference only and are not intended to be conclusive as to the meaning or construction of the provisions of this Agreement. The following Schedules and Exhibits are annexed to this Agreement and each constitutes an integral
component part of this Agreement and is hereby expressly incorporated herein: 
  

			
	 SCHEDULES:
	  	 
		
	 Schedule 1.5
	  	Balance Sheet and Statement of Profit & Loss
	 Schedule 1.16
	  	List of Inventory
	 Schedule 1.25
	  	Seller Disclosure Schedule
	 Schedule 2.1.1
	  	List of Tangible Personal Property
	 Schedule 2.1.3
	  	List of Customer Contracts, Vendor Contracts and Purchase Orders
	 Schedule 2.1.4
	  	List of Personal Property Leases

  

 — 37 — 

			
	 SCHEDULES CONT’D:
	  	 
		
	 Schedule 2.1.6
	  	List of Purchased IP
	 Schedule 2.1.7
	  	Employee Agreements, Non Disclosure Agreements and Consulting Agreements
	 Schedule 2.1.8
	  	List of Permits
	 Schedule 3.2.5
	  	List of the Key Employees of the Business
	 Schedule 7.2.5
	  	Required Consents
		
	 EXHIBITS:
	  	 
		
	 Exhibit A
	  	General Bill of Sale and Instrument of Assignment
	 Exhibit B
	  	Assumption of Liabilities
	 Exhibit C
	  	Buyer’s Counsel Opinion
	 Exhibit D
	  	Seller’s Counsel Opinion
	 Exhibit E
	  	Key Employee Offer Letters
	 Exhibit F
	  	Form of R & D Consulting Agreement
	 Exhibit G
	  	Interim Supply and Support Agreement
	 Exhibit H
	  	Solvency Certificate
	 Exhibit I
	  	Bentec Medical, Inc. Know How Transfer Agreement
	 Exhibit J
	  	Bay Business Credit Release
	 Exhibit K
	  	Bentec Medical, Inc. Equipment Transfer Agreement
	 Exhibit L
	  	Form of Cross Receipt

  
 IN WITNESS
WHEREOF, the parties have duly executed this Agreement on the date first above written. 
  

									
	BENTEC SCIENTIFIC LLC.	 	 	 	MYKROLIS CORPORATION
					
	By:	 	/s/    Briant Benson	 	 	 	By:	 	/s/    C. William Zadel
	 Name:
	 	 	 	 	 	 Name:
	 	C. William Zadel
	 Title:
	 	 	 	 	 	 Title:
	 	Chairman & C.E.O.

  

 — 38 —Collaboration and License Agreement

 Exhibit 10.1 
  
 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the
confidentiality request. Omissions are designated as [***]. 
  
 COLLABORATION AND LICENSE AGREEMENT 
  
 This Agreement is entered
into as of September 27, 2004 among: 
  

	•	SEATTLE GENETICS, INC., a Delaware corporation, having its principal place of business at 21823 30th Drive S.E., Bothell, Washington 98021 (hereinafter referred to as
“Licensor”); and 

  

	•	BAYER PHARMACEUTICALS CORPORATION, a Delaware corporation, having its principal place of business at 400 Morgan Lane, West Haven, Connecticut, 06516-4175 (hereinafter
referred to as “Licensee”). 

  
 WITNESSETH 
  
 WHEREAS, Licensor
owns or Controls (as defined below) intellectual property rights relating to certain technology useful for linking certain proprietary [***] to other molecules, such as antibodies capable of directing such [***] to specific tissues and/or cells;

  
 WHEREAS, Licensee owns or Controls (as defined below)
intellectual property rights relating to antibodies to the Designated Antigen (as defined below), and is currently conducting research and development programs to incorporate such antibodies into pharmaceutical compounds that may have activity in
certain disease-related pathways, and to develop antibodies that bind to the Designated Antigen; 
  
 WHEREAS, Licensor and Licensee’s Affiliate (as defined below), [***] (the “Research Collaboration Agreement”), whereby
Licensor and Licensee’s Affiliate agreed to produce, purify and test certain antibodies conjugated to one or more [***]; 
  
 WHEREAS, Licensee now wishes to acquire from Licensor an exclusive worldwide license under Licensor’s patent rights and know-how related to
Licensor’s proprietary [***] for use in conjunction with Licensee’s development, commercialization, manufacture, marketing and sale of Licensee’s antibodies that bind to the Designated Antigen; and 
  
 WHEREAS, Licensor wishes to grant to Licensee an exclusive worldwide
license to Licensor’s [***] for use in conjunction with Licensee’s development, commercialization, manufacture, marketing and sale of Licensed Products (as defined below); 
  
 NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth herein, the Parties hereto,
intending to be legally bound, agree as follows: 
  
 ARTICLE 1 - DEFINITIONS
AND INTERPRETATION 
  
 1.1 Definitions: For
the purposes of this Agreement the following words and phrases shall have the following meanings: 
  
 “ADC” or “Antibody-Drug Conjugate” means an Antibody [***] or [***] and that contains, uses or is made using Drug
Conjugation Technology. 
  
 CONFIDENTIAL 

 “ADC Access Fee” has the meaning set forth in Section 6.1.1. 
  
 “ADC Data” has the meaning set forth in Section 2.6.

  
 “Affiliate” of a Party means any corporation
or other business entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with a specified party. For such purposes (and for purposes of Article 16 hereof), “control,”
“controlled by” and “under common control with” shall mean the possession of the power to direct or cause the direction of the management and policies of a specified party, whether through the ownership of voting equity, voting
member or partnership interests, control of a majority of the board of directors or other similar body, by contract or otherwise. In the case of a corporation, the direct or indirect ownership of more than [***] of its outstanding voting shares or
the ability otherwise to elect a majority of the board of directors or other managing authority of the entity shall in any event be presumptively deemed to confer control, it being understood that the direct or indirect ownership of a lesser
percentage of such shares shall not necessarily preclude the existence of control. 
  
 “Agreement” means this agreement, all amendments and supplements to this Agreement and all schedules to this Agreement, including the following: 
  

	 	Schedule	A - Research Plan. 

  

	 	Schedule	B - Licensor Patents. 

  

	 	Schedule	C - Licensor In-Licenses. 

  

	 	Schedule	D - Sample Royalty Reduction Calculation. 

  
 “Antibody” or “Antibodies” means any antibody, or [***], that binds to an Antigen. 
  
 “Antigen” means any [***]. 
  
 “Applicable Laws” means all applicable laws, rules, and
regulations, including, without limitation, any rules, regulations, guidelines or other requirements of the Regulatory Authorities, that may be in effect from time to time in any portion of the Territory. 
  
 “ASU Acknowledgement” shall mean [***] to the [***].

  
 “BLA” means a Biologics License Application,
as defined in the FD&C Act and the regulations promulgated thereunder from time to time, and any corresponding foreign application, registration or certification, approval or grant of which by the relevant Regulatory Authorities is necessary or
reasonably useful to market a Licensed Product in any portion of the Territory, but not including pricing and reimbursement approvals. 
  
 “BMS Consent” shall mean the consent of BMS to the sublicense of rights under Section 4.2(a) of the BMS Agreement. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	2.	 	 

 “[***]” means the Licensor Technology licensed to Licensor under the BMS
Agreement (as defined in the definition of “Licensor In-Licenses”). 
  
 “Breaching Party” has the meaning set forth in Section 13.3. 
  
 “Calendar Quarter” means any of the three-month periods beginning January 1, April 1, July 1 and October 1 in any year. 
  
 “Change of Control” has the meaning set forth in Article 16.

  
 “Claims” has the meaning set forth in Section
14.1.1. 
  
 “CMC Data” means any and all
information contained in, as well as data supporting, the Chemistry, Manufacturing and Control and facilities sections (or sections corresponding thereto) of an application for Regulatory Approval. 
  
 “Combination Product” has the meaning set forth in Section
6.4.4. 
  
 “Commencement of Clinical Trials”
means the date of first visit of the first patient for a subject indication to a physician or equivalent licensed health care practitioner for a clinical trial. 
  

“Commercial Launch” means the first commercial sale of a Licensed Product to a Third Party following Regulatory Approval in a relevant
country in the Territory. 
  
 “Commercially
Reasonable Efforts” means with respect to the development of the Licensed Product, [***]. 
  
 “Confidential Disclosure Agreement” has the meaning set forth in Section 8.1. 
  
 “Confidential Information” has the meaning set forth in
Section 8.1. 
  
 “Control” means possession by a
Party of the right, whether by ownership, license, or otherwise, to grant the right to access or use, or to grant a license or a sublicense to, such information or intellectual property right as provided for herein, to the fullest extent authorized
by such ownership, license or otherwise. 
  
 “Cost of
Goods” shall mean, with respect to Drug Conjugation Materials supplied to Licensee, the Fully Burdened Cost of providing such materials. 
  
 “Designated Antigen” means the [***], having a GenBank accession number of [***]. 
  
 “Development Pipeline Approval” means the internal approvals
required by Licensee for a drug candidate to enter Licensee’s product development pipeline, or an equivalent approval by an Affiliate or Sublicensee, which in any event shall occur [***]; provided that Development Pipeline Approval must
occur [***]. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	3.	 	 

 “Drug Conjugation Materials” means the [***], and [***] and [***] thereof, as
well as compounds that are useful in attaching such compounds to [***], in each case to the extent included in or covered by the Licensor Technology. Drug Conjugation Materials shall also include Improvements to Drug Conjugation Materials, to the
extent set forth in Section 3.3.1, and any additional [***] compounds that are included in New Technologies and that the Parties agree to include under this Agreement pursuant to Section 3.3.2.  
  
 “Drug Conjugation Technology” means chemical compositions
and methods that are useful to attach [***] compounds to Antibodies, including without limitation the composition and methods of making and using [***] compounds such as [***] and [***] and [***] thereof, as well as compositions and methods useful
for attaching [***] or [***] to [***]. 
  
 “Effective
Date” means the date set forth in the first line of this Agreement. 
  
 “Events of Force Majeure” has the meaning set forth in Article 15. 
  
 “Exclusive License” has the meaning set forth in Section 3.1. 
  
 “Exclusive License Renewal Fee” has the meaning set forth in Section 6.2. 
  
 “Existing Third Party Royalties” has the meaning set forth
in Section 6.4.1. 
  
 “Exploit” means to make,
have made, import, use, sell, offer for sale, or otherwise dispose of, a product or process, including, without limitation, to discover, research, develop, register, modify, enhance, improve, manufacture, store, formulate, export, import, optimize,
transport, distribute, promote and engage in marketing activities related thereto. 
  
 “Exploitation” means the making, having made, importing, use, sale, offering for sale, or other disposition of, a product or process, including, without limitation, all discovery, research,
development, registration, modification, enhancement, improvement, manufacturing, storage, formulation, exportation, importation, optimization, transportation, distribution, promotion and marketing activities related thereto. 
  
 “FD&C Act” means the United States Food, Drug &
Cosmetic Act, as amended. 
  
 “FDA” means
the United States Food and Drug Administration, and any successor agency thereto. 
  
 “Field” means [***]. 
  
 “First Commercial Sale” means, in each country of the Territory, the first commercial sale of a Licensed Product by Licensee, its Affiliates or Sublicensees to a Third Party following, if required by law, Regulatory
Approval and, when Regulatory Approval is not required by law, the first commercial sale in that country, in each case for use or consumption of such Licensed Product in such country by the general public. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	4.	 	 

 “FTE” shall mean a full-time equivalent year, consisting of a total of [***] of work by
one or more employees of Licensor on or directly related to and in support of the Research Plan. 
  
 “FTE Fees” has the meaning set forth in Section 6.1.2. 
  
 “Fully Burdened Cost” shall mean, as applicable to Licensor’s costs, the sum of the following costs
incurred by Licensor to the extent directly allocable to the manufacture and supply of Drug Conjugate Materials or ADCs, as applicable: [***], including without limitation [***]. Fully Burdened Cost shall be calculated in a [***], but shall
not include any of the foregoing costs if and to the extent such costs are (1) [***]; or (2) [***]. 
  
 “GAAP” means United States generally accepted accounting principles applied on a consistent basis. 
  
 “Generic Product” means, on a country-by-country basis, an
ADC using or incorporating Licensor Technology that binds specifically to the Designated Antigen: (i) the manufacture, use or sale of which is [***]; and (ii) that is [***] in such country in the most recent [***] consecutive [***]. 
  
 “Good Laboratory Practices” means the then current standards
for laboratory activities for pharmaceuticals, as set forth in the FD&C Act and applicable regulations and guidances promulgated thereunder, including without limitation the Code of Federal Regulations, as amended from time to time. 

 
 “ICC” has the meaning set forth in Section 19.3.4.

  
 “Improvements” means all patentable or
non-patentable inventions, discoveries, modifications, variations, revisions or other know-how Controlled by either party after the Effective Date that (a) utilize, incorporate, derive from, relate to, are made using or are based on the Licensor
Technology existing as of the Effective Date and/or during the Term or (b) are otherwise useful in the practice or use of the Drug Conjugation Technology; provided that Improvements shall not include [***] or [***] covered by Section [***].
 
  
 “IND” means (a) an Investigational
New Drug Application filed with the FDA (or its equivalent in any country outside the United States) where a regulatory filing is required or obtained to conduct a clinical trial; or (b) with respect to any country where a regulatory filing is not
required or obtained to conduct a clinical trial, the Commencement of Clinical Trials with respect to the first use of a Licensed Product in humans. 
  
 “Indemnitee” has the meaning set forth in Section 14.2. 
  
 “Indemnitor” has the meaning set forth in Section 14.2. 
  
 “Initiation” means, with respect to a human clinical trial,
the dosing of the first patient with a Licensed Product pursuant to the clinical protocol for the specified clinical trial. 
  
 “Joint Patents” has the meaning set forth in Section 9.2.3. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	5.	 	 

 “Liabilities” has the meaning set forth in Section 14.1.1. 
  
 “Licensed Product” means any and all products containing an
ADC comprised of an Antibody that binds specifically to the Designated Antigen and that is attached to a [***] agent included in the Drug Conjugation Materials, the manufacture, use, sale, offer for sale or import of which (a) [***]; or (b) [***].

  
 “Licensee” has the meaning set forth in the
preamble to this Agreement. 
  
 “Licensee ADC
Know-How” means all technical information, processes, formulae, data, inventions, methods, chemical compounds, biological or physical materials, know-how and trade secrets Controlled by Licensee, in each case that are not in the public
domain and are developed by Licensee using Licensor Technology, and that are necessary for identifying, developing, making, using or selling [***].  
  
 “Licensee ADC Patents” means all patent applications and patents that are Controlled by Licensee claiming inventions made using Licensor
Technology, and that claim inventions that are necessary for identifying, developing, making, using or selling [***]. 
  
 “Licensee Know-How” means all technical information, processes, formulae, data, inventions, methods, chemical compounds, biological or
physical materials, know-how and trade secrets that are Controlled by Licensee, in each case that are not in the public domain, that relate to (a) [***] or (b) [***].  
  
 “Licensee Patents” means all patent applications and patents Controlled by Licensee that claim (a) [***],
or (b) [***]. 
  
 “Licensor” has the meaning set
forth in the preamble to this Agreement. 
  
 “Licensor
In-Licenses” means the following agreements between Licensor and the indicated Third Parties: (a) [***]. 
  
 “Licensor Know-How” means any and all technical, scientific and other information, processes, formulae, data, inventions, methods,
chemical compounds, biological or physical materials Controlled by Licensor, in each case that are not in the public domain, and that relate to or are useful to practice the Drug Conjugation Technology. Licensor Know-How shall include Improvements
Controlled by Licensor but shall exclude [***] unless [***]. 
  
 “Licensor Patents” means: 
  
 (a) any existing patents and patent applications listed in Schedule B to this Agreement, which shall be amended from time to time to reflect any other patents and patent applications; 
  
 (b) any patents and patent applications covering Improvements and, to
the extent [***], [***], in each case that are Controlled by Licensor; 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	6.	 	 

 (c) any future patents issued from any patent applications referred to above and any future
patents issued from any continuation, continuation-in part (to the extent Controlled by Licensor), or divisional of any of the foregoing patent applications or any patent applications from which the foregoing patents issued, in each case to the
extent Controlled by Licensor; and 
  
 (d) any reissues,
reexaminations, confirmations, renewals, registrations, substitutions, extensions, or counterparts of any of the foregoing, in each case to the extent Controlled by Licensor. 
  
 “Licensor Technology” means Licensor Patents and the Licensor Know-How, including Improvements and New
Technology to the extent agreed pursuant to Section 3.3.2. 
  
 “Major Market” means each of the [***]. 
  
 “NDA” means a New Drug Application, as defined in the FD&C Act, as amended, and the regulations promulgated thereunder from time to time, and any corresponding foreign application, registration or certification,
approval or grant of which by the relevant Regulatory Authorities is necessary or reasonably useful to market and sell commercially a Licensed Product in the Territory, but not including pricing and reimbursement approvals. 
  
 “Net Sales” means, as to each Calendar Quarter, the gross
amount billed by Licensee, its Affiliates or Sublicensees to Third Parties (and not to Affiliates) throughout the Territory for sales of the Licensed Product, [***]: (a) [***], (b) [***], (c) [***], (d) [***], and (e) [***], to the extent stated on
the invoice as a separate item. All of the [***] from the gross amount billed of Licensed Products shall be determined in accordance with GAAP. In the event that Licensee, its Affiliates or Sublicensees make any adjustments to [***] after the
associated Net Sales have been reported pursuant to this Agreement, the adjustments shall be reported and reconciled with respect to the period in which the adjustment is made and will be reflected in an appropriate adjustment to the payment of any
royalties that were or will become due for that period. In addition, Net Sales by Licensee hereunder are subject to the following: 
  
 (a) In the case of [***];  
  
 (b) In the case of any sale or other disposal of a Licensed Product by Licensee to an Affiliate, [***]; 
  
 (c) In the event of [***] as to the Licensed Product, Net Sales will
be calculated with respect to sales of the Licensed Product by the [***]; 
  
 (d) If Licensee or its Affiliates or Sublicensees make a sale or other disposal of a Licensed Product to a customer in a [***] or as [***], the Net Sales of that Licensed Product shall be deemed to be [***];
and 
  
 (e) [***]. 
  
 “[***]” means any and all [***] or other [***], excluding
Improvements, that either: (a) are first developed by Licensor after the Effective Date and that are [***] or (b) are in- 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	7.	 	 

 licensed by Licensor after the Effective Date, and that in each case either (x) [***], or (y) [***]. [***] shall include
without limitation [***] or [***] other than those included in the Drug Conjugation Materials as of the Effective Date that Licensor Controls during the Term. 
  
 “Notice of Dispute” has the meaning set forth in Section 19.3.1. 
  
 “Parties” means Licensee (collectively) and Licensor, and
“Party” means either of them. 
  
 “Phase II
Clinical Trial” means a controlled dose clinical trial required by the FDA, pursuant to regulations, guideline or otherwise, from time to time, prospectively designed to evaluate the efficacy and safety of a candidate drug in the targeted
patient population and to define the optimal dosing regimen to permit initiation of Phase III Clinical Trials, including, without limitation, the trials referred to in 21 C.F.R. § 312.21(b), as amended. 
  
 “Phase III Clinical Trial” means a controlled, and usually
multi-center, clinical trial, involving patients with the disease or condition of interest to obtain sufficient efficacy and safety data to support Regulatory Approval of a candidate drug, including, without limitation, all tests and studies that
are required by the FDA from time to time, pursuant to regulations, guidelines or otherwise, for a candidate drug, including, without limitation, the trials referred to in 21 C.F.R. § 312.21(c), as amended. 
  
 “Program Inventions” has the meaning set forth in Section
9.1.1. 
  
 “Publication” has the meaning set
forth in Section 8.5. 
  
 “Regulatory
Approval” means final regulatory approval (including, where applicable, pricing approval in the event that actual sales do not take place before such approval) required to market a Licensed Product for a disease or condition in
accordance with the Applicable Laws and regulations of a given country. In the United States, its territories and possessions, Regulatory Approval means approval of an NDA, BLA or an equivalent by the FDA. 
  
 “Regulatory Authority” means any applicable supra-national,
federal, national, regional, state, provincial or local regulatory agencies, departments, bureaus, commissions, councils or other government entities, including, without limitation, the FDA, regulating or otherwise exercising authority with respect
to the development and commercialization of the Licensed Product in any portion of the Territory. 
  
 “Reports” has the meaning set forth in Section 7.1.1. 
  
 “Research Collaboration Agreement” has the meaning set forth in the preamble to this Agreement. 

 
 “Research Fees” has the meaning set forth in Section
6.1.2. 
  
 “Research Fees Report” has the meaning
set forth in Section 6.1.2. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	8.	 	 

 “Research Plan” means the plan for the Research Program to be definitively established
by [***]. [***]. A preliminary draft of the Research Plan is attached hereto as Schedule A.  
  
 “Research Program” means the research program conducted pursuant to Article 2. 
  
 “Research Program Term” means the term of the Research
Program set forth in Section 2.2. 
  
 “Royalty
Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the term commencing on the date of the First Commercial Sale until the later to occur of: (a) [***] of the date of First Commercial Sale of the Licensed
Product in such country; or (b) the date on which there are no [***]. 
  
 “Second Anniversary Date” has the meaning set forth in Section 6.1.2. 
  
 “Sublicensees” means any person or entity that is granted a sublicense under the Licensor Technology by Licensee or its Affiliates in
accordance with the terms of this Agreement. 
  
 “Supply
Fees” has the meaning set forth in Section 6.1.2. 
  
 “Term” has the meaning set forth in Section 13.1.  
  
 “Territory” means all [***]. 
  
 “Third Party” means any person or entity other than Licensee, Licensor or an Affiliate of either of them. 
  
 “Tier 1 Sales” has the meaning set forth in Section 6.3(a) hereof. 
  
 “Tier 2 Sales” has the meaning set forth in Section 6.3(b) hereof. 
  
 “Triggering Event” means, if after the Effective Date, (i) a
Party becomes aware of (whether by written notice of infringement or otherwise) and in good faith believes that, as a result of the incorporation of Licensor Technology and/or Improvements into the Licensed Products, there exists a substantial risk
of infringement involving one or more patents of Third Party(ies) in a country or country(ies), (ii) such Party shall promptly notify the other Party of such fact, and (iii) the Parties shall meet and confer and, either: 
  
 (a) the Parties will agree that there is a substantial risk of infringement
of one or more patents of Third Party(ies) in such country(ies) as a result of the incorporation of Licensor Technology and/or Improvements into the Licensed Products, whereupon the Triggering Event is the agreement by authorized representatives of
each Party, and the steps outlined in Article 10 should be taken; or 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	9.	 	 

 (b) the Parties do not agree within [***] of (ii) that there is a substantial risk of infringement of
one or more patents of Third Party(ies) in such country(ies) as a result of the incorporation of Licensor Technology and/or Improvements into the Licensed Products, in which case the President of Licensor and the head of Bayer HealthCare LLC or his
designee shall meet at a [***] for the purpose of resolving such dispute. If, within [***] after such meeting occurs, the Parties have not reached agreement, then a Triggering Event shall occur and the steps outlined in Article 10 shall be taken.

  
 “UNCITRAL” has the meaning set forth in
Section 19.3.4. 
  
 “Valid Patent Claim” means
with respect to a particular Licensed Product and a particular country, (a) in the case of an issued and unexpired patent, a claim that (i) has not been revoked or held unenforceable or invalid by a decision of a court (or other competent legal
authority having proper jurisdiction over the matter in the subject country) from which no appeal can be taken or has been taken within the time allowed for appeal; and (ii) has not been abandoned, disclaimed, denied or admitted to be invalid or
unenforceable through reissue or disclaimer or otherwise in such country; and (b) in the case of a pending patent application, a pending claim that was filed not more than [***] prior to the relevant date of inquiry, that has been prosecuted in good
faith and has not been cancelled, withdrawn, abandoned or finally disallowed without the possibility of appeal or refiling. 
  
 1.2 Certain Rules of Interpretation in this Agreement and the Schedules. 
  
 1.2.1 Unless otherwise specified, all references to monetary amounts are to United States of America currency (U.S.
Dollars); 
  
 1.2.2 The preamble to this Agreement and the
descriptive headings of Articles and Sections are inserted solely for convenience of reference and are not intended as complete or accurate descriptions of the content of this Agreement or of such Articles or Sections; 
  
 1.2.3 The use of words in the singular or plural, or with a particular
gender, shall not limit the scope or exclude the application of any provision of this Agreement to such person or persons or circumstances as the context otherwise permits; 
  
 1.2.4 The words “include” and “including” have the inclusive meaning frequently identified with
the phrases “without limitation” and “but not limited to”; and 
  
 1.2.5 Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done shall be calculated by excluding the day on which the period commences and including the
day on which the period ends and by extending the period to the next business day following if the last day of the period is not a business day in the jurisdiction of the Party obligated to make such payment or do such act. 
  
 ARTICLE 2 - RESEARCH PROGRAM 
  
 2.1 Objective and Conduct of the Research Program. Licensee
intends to conduct a Research Program, with Licensor’s collaboration, assistance and support, to evaluate ADCs for preclinical, clinical and commercial development under this Agreement. Licensor and Licensee 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	10.	 	 

 shall each use Commercially Reasonable Efforts to perform, or cause to be performed, the activities to be designated for
such Party in the Research Plan. Licensee acknowledges that, as part of the licenses to the Licensor Technology granted hereunder, the Licensor Know-How transferred to Licensee under this Agreement contains valuable information that is critical to
Licensee’s development of ADCs hereunder. All research work performed by Licensee and Licensor hereunder shall be performed in a good scientific manner and in compliance with all Applicable Laws. 
  
 2.2 Term of the Research Program. The term of the Research
Program shall initially be for a period of [***] after the Effective Date (the “Research Program Term”), unless terminated earlier in accordance with Article 13. Licensee shall have the one-time right to extend the Research Program
Term for an additional [***] by providing written notice to Licensor and paying a fee of [***] to the expiration of the initial Research Program Term. 
  
 2.3 Delivery of Drug Conjugation Materials. In support of the Research Program, Licensor will use Commercially Reasonable Efforts to deliver
Drug Conjugation Materials to Licensee, at the times and in the quantities set forth in the Research Plan, to enable Licensee to attach such materials to Licensee’s Antibodies to create ADCs. At Licensee’s request, Licensor will also
provide Licensee with the [***] provided to the Licensee to [***]. All such Drug Conjugation Materials and other information provided by Licensor to Licensee hereunder (and all such Drug Conjugation Materials provided under Section 4 of the Research
Collaboration Agreement) will be deemed Confidential Information of Licensor pursuant to Article 8. 
  
 2.4 Licensor Preparation of ADCs. As directed by the Research Plan, Licensor will prepare the quantities of ADCs as set forth in the
Research Program using Antibodies supplied by Licensee to Licensor and the Drug Conjugation Materials, and shall deliver the resulting ADCs to Licensee. 
  
 2.5 Payment. Licensee shall pay Licensor the amounts set forth in Section 6.1.2 for any research efforts or other assistance provided by
Licensor at the request of Licensee in accordance with this Article 2; provided, however, [***] Licensor if and to the extent such amounts are (1) [***]; or (2) [***]. 
  
 2.6 Ownership of Data. Licensee shall own all right, title and interest in and to the data, research
and results related specifically to ADCs arising out of activities conducted pursuant to the Research Program (“ADC Data”). Licensor shall disclose to Licensee, and shall cause its Affiliates to disclose to Licensee, any ADC Data
that are developed, conceived, or otherwise made, solely or jointly, by or on behalf of Licensor and/or its Affiliates in the course of, as a result of, or in connection with the Research Program, promptly after the same is developed, conceived or
otherwise made. ADC Data [***], and all [***] related thereto, the ownership and control of which, and rights with respect to which, are separately provided for in [***]. Licensor hereby assigns to Licensee, and shall cause its Affiliates to assign
to Licensee, any and all right, title, and interest Licensor and its Affiliates may have in, to and under ADC Data; provided that Licensor may retain copies of, and use (subject to the requirements of Section 3.6 hereof), all ADC Data it
obtained, jointly or solely, [***]. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	11.	 	 

 ARTICLE 3 - EXCLUSIVE LICENSE 
  
 3.1 Exclusive License Grant. Subject to the terms and conditions of this Agreement, Licensor hereby grants to
Licensee a worldwide, exclusive (even as to Licensor), royalty-bearing license under the Licensor Technology, with the right to sublicense as permitted in Section 3.2, to discover, develop, make, have made, import and export, use, offer for sale and
sell Licensed Products within the Field (the “Exclusive License”). 
  
 3.2 Rights to Sublicense. 
  
 3.2.1 Licensee shall have the right, in its sole and absolute discretion and subject only to notice to Licensor (under Section 3.2.3) and the terms and conditions of the Licensor In-Licenses listed on
Schedule C, to grant sublicenses of the rights granted to Licensee pursuant to this Agreement from time to time to any Affiliate or any Third Party. Licensee shall not have the right to sublicense the Licensor Technology outside the scope of
the license granted in Section 3.1, including to develop further Drug Conjugation Technology on a stand-alone basis or to create ADCs that include, or are based, upon any Antibodies that bind specifically to an Antigen other than the Designated
Antigen. Notwithstanding the foregoing, nothing contained in this Section 3.2.1 shall be construed as a requirement that Licensee enter into a sublicense agreement in order to permit its local Affiliates to market and sell Licensed Product under and
pursuant to this Agreement. 
  
 3.2.2 Licensee shall, if
and to the extent that Licensee will (subject to Licensor’s consent) no longer be directly responsible to Licensor for royalties and milestone payments under Article 6 hereof, contractually obligate any Sublicensee to make its pro rata portion
of all payments due to Licensor pursuant to this Agreement by reason of achievement of any milestones set forth in Section 6.5 or owed on Net Sales of any Licensed Products by any such Sublicensee pursuant to Section 6.3. In addition, Licensee shall
contractually obligate any Sublicensee to comply with all terms of this Agreement applicable to Licensee (including all terms of this Agreement identified as applicable to Sublicensee). Licensee shall require any such Sublicensee to agree in writing
to keep books and records and permit Licensor to review the information concerning such books and records in accordance with the terms of this Agreement. 
  
 3.2.3 Licensee shall notify Licensor of each sublicense granted to Affiliates or Third Parties and shall provide Licensor with the name and address
of each Sublicensee and a description of the rights granted and the territory covered by each Sublicensee. 
  
 3.3 Improvements and New Technologies. 
  
 3.3.1 Improvements. In the event that, during the Research Program Term, either Party conceives, develops or reduces to practice an
Improvement, such Party shall promptly notify the other Party of the discovery of such Improvement. Licensor shall own all Improvements and, to the extent that any Improvements shall have been conceived, developed or reduced to practice by Licensee,
Licensee hereby assigns all of its right, title and interest therein to Licensor. Licensor’s interest in any such Improvements that it Controls shall be included in the Licensor Technology and made available to Licensee via the Exclusive
License provided in Section 3.1. 
  

 12. 

 3.3.2 [***]. 
  
 (a) Licensee shall have the right to practice any New Technologies pursuant to the Exclusive License granted under
Article 3 as follows: Licensor shall [***] of any [***] which it develops or to which it obtains rights (with the right to grant sublicenses thereunder) during the Term by providing to Licensee a [***] of the [***], including all [***] under which
Licensee would be able to access such [***]. Licensor shall provide to Licensee a copy of any relevant license agreements, patents and patent applications governing or pertaining to the [***] to enable Licensee to decide whether it desires to obtain
a sublicense under such [***]. 
  
 (b) If Licensee is
interested in practicing any [***] which relate to the development of compounds incorporating ADCs based on Antibodies that bind specifically to the Designated Antigen in the Field, the Parties shall discuss in good faith modifications to this
Agreement to reflect the terms governing Licensee’s access to any [***] pursuant to this Agreement, which shall include without limitation Licensee’s agreement to [***]; provided that the [***] shall be deemed to include [***] and
Licensor Patents (as applicable) relating to or covering such [***] only after the Parties execute an amendment to this Agreement specifying such modified terms. 
  
 3.3.3 [***]. [***] shall be amended from time to time to [***] Controlled by Licensor [***] in accordance with
Section 3.3.2. 
  
 3.4 Compliance with the Licensor
In-Licenses. 
  
 3.4.1 Licensee, its Affiliates
and Sublicensees shall comply with all obligations, covenants and conditions of the Licensor In-Licenses listed in Schedule C, and any amendments thereto following written disclosure thereof to Licensee (and, if required, consent of Licensee
in conformity with Section 3.4.2), that apply under each of the Licensor In-Licenses. The Parties agree that in the event of a breach by Licensee of the terms of the BMS Agreement, BMS shall be deemed a third party beneficiary to this Agreement to
the extent Licensor Technology includes technology sublicensed under the BMS Agreement, and BMS shall be entitled to enforce its rights directly against Licensee and its Affiliates and Sublicensees. 
  
 3.4.2 Licensor will not [***] any [***] to a [***] that (a) [***], (b)
[***] or (c) [***]. In addition, Licensor will not enter into [***] to the [***] that [***] on Licensee with respect to Licensed Products [***]. 
  
 3.5 License to Licensor. Subject to the provisions and terms of this Agreement, Licensee hereby grants to Licensor a non-exclusive,
royalty-free, sublicenseable license under the Licensee Patents and Licensee Know-How in the Territory, solely to the extent necessary to enable Licensor to perform or have performed its responsibilities under this Agreement. 
  
 3.6 Strategic Commitment. Licensor agrees that during the Term
and, in the event of any termination of this Agreement by Licensee under [***] hereof, for a [***] after the effective date of any such termination, it [***] any of its Affiliates to, [***], in any country in the Territory, any [***]. The Parties
acknowledge that all restrictions contained in this Section are reasonable, valid and necessary for the adequate protection of the business associated with the Licensed Product. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	13.	 	 

 ARTICLE 4 - TECHNOLOGY DISCLOSURE 
  
 4.1 Disclosure of Drug Conjugation Technology. During the Term, Licensor shall (a) disclose to Licensee such
Licensor Know-How as is reasonably useful to enable Licensee to use the Drug Conjugation Materials and Drug Conjugation Technology as provided in the Research Plan or to practice the Exclusive License on the terms, and subject to the conditions, of
this Agreement and (b) upon Licensee’s reasonable request and with adequate notice to Licensor, make available to Licensee at Licensor’s facilities, Licensor’s personnel to provide a reasonable amount of technical assistance and
training to Licensee’s personnel. Licensee shall pay to Licensor for such assistance an amount equal to the [***] in accordance with [***] for Licensor employees providing such assistance. 
  
 ARTICLE 5 - DEVELOPMENT AND COMMERCIALIZATION; MANUFACTURING 
  
 5.1 Diligence Obligations of Licensee. Subject to
Licensee’s termination rights under Sections 13.2.1 and 13.2.2, Licensee shall use Commercially Reasonable Efforts to develop, commercialize and market Licensed Products. Without limiting the foregoing, Licensee shall exercise Commercially
Reasonable Efforts to (a) [***], (b) [***], (c) [***] and (d) [***].  
  
 5.2 Diligence Obligations of Licensor. Licensor shall use Commercially Reasonable Efforts to perform all of the tasks and duties assigned to
it under this Agreement and the Research Plan and shall cooperate and support Licensee in Licensee’s performance of the tasks and duties assigned to it under this Agreement. Without limiting the generality of the foregoing, Licensor shall use
Commercially Reasonable Efforts to (i) [***] to Licensee at the [***] by the Parties and (ii) [***] using Antibodies supplied by Licensee, [***]. Licensor shall comply with all Applicable Laws (including good laboratory, clinical and manufacturing
practices) in performance of its obligations hereunder. 
  
 5.3
Funding and Progress Reports. Except as expressly set forth in this Agreement, as between Licensor and Licensee, [***]. Licensee shall keep Licensor reasonably informed in a timely manner as to the progress of the development of Licensed
Products. Beginning on [***], and annually thereafter within [***] following the [***], Licensee shall provide Licensor with a written report summarizing Licensee’s material activities related to research and development of Licensed Products
and status of clinical trials and applications for Regulatory Approval necessary for marketing Licensed Products. Such reports shall be deemed Licensee’s Confidential Information for the purposes of Article 8. 
  
 5.4 Manufacturing. Except as otherwise set forth in this
Agreement, Licensee shall be responsible for all manufacturing and supply of the Licensed Products. Notwithstanding the foregoing, Licensor shall [***]. In the event Licensor [***], the Parties shall [***], including [***] and other such terms as
may be appropriate and customary in [***]. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	14.	 	 

 ARTICLE 6 - FEES, ROYALTIES, AND PAYMENTS. 
  
 6.1 Research Fees. Licensee shall pay to Licensor the following amounts in consideration of the Research
Program: 
  
 6.1.1 Licensor acknowledges that Licensee has
paid to Licensor the sum of [***] by wire transfer of immediately available funds pursuant to [***] by and between Licensee and Licensor, for the purposes and on the terms and conditions described therein (the “ADC Access Fee”).

  
 6.1.2 Licensee shall pay Licensor at an annual rate of
[***] per FTE for research work as requested by Licensee and actually performed by Licensor pursuant to the Research Plan or as provided in this Agreement in each of the [***] of the Term (the “FTE Fees”). Commencing upon the [***]
of the Effective Date (the “[***]”) and upon every [***] thereafter, the rate applicable to calculating the FTE Fees will [***] by [***] per FTE. Licensee shall also pay Licensor for all Drug Conjugation Materials supplied by Licensor to
Licensee hereunder at the rate of [***] of Licensor’s Cost of Goods therefor (the “Supply Fees”); provided, however, that such Supply Fees for [***] shall not exceed [***] per milligram. The FTE Fees and the
Supply Fees are collectively referred to herein as the “Research Fees”. Within [***] after the end of each [***], Licensor shall submit a report to Licensee in form and substance satisfactory to Licensee and accompanied by such
documentation and verification as Licensee may reasonably request supporting the calculation of the Research Fees due for such [***] (a “Research Fees Report”). Licensee shall pay all Research Fees to Licensor within [***] of
receipt of each Research Fees Report. 
  
 6.2 License
Maintenance Fees. Until Licensee [***] in respect of the Licensed Product, Licensee shall be [***] to Licensor in the sum of [***] by wire transfer of immediately available funds (the “Exclusive License Renewal Fee”) on
[***] following the [***]; provided, however, that Licensee shall not be [***]. 
  
 6.3 Royalties Payable by Licensee. In consideration for the Exclusive License granted to Licensee herein, during the Royalty Term, and subject to Sections 6.4.2 through 6.4.4, Licensee shall pay to
Licensor incremental royalties on Net Sales of Licensed Products. Such incremental royalties shall be paid at the following rates, determined on a Licensed Product-by-Licensed Product basis as set forth below: 
  
 (a) For the first [***] of aggregate [***] of the [***] in any [***]
(“Tier 1 Sales”): 
  
 (i) [***] of
aggregate [***] of [***] in any country in the Territory during any period in which there is a [***] of the Licensed Product; and 
  
 (ii) [***] of aggregate [***] in any country in the Territory during any period in which there is [***] of the Licensed Product; 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	15.	 	 

 (b) For aggregate [***] of the [***] in any [***] in excess of [***] (“Tier 2
Sales”): 
  
 (i) [***] of aggregate [***] in any
country in the Territory during any period in which there is a [***] of the Licensed Product; and 
  
 (ii) [***] of aggregate [***] in any country in the Territory during any period in which there is [***] of the Licensed Product. 
  
 (c) The ratio of (1) aggregate [***] in the Territory with a [***] and
(2) aggregate [***] in the Territory with [***], will be applied to Tier 1 and Tier 2 Sales as shown in Schedule D. 
  
 (d) If and for so long as there is a [***], then [***] with respect to [***] of Licensed Products during the time period that such [***].

  
 (e) In establishing the royalty structure of this
Section 6.3, the Parties recognize, and Licensee acknowledges, the substantial value of the various actions and investments undertaken by Licensor prior to the Effective Date. Such value is significant and in addition to the value of Licensor’s
grant to Licensee of the Exclusive License pursuant to Section 3.1, as it enables the rapid and effective development and commercialization of the Licensed Products in the Territory. Therefore, the Parties agree that the royalty payments calculated
as a percentage of [***] (plus the license fee, milestone payments and other payment provided for elsewhere herein) provide fair compensation to Licensor for these additional benefits. 
  
 6.4 Third Party Royalties. 
  
 6.4.1 Licensee shall be solely responsible for paying all royalties owed to Third Parties by either Licensee or
Licensor on account of sales of Licensed Products, including royalties owed due to use of the Licensor Technology; [***]. Licensor represents and warrants [***]; provided, however, that the [***]. 
  
 6.4.2 If the sum of (a) the royalties payable by Licensee, its
Affiliates or Sublicensees to Licensor under [***] and (b) all other Third Party royalties payable by Licensee in order to permit Licensee, its Affiliates or Sublicensees to exploit the Drug Conjugation Technology in the manner licensed under this
Agreement [***] of [***] of a [***] in any [***], then (subject to the proviso set forth below in this Section 6.4.2) the royalties otherwise due and payable by Licensee under Section 6.3 shall be [***] of any royalties due by Licensee with respect
to [***] of a [***] in such year that [***] of such Net Sales; provided, however, that in no event shall the royalty payments due and payable to Licensor pursuant to Section 6.3 with respect to a Licensed Product in any calendar year
be [***] of the royalty payments that would otherwise be owed to Licensor [***]. A sample royalty reduction calculation is attached hereto as Schedule D. 
  

6.4.3 If by reason of an amendment negotiated by Licensor and [***] the Third Party Royalties payable to [***] by Licensee, its Affiliates or
Sublicensees are [***] of a [***] in any [***], then the royalties otherwise due and payable by Licensee under Section 6.3 [***] of the amount by which the royalties payable to [***]. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	16.	 	 

 6.4.4 In the event that Licensee desires to formulate a Licensed Product in combination with one
or more additional therapeutically active ingredients (each, a “Combination Product”), the Parties shall negotiate in good faith one or more appropriate amendments to this Agreement to equitably adjust the relevant royalty rates
applicable to such Combination Products to [***]. If the Parties are able to agree to such adjustment, they shall enter into an appropriate amendment reflecting the adjustments to the applicable royalty rate(s). 
  
 6.5 Milestone Payments. As additional consideration for the
licenses, rights and privileges granted to it hereunder, Licensee shall pay to Licensor the following [***] of the first occurrence of each event set forth below with respect to the first [***], whether such events are achieved by Licensee, its
Affiliates or Sublicensees, as follows: 
  
 (a) Upon
[***]; 
  
 (b) Upon [***]; 
  
 (c) Upon[***]; 
  
 (d) Upon [***]; 
  
 (e) Upon [***]; 
  
 (f) Upon [***]; 
  
 (g) At the end of the [***] in which [***] of [***]; and 

 
 (h) At the end of the [***] in which [***] of [***]. 

 
 If any milestone described in (a) through (e) above is achieved before a
preceding milestone has been achieved and the associated milestone payment has become due, then the milestone payment associated with such preceding milestone shall be deemed to become due and payable following achievement of the next milestone.

  
 6.6 Payment Terms. Royalties shown to have
accrued in each Report provided for under Article 7 of this Agreement shall be due on the date such Report is due pursuant to Section 7.1.3. 
  
 6.7 Payment Method. All payments by Licensee to Licensor under this Agreement shall be paid in U.S. dollars, and all such payments shall be
made by bank wire transfer in immediately available funds to the bank account designated by Licensor in writing. 
  
 6.8 Exchange Control. If at any time legal restrictions prevent the prompt remittance of part or all royalties with respect to any country
in the Territory where Licensed Product is sold, payment shall be made through such lawful means or method as the Parties shall reasonably determine. 
  
 6.9 Withholding Taxes. Except as otherwise provided below, all amounts due from Licensee to Licensor under this Agreement are gross amounts.
Licensee shall be entitled to 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	17.	 	 

 deduct the amount of any withholding taxes payable or required to be withheld by Licensee, its Affiliates or
Sublicensees, to the extent Licensee, its Affiliates or Sublicensees pay such withheld amounts to the appropriate governmental authority on behalf of Licensor. Licensee shall use Commercially Reasonable Efforts to minimize any such taxes, levies or
charges required to be withheld on behalf of Licensor by Licensee, its Affiliates or Sublicensees. Licensee promptly shall deliver to Licensor proof of payment of all such taxes, levies and other charges, together with copies of all communications
from or with such governmental authority with respect thereto, and shall cooperate with Licensor in seeking any related tax credits that may be available to Licensor with respect thereto. 
  
 ARTICLE 7 - ROYALTY REPORTS AND ACCOUNTING 
  
 7.1 Reports, Exchange Rates. 
  
 7.1.1 During the Royalty Term, Licensee shall furnish to Licensor, with respect to each [***], a written report
showing, on a consolidated basis in reasonably specific detail and on a country-by-country basis, (a) the gross sales of Licensed Products sold by Licensee, its Affiliates and its Sublicensees in the Territory during the [***] and the calculation of
Net Sales from such gross sales; (b) the royalties payable in U.S. dollars, if any, which shall have accrued hereunder based upon such Net Sales of Licensed Products; (c) the withholding taxes, if any, required by law to be deducted in respect of
such royalties; (d) the dates of the First Commercial Sale of each Licensed Product in each country in the Territory, if it has occurred during the corresponding [***]; and (e) the exchange rates (as determined pursuant to Section 7.1.4 herein) used
in determining the royalty amount expressed in U.S. dollars (collectively, “Reports”). 
  
 7.1.2 Licensee shall include in each permitted sublicense granted by it pursuant to this Agreement a provision requiring its Affiliates and
Sublicensees to make Reports to Licensee after the close of each [***] and to keep and maintain records of sales made pursuant to such sublicense as if such sales were by Licensee for the purpose of Section 7.1.1. 
  
 7.1.3 Reports shall be due on the [***] following the end of the [***]
to which such Report relates. Licensee shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined. 
  
 7.1.4 With respect to sales of Licensed Products invoiced in U.S.
dollars, the gross sales, Net Sales, and royalties payable shall be expressed in U.S. dollars. With respect to sales of Licensed Products invoiced in a currency other than U.S. dollars, the gross sales, Net Sales and royalties payable shall be
converted into U.S. Dollars using the [***] for each of the [***] included in the [***] in which such Net Sales were made. All such converted Net Sales and cost items shall be consolidated with U.S. Net Sales for each [***] and the applicable
payments determined therefrom. 
  
 7.2 Audits.

  
 7.2.1 Upon the written request of Licensor and
with at least [***] prior written notice, but not more than [***] in any [***] (and not more than once with respect to any [***]), 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	18.	 	 

 Licensee shall permit an independent certified public accounting firm of internationally recognized standing, selected by
Licensor and reasonably acceptable to Licensee, at [***], to have access during normal business hours to such of the records of Licensee as required to be maintained under this Agreement to verify the accuracy of the Reports due hereunder. Such
accountants may audit records relating to Reports made for any year ending not more than [***] prior to the date of such request. The accounting firm shall disclose to Licensor only whether the Reports were correct or not, and the specific details
concerning any discrepancies. No other information obtained by such accountants shall be shared with Licensor. 
  
 7.2.2 If such accounting firm concludes that any royalties were owed but not paid to Licensor, Licensee shall pay the additional royalties within
[***] of the date Licensor delivers to Licensee such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be [***]; provided, however, if the audit discloses that the royalties payable by
Licensee for the audited period [***] of the royalties actually paid for such period, then [***] charged by such accounting firm. If such accounting firm concludes that the royalties paid were more than what was owed during such period, Licensor
shall refund the overpayments within [***] of the date Licensor receives such accounting firm’s written report so concluding. 
  
 7.2.3 The accounting firm’s determinations under Section 7.2.1 and 7.2.2 shall be subject to the dispute resolution procedures established by
Article 19 hereof. 
  
 7.3 Confidential Financial
Information. Licensor shall treat all financial information subject to review under this Article 7 or under any sublicense agreement as Confidential Information of Licensee as set forth in Article 8, and shall cause its accounting firm to
retain all such financial information in confidence under terms substantially similar to those set forth in Article 8. 
  
 ARTICLE 8 - CONFIDENTIALITY 
  
 8.1 Non-Disclosure Obligations. Except as otherwise provided in this Article 8, during the Term and for a period of [***] thereafter, each
Party shall maintain in confidence, and use only for purposes as expressly authorized and contemplated by this Agreement, all: (a) ADC Data, and (b) confidential or proprietary information, data, documents or other materials supplied by the other
Party under this Agreement and marked or otherwise identified as “Confidential,” including without limitation any such information previously provided by either Party or Licensee’s Affiliate, [***], under and pursuant to Article 8 of
the Research Collaboration Agreement or pursuant to the Confidential Disclosure Agreement between Bayer Corporation and Licensor dated [***] (the “Confidential Disclosure Agreement”). Confidential Information of Licensor shall
include Licensor Know-How, Drug Conjugation Technology that is Controlled by Licensor and disclosed to Licensee, Licensor’s interest in any Improvements and [***]. Confidential Information of Licensee shall include ADC Data and Licensee ADC
Know-How disclosed to Licensor that is Controlled by Licensee. Confidential Information of a Party may also include information relating to such Party’s research programs, development, marketing and other business practices and finances. For
purposes of this Agreement, information and data described above shall be hereinafter referred to as “Confidential Information.” Each Party shall ensure that its and its Affiliates’ employees, agents, consultants and clinical
investigators only make use of the other Party’s Confidential Information for purposes as expressly authorized and contemplated by this Agreement and do not disclose or make any unauthorized use of such Confidential Information. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	19.	 	 

 8.2 Permitted Disclosures. Notwithstanding the foregoing, but subject to the last sentence
of this Section 8.2, the provisions of Section 8.1 shall not apply to information, documents or materials that the receiving Party can conclusively establish: 
  

(a) have become published or otherwise entered the public domain other than by breach of this Agreement by the receiving Party or its
Affiliates; 
  
 (b) are permitted to be disclosed by prior
consent of the other Party; 
  
 (c) have become known to
the disclosing Party by a Third Party, provided such Confidential Information was not obtained by such Third Party directly or indirectly from the other Party under this Agreement on a confidential basis; 
  
 (d) prior to disclosure under the Agreement, was already in the
possession of the receiving Party, its Affiliates or Sublicensees, provided such Confidential Information was not obtained directly or indirectly from the other Party under this Agreement; 
  
 (e) are required to be disclosed by the receiving Party to comply
with any Applicable Law, regulation or court order, or are reasonably necessary to obtain patents, copyrights or authorizations to conduct clinical trials with, and to commercially market, Licensed Product(s), provided that the receiving Party shall
provide prior notice of such disclosure to the other Party and take reasonable and lawful actions to avoid or minimize the degree of disclosure; 
  
 (f) to the extent reasonably needed in a patent application claiming Program Inventions made hereunder to be filed with the United States Patent
and Trademark Office and/or any similar foreign agency, provided that the Party filing the patent shall provide prior notice of such disclosure to the other Party and take reasonable and lawful actions to avoid or minimize the degree of disclosure;
and 
  
 (g) to a Sublicensee as permitted hereunder,
provided that such Sublicensee is then subject to obligations of confidentiality and limitations on use of such Confidential Information substantially similar to those contained herein. 
  
 Notwithstanding the foregoing, as to disclosures permitted under subsections (e)-(g), if the information, documents or materials covered by
such subsection is otherwise protected by obligations of confidentiality, then the confidentiality obligations of Section 8.1 shall still apply. 
  
 8.3 Terms of the Agreement. Licensee and Licensor shall not disclose any terms or conditions of this Agreement to any Third Party without
the prior consent of the other Party, except as required by Applicable Laws, regulations or a court order or to comply with rules of a securities exchange, in which case the disclosing Party shall provide notice to the other Party and take
reasonable and lawful actions to avoid or minimize the degree of such disclosures. 
  
 8.4 Press Releases and Other Disclosures to Third Parties. Neither Licensor nor Licensee will, without the prior consent of the other, issue any press release or make any other 
  

 20. 

 public announcement or furnish any statement to any person or entity (other than either Parties’ respective
Affiliates) concerning the existence of this Agreement, its terms and the transactions contemplated hereby, except for (i) an initial press release mutually agreed upon by the Parties, (ii) disclosures made in compliance with Sections 8.2 and 8.3
and (iii) attorneys, consultants, and accountants retained to represent the Parties. 
  
 8.5 Publications Regarding Results of the Research Program. Neither Party may publish, present or announce results of the Research Program either orally or in writing, or use the other Party’s name
or trademarks in any publication, research report or study (each, a “Publication”) without complying with the provisions of this Section 8.5. Any Party wishing to make a Publication shall send notice to the other Party. No
Publication shall contain any Confidential Information of the other Party without the consent and approval of the other Party, which may be granted or withheld in the sole discretion of a Party. The other Party shall have [***] from receipt of a
proposed Publication to provide comments and/or proposed changes to the publishing Party. The publishing Party shall take into account the comments and/or proposed changes made by the other Party on any Publication and shall agree to designate
employees or others acting on behalf of the other Party as co-authors on any Publication describing results to which such persons have contributed in accordance with standards applicable to authorship of scientific publications. If the other Party
reasonably determines that the Publication would entail the public disclosure of such Party’s Confidential Information and/or of a patentable invention upon which a patent application should be filed prior to any such disclosure, submission of
the concerned Publication to Third Parties shall be delayed for [***] any such Confidential Information of the other Party (if the other Party has requested deletion thereof from the proposed Publication), and/or the drafting and filing of a patent
application covering such invention, provided such additional period shall not exceed [***] from the date the publishing Party first provided the proposed Publication to the other Party. In the event of any disagreement under this Section 8.5, any
dispute shall be resolved in the manner specified in Section 19.3. 
  
 8.6 Use of Name. Neither Party shall mention or otherwise use the name, insignia, symbol, trademark, trade name or logotype of the other Party (or any abbreviation or adaptation thereof) in any publication, press release,
promotional material or other form of publicity without the prior written approval of such other Party in each instance. The restrictions imposed by this Section shall not prohibit either Party from making any disclosure identifying the other Party
that is required by Applicable Law. 
  
 8.7
Notification. Each Party shall notify the other Party immediately, and cooperate with the other Party as the other Party may reasonably request, upon each Party’s discovery of any loss or compromise of the other Party’s
Confidential Information. 
  
 8.8 Remedies. Each
Party agrees that the unauthorized use or disclosure of any material Confidential Information by the other Party in violation of this Agreement will cause severe and irreparable damage to each of the Parties, for which legal damages would not be a
sufficient remedy. In the event of any violation of this Article 8, each Party agrees that the other Party shall be authorized and entitled to obtain from any court of competent jurisdiction injunctive relief, whether preliminary or permanent, as
well as any other relief permitted by Applicable Law. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	21.	 	 

 ARTICLE 9 - INVENTIONS AND PATENTS 
  
 9.1 Ownership of Inventions. 
  
 9.1.1 Disclosure of Inventions. Each Party shall promptly disclose to the other Party the conception and/or
discovery of any inventions directly arising out of activities conducted under this Agreement (“Program Inventions”). 
  
 9.1.2 Ownership of Program Inventions. All right, title and interest in all Program Inventions that are discovered or conceived pursuant to
Section 9.1.1 shall be owned as follows: 
  
 (a) [***]
shall own all Program Inventions that are invented solely or jointly by employees, agents or consultants of [***] and/or [***] and primarily relate to the [***]. To the extent that any such Program Inventions [***] shall have been invented by
[***],[***] hereby assigns all of its right, title and interest therein to [***]; 
  
 (b) [***] shall own all Program Inventions that are invented solely or jointly by employees, agents or consultants of [***] and/or [***] and primarily relate to the [***]. To the extent that any Program
Inventions relating primarily to [***] shall have been invented by [***],[***] hereby assigns all of its right, title and interest therein to [***]; and 
  

(c) [***] shall solely own all Program Inventions that (i) are invented solely by employees, agents or consultants of [***], (ii) are not
covered by Sections 9.1.2(a) or (b) and (iii) relate primarily to [***], including without limitation [***]. 
  
 (d) Except as set forth in Sections 9.1.2(a), (b) and (c), ownership of any Program Invention to the extent it falls outside of Sections 9.1.2
(a), (b) and (c) shall be determined according to applicable U.S. laws of inventorship. 
  
 9.2 Patent Prosecution and Maintenance. 
  
 9.2.1 Subject to Section 9.2.2, Licensor shall be responsible for and shall control the preparation, filing, prosecution, grant and maintenance of all Licensor Patents in all countries in the Territory as
Licensor may elect. Licensor shall, at its sole expense, prepare, file, prosecute and maintain such Licensor Patents in good faith consistent with its customary patent policy and its reasonable business judgment, and shall consider in good faith the
interests of Licensee in so doing. Upon request, Licensor shall consult with and keep Licensee reasonably informed as to the status and progress of filing, prosecution, grant and maintenance of Licensor Patents. 
  
 9.2.2 Each Party shall be responsible for and shall control the
preparation, filing, prosecution, grant and maintenance, of any patents and patent applications claiming Program Inventions owned [***] by it in accordance with [***] and shall, [***] in good faith consistent with [***]. If either Party decides not
to file or continue prosecuting such Party’s interest in or not to maintain any patent or a patent application claiming a Program Invention [***] owned by such Party hereunder, then such Party shall promptly so notify the other Party (which
notice shall be at least [***] before any relevant deadline for such patent application or patent). Thereafter, at the other Party’s discretion, the relevant patent application or patent [***]. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	22.	 	 

 9.2.3 Patents and patent applications claiming Program Inventions owned [***] pursuant to [***]
(“[***]”) shall be controlled, prepared, filed, prosecuted and maintained by [***]. 
  
 9.2.4 The Parties shall at all times fully cooperate in order to reasonably implement the foregoing provisions, such cooperation may include the execution of necessary legal documents and the provision of the
assistance of its relevant personnel. 
  
 9.3 Enforcement of
Licensor Patents. 
  
 9.3.1 Licensor shall have
the first right, at its sole expense, but not the obligation, to determine the appropriate course of action to enforce the Licensor Patents or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce
the Licensor Patents, to control any litigation or other enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect to the Licensor Patents. Licensor shall in good faith consider
the interests of Licensee in conducting the foregoing activities. All monies recovered upon the final judgment or settlement of any such suit to enforce any Licensor Patents with respect to the manufacture, use or sale by Third Parties of products
competitive with Licensed Products or technologies competitive with Drug Conjugation Technology shall be [***]. In the event Third Parties have rights in the Licensor Patents under other license agreements between Licensor and such Third Parties,
such recoveries shall be [***]. Licensee shall fully cooperate with Licensor in any such action at Licensor’s expense, to enforce the Licensor Patents, including being joined as a party to such action if necessary. 
  
 9.3.2 If Licensor fails to take any action to enforce the Licensor
Patents or control any litigation with respect to the Licensor Patents with respect to the manufacture, use or sale by Third Parties of products competitive with Licensed Products or technologies competitive with Drug Conjugation Technology within a
period of [***] after the Parties receive reasonable notice of the infringement of the Licensor Patents, then Licensee shall have the right to bring and control any such action by counsel of its own choice, [***]. Licensee shall consider in good
faith the interest of Licensor in the conduct of the forgoing activities. In such case, all monies recovered upon the final judgment or settlement of any such suit to enforce any Licensor Patents shall be [***]. In the event Third Parties have
rights in the Licensor Patents under other license agreements between Licensor and such Third Parties, such recoveries shall be [***]. In such a case, Licensor shall cooperate fully with Licensee, at [***], in its efforts to enforce the Licensor
Patents, including being joined as a party to such action if necessary. In no event may Licensee assert an argument or settle a suit in a manner which would render a claim in the Licensor Patents invalid or unenforceable without Licensor’s
prior written consent. 
  
 9.3.3 Each Party shall have the
right, [***], to determine the appropriate course of action to enforce patents or patent applications claiming Program Inventions owned [***] in accordance with [***], or otherwise to abate the infringement thereof, to take (or refrain from taking)
appropriate action to enforce such patents or patent applications, to control any litigation 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	23.	 	 

 or other enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement
action with respect to such patents or patent applications. The party taking action shall consider in good faith the interests of the other Party in the conduct of such activities. All monies recovered upon the final judgment or settlement of any
such suit to enforce any patents or patent applications claiming Program Inventions owned [***] hereunder shall be retained [***] (and, in the event of any joint ownership of any Program Invention under Section 9.1.2(d) hereof, the net recoveries
shall be [***]). Each Party shall fully cooperate with the other Party, at the owning Party’s expense, in any action to enforce the patents or patent applications claiming Program Inventions owned solely by one Party hereunder. 
  
 9.3.4 In the event either Party becomes aware of infringement by a
Third Party of a Joint Patent(s), it shall promptly notify the other Party and the Parties shall determine a mutually agreeable course of action 
  
 9.3.5 In the event of any infringement by a Third Party of both a Licensor Patent(s) and a Joint Patent(s), which infringement is likely to affect
the exercise by Licensee of its rights with respect to Licensed Products, the Parties shall meet to discuss how to proceed with respect to such infringement. In the event that the Parties determine that one or the other of the Parties should bring
an infringement action against the Third Party, the Party not enforcing such patents shall provide reasonable assistance to the other Party, including, without limitation, providing access to relevant documents and other evidence, making its
employees available at reasonable business hours, and joining the action to the extent necessary to allow the enforcing party to maintain the action. The party taking action shall consider in good faith the interests of the other Party in the
conduct of such activities. The Party that files an infringement suit shall have the right to settle such suit in its discretion; provided, however, that such Party may not enter into any settlement that would result in injunctive or other relief
being imposed against the other Party or would have a material adverse effect on the other Party’s business without the prior written consent of such other Party. 
  
 9.4 Prior Patent Rights. Notwithstanding anything to the contrary in this Agreement, with respect to any
Licensor Patents that are subject to the Licensor In-Licenses, the rights and obligations of the Parties under Sections 9.2 and 9.3 shall be subject to Licensor’s rights to participate in and control prosecution, maintenance and enforcement of
such Licensor Patents, and to receive a share of damages recovered in such action, in accordance with the terms and conditions of the applicable Licensor In-License. 
  
 ARTICLE 10 - INFRINGEMENT OF THIRD PARTY RIGHTS 
  
 10.1 Third Party Licenses. Upon the occurrence of a Triggering Event, Licensor shall have the first right (but
not the obligation) to negotiate and obtain a license from the relevant Third Party(ies), as necessary for Licensee and its Affiliates and Sublicensees to Exploit the Licensed Product (as required in connection with the incorporation of Licensor
Technology therein) in the particular country or countries, as the case may be. In the event that Licensor elects not to obtain, or is unsuccessful in obtaining a license from such Third Party, then Licensee shall have the right (but not the
obligation) to negotiate and obtain a license from such Third Party as necessary for Licensee and its Affiliates and Sublicensees to Exploit the Licensed Product (as required in connection with the incorporation of Licensor Technology therein) in

  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	24.	 	 

 such country or countries, as the case may be; provided that Licensee shall not have the right to commence or
proceed with any such negotiations if Licensor reasonably determines, [***]. Any such determination by Licensor shall be made not more than [***] following the Triggering Event or shall be deemed automatically made by Licensor in [***]. The expense
of any lump sum payments pursuant to a Third Party license negotiated hereunder shall be [***]; provided, however, that if any of [***], then such lump sum expenses incurred by Licensor in connection with such Third Party license shall be [***].
Licensor shall [***] of any associated royalty payments under such Third Party license through [***] pursuant to [***]. If Licensor has determined, [***], as provided above, that a [***] after the earliest Triggering Event concerning any Third
Party’s patents, then Licensee [***]; provided, however, that Licensee may [***]. 
  
 ARTICLE 11 - REGULATORY ASSISTANCE 
  
 Should Licensee desire to file an IND or an application for Regulatory Approval, or equivalents of the foregoing, for a Licensed Product, Licensor will provide at Licensee’s request, technical information
reasonably required for Licensee, including information relating to the [***], as well as documents necessary to compile the CMC Data section of an application for Regulatory Approval, or to provide other toxicity and safety data for such filings,
and any other relevant information as the Parties may mutually agree (to the extent not provided to Licensee pursuant to Section 5.2). Licensee shall reimburse Licensor for any reasonable out-of-pocket costs incurred by Licensor in providing any
such information plus an amount equal to Licensor’s then current FTE Fee for Licensor’s personnel engaged in such activities, as set forth in Section 6.1.2; provided, however, that Licensee shall not be required to reimburse
Licensor under this Section if and to the extent such costs are (1) [***]; or (2) [***]. If Licensor has a drug master file with the FDA or equivalent that contains information useful to support an IND or application for Regulatory Approval,
Licensor [***] Licensee a right of reference (with right to grant further rights of reference) to such drug master file to the extent necessary for, and solely for the purposes of, preparing, filing or maintaining INDs, NDAs and other regulatory
filings relating to the Licensed Product in the Territory. Licensor shall [***] with Licensee relevant (and if deemed necessary in Licensor’s option, redacted) [***]. 
  
 ARTICLE 12 - REPRESENTATIONS AND WARRANTIES 
  
 12.1 Representations and Warranties. 
  
 12.1.1 This Agreement has been duly executed and delivered by each Party and constitutes the valid and binding
obligation of each Party, enforceable against such Party in accordance with its terms, except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium or other laws relating to or affecting
creditors’ rights generally and by general equitable principals. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of each Party, its officers and directors. 
  
 12.1.2 The execution, delivery and performance of the Agreement by
each Party (i) does not conflict with or violate any requirement of Applicable Law or regulation or any provision of the articles of incorporation, bylaws, limited partnership agreement or any similar instrument of such Party, as applicable, and
(ii) does not conflict with, violate, or breach or constitute a default or require any consent under any contractual obligation or court or administrative order by which such Party is bound. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	25.	 	 

 12.1.3 Licensor represents and warrants that it has the right to grant the licenses granted herein
and that as of the Effective Date it has [***] of the Licensor Patents or other Licensor Technology in connection with activities to be conducted hereunder. Licensee represents and warrants that it has the right to grant the licenses granted to
Licensor herein and that as of the Effective Date it has [***] activities to be conducted by the Parties hereunder.  
  
 12.2 Additional Representations and Warranties of Licensee(s). Each Licensee hereby severally represents and warrants to Licensor, as of the
Effective Date, that such Licensee (i) is a corporation or an Aktiengesellschaft duly organized and in good standing under the laws of its jurisdiction of organization, and (ii) has full power and authority and the legal right to own and
operate its property and assets and to carry on its business as it is now being conducted and as it is contemplated to be conducted by this Agreement. 
  
 12.3 Additional Representations and Warranties of Licensor. Licensor hereby represents and warrants to Licensee, as of the Effective Date,
as set forth below: 
  
 12.3.1 Licensor is a corporation
duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted
and as is contemplated to be conducted by this Agreement. 
  
 12.3.2 To the knowledge of Licensor, the Licensor Patents existing as of the Effective Date are [***]. To the knowledge of Licensor, the conception, development and reduction to practice of the subject matter claimed and/or disclosed
in Licensor Patents and the information embodied in the Licensor Know-How existing as of the Effective Date have not [***] of any Third Party. There are no judgments or settlements against Licensor or amounts owed by Licensor (other than amounts
owed in the ordinary course of business and/or pursuant to the Licensor In-Licenses) with respect to the Licensor Patents or the Licensor Know-How. No litigation has been commenced or threatened, and Licensor is not aware of any claim, by any Third
Party or Regulatory Authority alleging that the Licensor Patents are invalid or unenforceable. 
  
 12.3.3 Except for the license grants in Section 3.1, neither Licensor nor any of its Affiliates has, directly or indirectly, expressly or by implication, by action or omission or otherwise (i) [***]; (ii)
[***], or (iii) [***].  
  
 12.3.4 To the knowledge
of Licensor, no Third Party has infringed or threatened in writing to infringe the Licensor Patents. 
  
 12.3.5 The Licensor In-Licenses are in full force and effect and, to the knowledge of Licensor, there is no basis upon which termination could
occur. Licensor has [***]. The copies of the Licensor In-Licenses provided to Licensee by Licensor are true, complete and correct. Licensor shall promptly provide Licensee with notice of any alleged, threatened, or actual breach of any In-License
Agreement. To the extent permitted by the In-License Agreements, Licensor agrees that Licensee [***] by Licensor under the [***]. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	26.	 	 

 12.3.6 Neither Licensor nor any of its Affiliates has been debarred or is subject to debarment and
neither Licensor nor any of its Affiliates will knowingly use in any capacity, in connection with the services to be performed under this Agreement, any Third Party who has been debarred pursuant to Section 306 of the Federal Food, Drug, and
Cosmetic Act, or who is the subject of a conviction described in such section. Licensor agrees to inform Licensee in writing immediately if it or any Third Party who is performing services hereunder is debarred or is the subject of a conviction
described in Section 306, or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to the best of Licensor’ knowledge, is threatened, relating to the debarment or conviction of Licensor or any Third
Party performing services hereunder. 
  
 12.4 Performance by
Affiliates. The Parties recognize that each may perform some or all of its obligations under this Agreement through Affiliates, provided, however, that each Party shall remain responsible and be a guarantor of the performance by its
Affiliates and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance. 
  
 12.5 Disclaimer. EXCEPT AS MAY BE OTHERWISE PROVIDED IN THIS ARTICLE, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES,
EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, REGARDING THE LICENSED PRODUCT, THE DRUG CONJUGATION MATERIALS OR ANY ADCs PREPARED BY LICENSOR, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, NON-INFRINGEMENT
OR FITNESS FOR A PARTICULAR USE OR PURPOSE. 
  
 ARTICLE 13 - TERM AND
TERMINATION 
  
 13.1 Term. Unless earlier
terminated pursuant to this Article 13, the term of this Agreement (the “Term”) shall commence on the Effective Date and shall remain in full force and effect until the expiration of the last to expire Royalty Term. 
  
 13.2 Termination by Licensee. 
  
 13.2.1 Licensee shall have the right, effective at any time after the
first anniversary of the Effective Date, to terminate this Agreement in its entirety by providing not less than [***] prior written notice to Licensor of such termination. 
  
 13.2.2 At any time prior to [***], Licensee shall have the right to terminate this Agreement on a country-by-country
basis, upon [***] prior written notice to Licensor, in the event that Licensee [***]. 
  
 13.2.3 Licensee shall have the right in its sole discretion to terminate this Agreement at any time on a country-by-country basis pursuant to Article 10 upon [***] prior written notice. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	27.	 	 

 13.3 Termination for Cause. Either Party may terminate this Agreement for breach by the
other Party (the “Breaching Party”) of any material provision of the Agreement, if the Breaching Party has not cured such breach within [***] after notice thereof. Such [***] shall be extended in the case of a breach not capable of
being remedied in such [***], so long as the Breaching Party uses diligent efforts to remedy such breach and is pursuing a course of action that, if successful, will effect such a remedy. If such alleged breach is not remedied in the time period set
forth above, the nonbreaching Party shall be entitled, without prejudice to any of its other rights conferred on it by this Agreement, and in addition to any other remedies available to it by law or in equity, to terminate this Agreement in its
entirety or selectively, at its option, on a country-by-country basis. In the event of a dispute regarding royalties owing hereunder, all undisputed amounts shall be paid when due and the balance, if any, shall be paid promptly after settlement of
the dispute including any accrued interest thereon. 
  
 13.4
Termination Upon Insolvency. A Party may terminate this Agreement if, at any time, (a) the other Party shall file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy
or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, (b) such other Party proposes a written agreement of composition or extension of its debts, (c) such other
Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within [***] after the filing thereof, (d) such other Party shall propose or be a party to any dissolution or
liquidation, or (e) such other Party shall make an assignment for the benefit of its creditors. 
  
 13.5 Termination of Licensor In-Licenses. 
  
 13.5.1 All rights and obligations under a Licensor In-License sublicensed under this Agreement shall terminate upon [***] prior written notice by
Licensor if Licensee performs any action that would constitute a breach of any material provision of such Licensor In-License Agreement and fails to cure such breach within such [***] period; provided, however, such cure period may be
extended by mutual written consent of the Parties. Licensor covenants that it will (a) use Commercially Reasonable Efforts to maintain all Licensor In-Licenses in good standing for the duration of this Agreement; and (b) promptly notify Licensee of
any notice of alleged breach or default delivered to Licensor under the Licensor In-Licenses. Licensee shall have the right to cure any monetary default or breach by Licensor under the Licensor In-Licenses and to offset any amounts paid to cure such
default against amounts payable to Licensor hereunder. In the event, despite such efforts, any Licensor In-License(s) terminates, (a) [***] and (b) [***]. 
  
 13.5.2 All rights sublicensed to Licensee and relevant obligations under the BMS Agreement shall automatically terminate if [***].

  
 13.6 Effect of Expiration and Termination.

  
 13.6.1 Except where explicitly provided within
this Agreement, termination of this Agreement for any reason, or expiration of this Agreement, will not affect any: (a) obligations, including payment of any royalties or other sums which have accrued as of the date of termination or expiration, and
(b) rights and obligations which, from the context thereof, are intended to survive termination or expiration of this Agreement, including provisions of 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	28.	 	 

 Articles 1, 3, 8, 9, 10, 14 (as to actions arising during the Term or in the course of a Party practicing any licenses
retained by such Party thereafter), 18 and 19, Sections 7.2, 7.3 and 13.6 and any payment obligations pursuant to Section 6 incurred prior to termination. Notwithstanding the foregoing, all licenses granted by Licensor to Licensee hereunder,
including all Exclusive Licenses, and all sublicenses granted by Licensee hereunder, will immediately terminate upon termination of this Agreement pursuant to Sections 13.2.1, 13.2.2, 13.3 (pursuant to a breach by Licensee), 13.4 (subject to Section
13.7) or 13.5; provided that upon any termination pursuant to Section 13.2.3, such licenses and sub-licenses shall terminate only with respect to the relevant country or countries.  
  
 13.6.2 License to Licensee. Upon (i) the expiration of the
Royalty Term or (ii) Licensee’s termination of this Agreement pursuant to Section 13.3 (pursuant to a breach by Licensor), Licensor shall grant, and shall by this provision be deemed to have granted, to Licensee a perpetual, worldwide,
nonexclusive license to use the Licensor Technology to make, use, sell, offer for sale and import Licensed Products that bind specifically to the Designated Antigen, with no further obligation to Licensor. Notwithstanding the foregoing, or any other
provision of this Agreement: (a) any of Licensee’s milestone, royalty and other payment and reimbursement obligations accruing under this Agreement prior to termination or expiration and during the Royalty Term shall not be affected by, and
shall survive, such termination or expiration; (b) any of Licensee’s milestone payment obligations and other payment and reimbursement obligations to Licensor (other than royalty payment obligations) not yet matured as of the date of
termination or expiration shall be eliminated; and (c) any of Licensee’s royalty payment obligations accruing under this Agreement either before or after the date of termination or expiration shall survive such termination or expiration [***].

  
 13.6.3 License to Licensor. Upon any termination
of the Exclusive License, except pursuant to Section 13.2.2 or 13.2.3 or pursuant to Licensee’s termination of this Agreement pursuant to Section 13.3 (pursuant to a breach by Licensor), Licensee shall be automatically deemed to grant to
Licensor a worldwide, nonexclusive, irrevocable, royalty-free, sublicensable license in the Territory under the Licensee ADC Know-How and Licensee ADC Patents to identify, develop and commercialize products that contain an ADC consisting of an
Antibody that binds specifically to the Designated Antigen. 
  
 13.7 Rights in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by Licensor or Licensee are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy
Code, licenses of right to “intellectual property” as defined under Section 101 of the United States Bankruptcy Code. The Parties agree that the Parties, as licensees of such rights under this Agreement, shall retain and may fully exercise
all of their rights and elections under the United States Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against either Party under the United States Bankruptcy Code, the Party
hereto that is not a party to such proceeding shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not already in the
non-subject Party’s possession, shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon the non-subject Party’s written request therefor, unless the Party subject to such proceeding elects to
continue to perform all of its obligations under this Agreement or (b) if not delivered under clause (a) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request therefor by the
non-subject Party. 
  

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respect to the omitted portions. 
  

					
	Confidential	 	29.	 	 

 ARTICLE 14 - INDEMNITY 
  
 14.1 Direct Indemnity. 
  
 14.1.1 Each Party shall defend, indemnify and hold harmless the other Party and its respective successors, assigns,
directors, officers, employees and agents, from and against all liabilities, losses, damages, and expenses, including reasonable attorneys’ fees and court costs, (collectively, the “Liabilities”) resulting from all Third Party
claims, suits, actions, terminations or demands (collectively, the “Claims”) that are incurred, relate to or arise out of (a) the breach of any material provision of this Agreement by the indemnifying Party (or the inaccuracy of any
representation or warranty made by such Party in this Agreement), or (b) the gross negligence, recklessness or willful misconduct of the indemnifying Party in connection with the performance of its obligations hereunder. In addition, Licensee hereby
agrees to defend, indemnify and hold Licensor harmless from Liabilities resulting from the use, handling and/or storage of Drug Conjugation Materials and/or ADCs by Licensee and/or from Licensee’s conduct of Research Plan B under the Research
Collaboration Agreement, in each case prior to the Effective Date, except insofar as such Liabilities arise out of the gross negligence, recklessness or willful misconduct of Licensor. Licensor hereby agrees to defend, indemnify and hold Licensee
harmless from Liabilities resulting from the use, handling and/or storage of Antibodies provided by Licensee and/or ADCs by Licensor and/or from Licensor’s conduct of Research Plan A under the Research Collaboration Agreement, in each case
prior to the Effective Date, except insofar as such Liabilities arise out of the gross negligence, recklessness or willful misconduct of Licensee. 
  
 14.1.2 Licensee shall defend, indemnify and hold harmless Licensor and its successors, assigns, directors, officers, employees and agents, from and
against all Liabilities resulting from all Claims that are incurred, relate to or arise out of the development, manufacture or commercialization of Licensed Products by Licensor for Licensee or by Licensee, its Affiliates or Sublicensees, including
without limitation (a) any failure to test for or provide adequate warnings of adverse side effects, or any manufacturing defect in any Licensed Product and (b) any failure by Licensee or its Affiliates to pay any Existing Third Party Royalties or
royalties owed for Improvements or New Technologies with respect to any Licensed Product; except in each case to the extent such Liabilities resulted from the gross negligence, recklessness or willful misconduct by Licensor or the inaccuracy of any
representation or warranty made by Licensor in this Agreement or from any other action for which Licensor must indemnify Licensee under Section 14.1.3. 
  
 14.1.3 Licensor shall defend, indemnify and hold harmless Licensee and its successors, assigns, directors, officers, employees and agents, from and
against all Liabilities resulting from all Claims that are incurred, relate to or arise out of any claims of infringement of Third Party rights arising out of the use of Licensor Technology to make ADCs that bind specifically to the Designated
Antigen or to make a Licensed Product (but not any other technology, including the composition or methods of making or using Antibodies or technology not relating to Drug Conjugation Technology), except to the extent such Liabilities resulted from
the gross negligence, recklessness or willful misconduct by Licensee or the inaccuracy of any representation or warranty made by Licensee in this Agreement or any other action for which Licensee must indemnify Licensor hereunder. 
  

 30. 

 14.2 Procedure. A Party (the “Indemnitee”) that intends to claim
indemnification under this Article 14 shall promptly provide notice to the other Party (the “Indemnitor”) of any Liability or action in respect of which the Indemnitee intends to claim such indemnification, which notice shall
include a reasonable identification of the alleged facts giving rise to such Liability, and the Indemnitor shall have the right to participate in, and, to the extent the Indemnitor so desires, jointly with any other Indemnitor similarly noticed, to
assume the defense thereof with counsel selected by the Indemnitor. However, notwithstanding the foregoing, the Indemnitee shall have the right to retain its own counsel, with the reasonable fees and expenses thereof to be paid by the Indemnitor, if
representation of such Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other Party represented by such counsel in such proceedings. Any
settlement of a Liability for which any Indemnitee seeks to be indemnified, defended or held harmless under this Article 14 that could adversely affect the Indemnitee shall be subject to prior consent of such Indemnitee, provided that such consent
shall not be unreasonably withheld or delayed. 
  
 ARTICLE 15 - FORCE
MAJEURE 
  
 No Party (or any of its Affiliates) shall be
held liable or responsible to the other Party (or any of its Affiliates), or be deemed to have defaulted under or breached the Agreement, for failure or delay by such Party in fulfilling or performing any term of the Agreement when such failure or
delay is caused by or results from causes beyond the reasonable control of the affected Party (or any of its Affiliates), including fire, floods, embargoes, war, acts of war (whether war be declared or not), insurrections, riots, civil commotions,
acts of God or acts, terrorist acts or threats of terrorist acts, earthquakes, or omissions or delays in acting by any governmental authority (collectively, “Events of Force Majeure”); provided, however, that the
affected Party shall exert all reasonable efforts to eliminate, cure or overcome any such Event of Force Majeure and to resume performance of its covenants promptly. Notwithstanding the foregoing, to the extent that an Event of Force Majeure
continues for a period in excess of [***], the affected Party shall promptly notify in writing the other Party of such Event of Force Majeure and within [***] of the other Party’s receipt of such notice, the Parties shall negotiate in good
faith either (a) a resolution of the Event of Force Majeure, if possible, (b) an extension by mutual agreement of the time period to resolve, eliminate, cure or overcome such Event of Force Majeure, (c) an amendment of this Agreement to the extent
reasonably possible, or (d) an early termination of this Agreement. The Parties agree that a failure to commit sufficient resources, financial or otherwise, to the activities of such Party hereunder shall not be deemed an Event of Force Majeure,
unless such failure shall result from causes beyond the reasonable control of the non-performing Party. 
  
 ARTICLE 16 - ASSIGNMENT 
  
 Except as expressly provided herein, neither Party may, without the prior written consent of the other Party, assign or otherwise transfer any of its rights and interests or delegate any of its obligations hereunder; provided,
however, that (a) the assignment of this Agreement by 
  

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respect to the omitted portions. 
  

					
	Confidential	 	31.	 	 

 operation of law pursuant to a merger or consolidation of either Party with or into any Third Party shall, regardless of
the identity of the surviving entity to such merger or consolidation, not be deemed an assignment in violation of this Section 16, (b) either Party, without such consent, may assign its rights and delegate its duties hereunder to an Affiliate
thereof without obtaining such consent, provided that the assigning Party agrees to remain primarily (and not secondarily or derivatively) liable for the full and timely performance by such Affiliate of all its obligations hereunder, and (c) either
Party, without such consent, may assign its rights and delegate its duties hereunder to a successor entity or acquirer, provided that the assigning Party agrees to remain primarily (and not secondarily or derivatively) liable for the full and timely
performance by such assignee of all its obligations hereunder. Notwithstanding the foregoing, [***]. Any attempted assignment of this Agreement not in accordance with this Article 16 shall be void and of no effect. A “Change of
Control” means any of the following transaction or series of transactions: (a) any merger, consolidation, share exchange, business combination, issuance of securities, acquisition of securities, tender offer, exchange offer or other similar
transaction in which (i) a “person” or “group” (as defined in the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder) of persons directly or indirectly acquires beneficial or record ownership or
voting power of securities representing more than [***] of the outstanding voting securities of the Licensor or the receives the ability otherwise to elect a majority of the board of directors or other managing authority of Licensor, which in any
event shall be presumptively deemed to confer control over Licensor or (ii) Licensor issues securities representing more than [***] of the outstanding voting securities of Licensor or the ability otherwise to elect a majority of the board of
directors or other managing authority of Licensor, which in any event shall be presumptively deemed to confer control over Licensor; or (b) any sale, lease, exchange, transfer, license, acquisition or disposition of any business or businesses or
assets of the Licensor that constitute or account for [***] or more of the consolidated net revenues, net income or assets of the Licensor (including, without limitation, an exclusive license of all or substantially all of the Licensor’s
intellectual property rights).  
  
 ARTICLE 17 - SEVERABILITY

  
 Each Party hereby agrees that it does not intend to
violate any public policy, statutory or common laws, rules, regulations, treaty or decision of any government agency or executive body thereof of any country or community or association of countries. Should one or more provisions of this Agreement
be or become invalid, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid provisions, that in their economic effect, are sufficiently similar to the invalid provisions that it can be reasonably assumed that the
Parties would have entered into this Agreement based on such valid provisions. In case such alternative provisions cannot be agreed upon, the invalidity of one or several provisions of this Agreement shall not affect the validity of this Agreement
as a whole, unless the invalid provisions are of such essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid provisions. 
  
 ARTICLE 18 - INSURANCE 
  
 18.1 During the Term and for [***] thereafter, Licensee shall
maintain, at its sole expense, clinical trial and product liability insurance relating to the Licensed Product that is comparable in type and amount to the insurance customarily maintained by pharmaceutical companies with respect to similar
prescription pharmaceutical products that are marketed, distributed and sold in the Territory. 
  

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	Confidential	 	32.	 	 

 18.2 During the Term and for [***] thereafter, Licensor shall maintain, at its sole expense, such
types and amounts of insurance coverage as is appropriate and customary in the pharmaceutical industry in light of the nature of the activities to be performed by Licensor hereunder, and which names Licensee as an insured party. 
  
 18.3 Licensee shall maintain (and shall require its Affiliates and
Sublicensees to agree in writing to maintain) insurance or self-insurance that complies with the applicable requirements of Sections 4.2(b) and 11.5 of the BMS Agreement; provided, however, that under the terms of the BMS Consent the
following requirements of Section 11.5 of the BMS Agreement shall not apply to Licensee: (a) the aggregate deductible requirements of such policies, and (b) the duration of the applicable coverage. 
  
 ARTICLE 19 - MISCELLANEOUS 
  
 19.1 Notices. Any consent, notice or report required or
permitted to be given or made under this Agreement by one of the Parties hereto to the other shall be in writing, delivered personally or by facsimile (and promptly confirmed by personal delivery, first class air mail or courier), first class air
mail or courier, postage prepaid (where applicable), addressed to such other Party at its address indicated below, or to such other address as the addressee shall have last furnished in writing to the address or in accordance with this Section 19.1
and (except as otherwise provided in this Agreement) shall be effective upon receipt by the addressee. 
  
 If to Licensor: 
  
 Seattle Genetics, Inc. 
 21823 30th Drive S.E.

 Bothell, WA 98021 
 Attention:
General Counsel 
 Telephone: (425) 527-4000 
 Facsimile: (425) 527-4109 
  
 If to Licensee: 
  
 Bayer Pharmaceuticals
Corporation 
 400 Morgan Lane 
 West Haven, CT 06516 
 Attention: Senior Vice President, Global Licensing 
 Telephone: (203) 812-2000 
 Facsimile: (203)
812-6311 
  
 With a copy to: 
  
 Bayer Pharmaceuticals Corporation 
 400 Morgan Lane 
 West Haven, CT 06516

 Attention: Vice President and General Counsel 
 Telephone: (203) 812-6081 
 Facsimile: (203) 812-2795 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	33.	 	 

 19.2 Applicable Law. The Agreement shall be governed by and construed in accordance with
the laws of the State of New York, without regard to the conflict of law principles thereof that may dictate application of the laws of any other state. 
  
 19.3 Dispute Resolution. The Parties agree that if any dispute or disagreement arises between Licensee on the one hand and Licensor on the
other in respect of this Agreement (including without limitation a dispute under Articles 6 or 7 hereof, but excluding any dispute arising under Section 13.3 hereof), they shall follow the following procedure in an attempt to resolve the dispute or
disagreement. 
  
 19.3.1 The Party claiming that such a
dispute exists shall give notice in writing (“Notice of Dispute”) to the other Party of the nature of the dispute; 
  
 19.3.2 Within [***] of receipt of a Notice of Dispute, a nominee or nominees of Licensee and a nominee or nominees of Licensor shall meet in person
and exchange written summaries reflecting, in reasonable detail, the nature and extent of the dispute, and at this meeting they shall use their reasonable endeavors to resolve the dispute; 
  
 19.3.3 If, within a further period of [***], the dispute has not been
resolved, the President of Licensor and the President of Licensee shall meet at a mutually agreed upon time and location for the purpose of resolving such dispute; 
  
 19.3.4 If, within a further period of [***], the dispute has not been resolved or if, for any reason, the required
meeting has not been held, then upon either Party’s request the same shall be referred to compulsory arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (“UNCITRAL”)
as in effect on the Effective Date, except as provided in Sections 19.3.8 or 19.3.11. The Parties consent to a single, consolidated arbitration for all disputes for which arbitration is permitted. It is the intent of the Parties that the provisions
of this Section shall govern the arbitration of any dispute, notwithstanding anything to the contrary set out in the applicable rules. The arbitral body shall be composed of [***] neutral arbitrators selected by agreement of the Parties or, in the
absence of such agreement within [***] after either Party first proposes an arbitrator, by the International Chamber of Commerce (the “ICC”). The arbitration proceedings shall be conducted in the English language, and all documents
not in English submitted by any Party must be accompanied by an English translation. The arbitration shall be conducted in [***]. All discovery shall be completed within [***] after selection of the arbitrators. Each Party shall be permitted single
depositions of no more than [***] who have information directly relevant to the dispute and [***] requesting directly relevant documents. Any hearing that may be held shall be held in the presence of both Parties and shall take place within [***]
following completion of the discovery period, and each of the Parties shall present its case, witnesses and evidence, if any, within not more than [***] for each Party’s case. A written transcript of the proceedings shall be made, at the joint
expense of the Parties, and furnished to the Parties. The arbitrators shall set limits on the length of the Parties’ written submissions based on the nature of the dispute, which shall be delivered to the other Party simultaneously with their
submission to the arbitrators. The arbitrators shall determine the dispute, within [***] after completion of the hearing, in 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	34.	 	 

 accordance with the internal laws of the State of New York and applicable U.S. federal law, without giving effect to any
conflict of law rules or other rules that might render such law inapplicable or unavailable. All arbitration proceedings hereunder shall be governed by U.S. Rules of Evidence. The arbitrators shall render a written statement to the Parties setting
forth the basis of his/her determination. 
  
 19.3.5 The
Parties irrevocably consent and agree to be bound by any award or order resulting from any arbitration conducted hereunder and further agree that: this Agreement and the resulting obligations and relationships are commercial, and that the United
Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards applies to this Agreement and to any award or order resulting from any arbitration conducted hereunder. Any monetary award shall be payable in such currency and through
such bank as the recipient of such award shall direct, free of any withholding tax or other deduction, together with interest thereon at the [***], from the date the award is granted to the date it is paid in full. The Parties hereby agree that both
factual findings and legal rulings in any award by the arbitrators shall be res judicata as to all Parties hereto. In the context of an attempt by either Party to enforce an arbitral award or order, any defenses relating to the Parties’
capacity or the validity of this Agreement under any law are hereby waived. The Parties hereby acknowledge that set aside proceedings may be available, but hereby expressly renounce any right to set aside any award issued by the arbitrators, except
for the grounds set forth in the U.S. Federal Arbitration Act. Judgment on any award or order resulting from an arbitration conducted under this Section may be entered and enforced in any court, in any country, having jurisdiction thereof or having
jurisdiction over any of the Parties or any of their assets. 
  
 19.3.6 In addition to the authority otherwise conferred on the arbitral body, it shall have the authority to make such orders for interim relief, including injunctive relief, as it may deem just and equitable. Upon appointment of the
arbitrators following any grant of interim relief by a court, the arbitrators may affirm or disaffirm such relief, and the Parties will seek modification or rescission of the court action as necessary to accord with the arbitrators’ decision.

  
 19.3.7 Any fees and expenses (except for
attorney’s fees and expenses) payable with respect to an arbitration under this Section shall be borne by the Party losing the case. All arbitration rulings and awards shall be final and binding on the Parties. 
  
 19.3.8 Notwithstanding anything herein to the contrary, nothing in
this Agreement, including, without limitation this Section, shall preclude either Party from seeking interim or provisional relief, including a temporary restraining order, preliminary injunction or other interim equitable relief concerning a
dispute with the other Party, either prior to or during the dispute resolution procedures set forth herein, if necessary to protect the interests of such Party. 
  

19.3.9 In the event of a dispute regarding any payments owing under this Agreement, all undisputed amounts shall be paid promptly when due and
the balance, if any, promptly after resolution of the dispute. 
  

 [***] Confidential treatment has been requested with
respect to the omitted portions. 
  

					
	Confidential	 	35.	 	 

 19.3.10 Notwithstanding the foregoing, any disputes relating to inventorship or the validity,
enforceability or scope of any patent or trademark rights shall be submitted for resolution by a court of competent jurisdiction. 
  
 19.3.11 No Party will commence or voluntarily participate in any court action or proceeding relating to any dispute concerning or arising under
this Agreement, except (i) for enforcement of arbitral awards or orders as contemplated herein, (ii) to restrict or vacate an arbitral decision based on the grounds set forth in the U.S. Federal Arbitration Act, (iii) in the case of any dispute
arising under Section 13.3 hereof, or (iv) for interim relief. For purposes of the foregoing or enforcement of any undisputed obligation, the Parties hereto submit to the non-exclusive jurisdiction of the appropriate state or federal court sitting
in the Southern District of the State of New York. 
  
 19.4 Entire Agreement. This Agreement, together with all Schedules hereto, contains the entire understanding of the Parties with respect to the specific subject matter hereof. All express or implied agreements and
understandings, either oral or written heretofore made, including but not limited to the Research Collaboration Agreement, are expressly superceded by this Agreement. This Agreement may be amended, or any term hereof modified, only by a written
instrument duly executed by both Parties hereto. 
  
 19.5
Independent Contractors. Licensor and Licensee each acknowledge that they shall be independent contractors and that the relationship(s) among the Parties shall not constitute a partnership, joint venture, agency or any type of fiduciary
relationship. Neither Licensor nor Licensee shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other Party(ies), without the prior consent of the other
Party(ies) to do so. 
  
 19.6 Affiliates. Each Party
shall cause its respective Affiliates to comply fully with the provisions of this Agreement to the extent such provisions specifically relate to, or are intended to specifically relate to, such Affiliates, as though such Affiliates were expressly
named as joint obligors hereunder. 
  
 19.7 Waiver.
The waiver by either Party hereto of any right hereunder or the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether of a
similar nature or otherwise. 
  
 19.8 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 36. 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. 
  

			
	SEATTLE GENETICS, INC.
		
	 By:
	 	 /s/ Clay B. Siegall

		
	 Name:
	 	 Clay B. Siegall, Ph.D.

		
	 Title:
	 	 President & CEO

	
	BAYER PHARMACEUTICALS CORPORATION
		
	 By:
	 	 /s/ Joseph J. Catino

		
	 Name:
	 	 Joseph J. Catino

		
	 Title:
	 	 Sr. V.P. Research

  

 37.

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