Document:

EX-10.5

 Exhibit 10.5 

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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 
 DISTRIBUTION AGREEMENT 

THIS DISTRIBUTION AGREEMENT (“Agreement”) is
entered into as of December 9, 2015, between VALNEVA AUSTRIA GMBH, CIN: FN 389960 x, organized under the laws of Austria, with its registered office at Campus Vienna Biocenter 3, AT-1030 Vienna, Austria, hereinafter referred to as “SUPPLIER”, and GLAXOSMITHKLINE GMBH &
CO. KG, organized under the laws of Germany, with its registered office at Prinzregentenplatz 9, D-81675 Munich, Germany, hereinafter referred to as “DISTRIBUTOR,”
(hereinafter each referred to as a “Party”, and collectively as the “Parties”). 

WITNESSETH: 

WHEREAS, SUPPLIER is engaged in the research, development and manufacture of biopharmaceutical products,
including the Product, and is the exclusive owner or licensee of proprietary rights in such Product; 

WHEREAS, DISTRIBUTOR is engaged in the marketing of pharmaceutical products and has represented to
SUPPLIER that it has the facilities, personnel and technical expertise to import, market, sell, promote and distribute the Product in the Territory (as defined below); 

WHEREAS, the former distributor of the Product in Germany GlaxoSmithKline Vaccines Vertriebs GmbH
(formerly known as Novartis Vaccines Vertriebs GmbH) is a company that now belongs, as does DISTRIBUTOR, to the GSK Group of companies. Consequently the Product has already been launched in the Territory by a GSK Group company; and 

WHEREAS, SUPPLIER is willing to exclusively sell the Product in the Territory to DISTRIBUTOR, and
DISTRIBUTOR is willing to acquire the Product from SUPPLIER for resale to customers in its own name and on its own account in the Territory, on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration for the premises and promises contained herein, the
Parties, intending to be legally bound, agree as follows: 
 1. DEFINITIONS 

For purposes of this Agreement, the following terms shall have the following meanings: 

1.1 “Affiliate” means, with respect to a Party, any entity that is controlled by, controls, or is under common
control with such Party. For such purpose, the term “control” means direct or indirect beneficial ownership of more than fifty percent (50%) of the voting interest in an entity, or more than fifty percent (50%) interest in
the income of the entity in question, or the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity. 

1.2 “Agreement” means this contract together with all attachments and amendments agreed upon by the Parties in
writing. 
 1.3 “Anti-Corruption Laws” means any and all applicable local, European or other
legislations/regulations regarding corruption that may be applicable to one or both Parties, including but not limited to the following legislations/regulations as amended from time to time: (a) the Criminal Law Convention on Corruption
(Council of Europe), (b) the Organization for Economic Co-Operation and Development Convention on Combating Bribery of Foreign Officials in International Business, and (c) the United States Foreign
Corrupt Practices Act of 1977. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.4 “Applicable Laws” means applicable laws, rules, and
regulations, including any rules, regulations, guidelines, and other requirements of a Governmental Authority, as may be in effect from time to time, including but not limited to the Anti-Corruption Laws. 

1.5 “Average Selling Price” or “ASP” is calculated by dividing annual Sales by the
number of packs of the Product sold by DISTRIBUTOR in a one (1) year’s period. For the purpose of this calculation, “Sales” mean the sales of the Product which DISTRIBUTOR achieves by selling the Product to third
parties (other than Affiliates) in the Territory after deduction of [***]. 
 1.6 “Change of Control” means an
acquisition by any third party, directly or indirectly, of voting securities or capital stock, or other comparable ownership interest, of or in DISTRIBUTOR, resulting in such third party, together with its Affiliates, owning, directly or indirectly,
more than fifty percent (50%) of the outstanding voting securities or capital stock, or other comparable ownership interest, of or in DISTRIBUTOR. 

1.7 “Confidential Information” means any trade secrets, confidential data or other confidential information,
whether oral or written, relating to the other Party’s past, present and/or future efforts in research, development, manufacturing, and business activities that is disclosed to or obtained by the receiving Party in connection with, and during
the Term of, this Agreement. All such information disclosed by either Party to the other shall be marked as “confidential” or bear a similar legend. Confidential Information disclosed orally, shall at the time of disclosure be identified
as Confidential Information and the disclosing Party shall confirm the same in writing no later than [***] after the information has been disclosed. Notwithstanding the foregoing, any information or material which by its nature and under the
circumstances surrounding its disclosure is generally considered proprietary and confidential shall be deemed Confidential Information regardless of whether it is properly marked with legends or properly reduced to writing. 

1.8 “Dealer” means Affiliates of DISTRIBUTOR or third parties, which Affiliates or third parties have been
appointed by DISTRIBUTOR and, in the case of third parties, approved by SUPPLIER pursuant to Section 2.2.3 to promote, market and distribute the Product in the Territory. For the avoidance of doubt, Dealer does not include any entity engaged by
DISTRIBUTOR for the purposes of providing logistical support of such promotion, marketing or distribution, including storage, transportation, packaging and invoicing. 

1.9 “Effective Date” means the date of this Agreement as designated in the preamble to this Agreement on the
first page. 
 1.10 “FCA” means Free Carrier SUPPLIER’s or its Affiliate’s warehouse or designated
service provider in Continental Western Europe in accordance with the ICC Incoterms 2010, International Rules for the Interpretation of Trade Terms, ICC Publication No. 715. 

1.11 “GDP” means, as relevant to the Product, the then-current good distribution practices and similar rules,
regulations and guidelines, as amended from time to time, applicable to the proper handling, transport, storage, importation, marketing, promotion, sale and distribution of pharmaceutical products in the Territory, including but not limited to the
then-current guidelines on good distribution practice published by the European Commission in accordance with Article 84 of the Directive 2001/83/EC of the European Parliament and of the Council of 6 November 2001 on the Community code relating
to medicinal products for human use (as amended) (i.e: as of the Effective Date, the Guidelines of 5 November 2013 on Good Distribution Practice of medicinal products for human use). 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.12 “GMP” means, as relevant to the Product, the principles
and guidelines of good manufacturing practice as contained in the Commission Directive 2003/94/EC, of 8 October 2003, laying down the principles and guidelines of good manufacturing practice in respect of medicinal products for human use and
investigational medicinal products for human use, as such principles and guidelines are interpreted and expanded in “The Rules Governing Medicinal Products in the European Community, Volume IV. Good Manufacturing Practice for Medicinal
Products”. 
 1.13 “Governmental Authority” means and includes all governmental and regulatory bodies,
agencies, departments or entities, whether or not located in the Territory, having jurisdiction over the marketing authorization, pricing, reimbursement, importation, promotion, distribution and/or sale of the Product in the Territory. 

1.14 “Intellectual Property Rights” means and includes all copyrights, designs, databases, mask works, patents,
Trademarks, Confidential Information, trade names, Know How and other proprietary rights, and all registrations and applications therefor, which SUPPLIER may at any time own, control, adopt, use, license or register with respect to the Product or
its business, to the extent such rights are enforceable by Applicable Laws. 
 1.15 “Know How” shall mean any
and all materials, information, experience and data, formulae, procedures, results and specifications, regulatory filings and clinical and pre-clinical data, in written or electronic form, which are related to
the Product, including, but not limited to the composition and chemical, structural, toxicological, physical and environmental characteristics of Product including any process information relating to the manufacturing thereof; all conclusions,
opinions, advice and reports needed to comply with all appropriate laws and regulations pertaining to the Marketing Authorization, the manufacturing, the marketing and the distribution of Product, such as analytical specifications, test methods,
stability test methods and the necessary reference standards and disclosed by SUPPLIER to DISTRIBUTOR in connection with this Agreement. 

1.16 “Marketing Authorization” means the European marketing authorization referenced EU/1/08/501/002,
presentation without needle, as such may be modified from time to time. 
 1.17 “Person” means and includes
any agency, association, company, individual, or other entity regardless of the type or nature thereof. 
 1.18 “Pricing
Approval(s)” means any approval or authorization of any Governmental Authority establishing a pricing scheme and/or health insurance reimbursement scheme for the Product or any of them in the Territory, but excluding Marketing
Authorization. 
 1.19 “Product” shall mean the product manufactured by or on behalf of SUPPLIER, for the
indication(s) and application(s) specified in the approved Summary of Product Characteristics, listed in ANNEX A. 
 1.20
“Start Date” means April 1, 2016 where DISTRIBUTOR will be granted exclusive rights for the commercialization of the Product in the Territory as provided for under this Agreement, including but not limited to the
exclusive rights defined under Section 2.1.1 below. 
 1.21 “Term” means the term of this Agreement as
determined in accordance with Section 16.1 
 1.22 “Territory” shall mean the country/countries as set
forth in ANNEX B of this Agreement. 
 1.23 “Trademarks” means the word and design marks, and corresponding
registrations applicable to the Territory, owned by, or licensed to SUPPLIER (with the right to sublicense), solely pertaining to the Product, which Trademarks are listed in ANNEX A. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.24 “Transfer Price” means the price specified in ANNEX C
for Products supplied by SUPPLIER and purchased by DISTRIBUTOR under this Agreement. 
 In this Agreement, unless a contrary intention
appears, the singular shall include the plural, each gender shall include each other gender and the terms “include” and “including” shall be construed without limitation. 

2. GRANT OF RIGHTS 

2.1 Exclusive Distribution and Supply 

2.1.1 Distribution Rights. Subject to the terms and conditions of this Agreement, as of the Start Date, SUPPLIER hereby grants to
DISTRIBUTOR, and DISTRIBUTOR accepts, exclusive rights subject to SUPPLIER’s retained rights in section 2.1.2 below to import, market, promote, distribute and sell the Product in and into the Territory under this Agreement. Such right being
exclusive shall mean that SUPPLIER will not during the Term hereof (1) grant rights to distribute, market, sell and import the Product in and to the Territory to any other Person, nor (2) directly or indirectly through Affiliates
distribute, market, sell and import the Product in and to the Territory except as reserved in Sections 2.1.2 and 2.1.3 below. 
 2.1.2
SUPPLIER’s Retained Rights. SUPPLIER retains and reserves the right to deliver, distribute, market, sell, promote and import the Product to the Territory either directly or indirectly through its Affiliates and/or any
third party, exclusively with respect to the National and/or International Aid Organizations and/or Supranational Organizations, e.g. WHO, UNICEF, PAHO, and Red Cross (“Organizations”). Notwithstanding the foregoing,
this Section 2.1.2 shall not prevent DISTRIBUTOR to sell to such Organizations should such Organizations contact DISTRIBUTOR directly. 

2.1.3 No Other Rights. Neither Party grants to the other any rights or licenses, implicit or otherwise, to any of its assets,
licensable or not, including for example its products, projects or under its intellectual property rights, including but not limited to its patents, trademarks, copyrights and know how, other than those expressly set forth in this Agreement. 

2.1.4 Modification or Discontinuation of Product. SUPPLIER retains and reserves the right to modify and/or discontinue the manufacture
and sale of the Product, at its own discretion. In the case of discontinuation SUPPLIER’s decision shall be based on [***]. In the case of discontinuation, SUPPLIER shall respect a [***] notice and shall permit the DISTRIBUTOR to sell its
remaining stock of Product, or shall, at DISTRIBUTOR’s option, purchase back the remaining stock at the Transfer Price initially invoiced to DISTRIBUTOR. In addition, SUPPLIER shall reimburse DISTRIBUTOR any reasonable expenses incurred by the
DISTRIBUTOR for the storage and, as the case may be, transportation for Products returned to SUPPLIER for their destruction. 
 2.1.5
Appointment of Distributors outside the Territory. DISTRIBUTOR acknowledges that SUPPLIER may grant exclusive marketing rights for the Product to other Persons in countries outside the Territory or that SUPPLIER may retain exclusive marketing
rights for itself or its Affiliates for the same purpose. SUPPLIER undertakes to impose upon such Persons restrictions on their active marketing in the Territory, to the extent that such restrictions are legally permissible. It is however
understood, that by operation of law, restrictions on passive sales which includes the sale of the Product over the internet, may not be permitted and that DISTRIBUTOR shall not be entitled to receive any compensation for such sales in the Territory
by such Persons. 
 2.1.6 Exclusive Supply. During the Term DISTRIBUTOR shall purchase all of its requirements of the Product for the
Territory from SUPPLIER or any party designated by SUPPLIER for this purpose. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 2.2 Sub-distribution Rights 

2.2.1 Appointment. DISTRIBUTOR shall have the right to appoint Dealer(s) to market, promote and distribute Product in the countries of
the Territory pursuant to the rights granted herein and in accordance with this Section 2.2. 
 2.2.2 Subdistribution Agreements.
DISTRIBUTOR shall require that each Dealer execute a ‘ written agreement, including quality agreement and pharmacovigilance agreement with DISTRIBUTOR, which shall contain terms substantially similar to those set forth herein and shall
terminate upon the expiration, non-renewal, or termination of this Agreement for any reason. No Dealer shall have a right to sublicense any rights or to appoint Dealers. Not later than [***] following written
agreement with any Dealer, DISTRIBUTOR shall provide SUPPLIER with a copy of the quality agreement entered into between the DISTRIBUTOR and any of its Dealers. 

2.2.3 Notification and Approval. DISTRIBUTOR shall notify SUPPLIER in writing of the identity of any Dealer, and shall request
SUPPLIER’s prior written approval for any third party Dealer. SUPPLIER shall not unreasonably withhold such approval and shall either grant or deny such approval in writing within [***] from receipt of a written request from DISTRIBUTOR, which
request shall include, at SUPPLIER’s request, background information on such third party Dealer. The addresses used for this communication are defined in ANNEX I. 

2.2.4 Liability for performance of Dealers. DISTRIBUTOR shall remain solely responsible and liable to SUPPLIER for the performance of
this Agreement by its Dealers. 
 2.3 Trademarks and Trade Name Use 

2.3.1 Trademark Freedom to Operate. SUPPLIER agrees that neither SUPPLIER nor its Affiliates shall assert any trademarks or trade
names owned or controlled by SUPPLIER or its Affiliates based on DISTRIBUTOR’s or any Dealer(s)’commercialization of the Product provided any use is compliant with the terms and conditions of this Agreement including that the use shall be
consistent with standards for trademark use that are generally accepted within the pharmaceutical industry. 
 2.3.2 Additional
Trademarks. SUPPLIER shall have the right to select additional Trademarks and register them at its expense, and such Trademarks shall be owned by SUPPLIER and added to ANNEX A, initially as secondary Trademarks. If (i) a Governmental
Authority does not approve the then-current primary Trademark indicated on ANNEX A, (ii) a third party asserts that such Trademark infringes its trademarks, (iii) such Trademark is successfully opposed by a third party, (iv) a
petition to cancel such Trademark is filed by a third party, (v) there is an infringement of such Trademark by any third party against which SUPPLIER does not enforce its rights pursuant to Section 11.3, or (vi) there is a bona fide
issue with such Trademark which is supported by an opinion of DISTRIBUTOR’s outside trademark attorneys, then SUPPLIER shall designate one of the secondary Trademarks (as indicated on ANNEX A) as a replacement primary Trademark. If there are no
remaining secondary Trademarks, DISTRIBUTOR shall have the right to select another trademark of its choosing after having received the written consent of SUPPLIER. Any such trademark selected by DISTRIBUTOR shall be registered in the name of
SUPPLIER, at SUPPLIER’s expense, shall be added as a Trademark to ANNEX A and shall be owned by SUPPLIER. 
 2.3.3 Trademark
Use in Materials. Subject to the terms and conditions of this Agreement, DISTRIBUTOR shall use or have used the Trademarks related to the Product indicated in ANNEX A, and no other trademarks or trade names, in connection with its marketing,
promotion, sale and distribution of the Product in the Territory, unless otherwise agreed by the Parties and provided, however, that DISTRIBUTOR may use its own trademarks and trade names on product packaging, brochures and other promotion materials
to identify itself as the distributor of the respective Product. DISTRIBUTOR agrees to provide copies of all such materials to SUPPLIER for Trademark use review and approval prior to publication and distribution. SUPPLIER agrees that its approval of
such materials will not be unreasonably withheld. The Parties agree that SUPPLIER will be deemed to approve any such materials if it does not respond to DISTRIBUTOR within [***] after having received said materials. The addresses used for this
communication are defined in ANNEX I. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 2.3.4 Trademark Use Undertakings. DISTRIBUTOR’s use of the Trademarks related to
the Product in ANNEX A shall be consistent with standards for trademark use that are generally accepted within the pharmaceutical industry. DISTRIBUTOR shall in particular (1) ensure that no damaged, out-of-date and deteriorated Product shall be put on the market or otherwise disposed of in a manner which would bring into disrepute the Trademarks or the trade name of SUPPLIER; (2) avoid in any case
the use of the Trademarks as generic names; and (3) report to SUPPLIER all matters which, to the best of its knowledge, may affect the validity of the Trademarks, including any imitations of Product or infringements of the Trademarks and report
them without unreasonable delay to SUPPLIER. 
 2.3.5 Trademark Audit Right. SUPPLIER shall have the right to audit DISTRIBUTOR’s
use of the Trademarks related to the Product in ANNEX A. DISTRIBUTOR shall remedy any non-compliant use identified by SUPPLIER as soon as possible using commercially reasonable efforts after notification by
SUPPLIER. 
 2.4 Wholesale License and Import License 

2.4.1 Wholesale License. DISTRIBUTOR undertakes that it, or its Dealers, if applicable, holds and shall maintain, throughout the
term of this Agreement and for a period of [***] thereafter, a wholesale license or adequate license issued by the respective authority of the Territory granting DISTRIBUTOR permission to import, market and sell medical products including vaccines
at its own cost and expenses. A legalized copy of such license shall be attached to the Agreement as ANNEX F. Any renewal of such license will be sent to SUPPLIER at the address given in ANNEX I. 

2.4.2 Loss of License. DISTRIBUTOR shall immediately inform SUPPLIER of the loss or the threat of loss of such license. The failure of
DISTRIBUTOR to maintain its license, as set forth in Section 2.4.1 above, in the Territory shall give SUPPLIER the right, in its sole discretion, to terminate the Agreement, in accordance with Section 16.2, with [***] prior written notice,
unless DISTRIBUTOR has cured every such diligence infringement within that [***] period. 
 2.4.3 Import License. DISTRIBUTOR shall
obtain at its own costs any import license or other authorization and carry out under its responsibility, where applicable, all customs formalities required to import Product in the Territory and that are specific to Product. 

3. NON-COMPETITION COVENANTS 

3.1 No manufacturing of Product. DISTRIBUTOR covenants not to manufacture the Product or cause the Product to be manufactured directly
or indirectly by third parties without the written consent of SUPPLIER. 
 3.2 No Active Sales in other Territories. DISTRIBUTOR
covenants not to actively sell the Product or to establish or maintain branches, sales offices or distribution depots, set up subsidiaries or maintain deposits for the purpose of the sales of the Product in any countries outside the Territory
allocated to another distributor, to SUPPLIER or any of its Affiliates for the exclusive distribution of the Products. The Parties understand that fulfilling orders made over the internet or unsolicited orders received from customers outside the
Territory is permitted under EU competition law and is not prohibited hereunder. 
 3.3 No distribution of Competing Products. During
the term of this Agreement, but in no event for a period of more than [***] from the Effective Date of this Agreement and to the extent permitted under European competition law, DISTRIBUTOR will not, without the written consent of SUPPLIER,
manufacture, market, file applications for regulatory approval (for the sake of clarity, the restriction to not file applications for regulatory approval does not apply to, or restrict any of DISTRIBUTOR’s Affiliates outside the Territory),
distribute, sell or promote in the Territory any pharmaceutical products that directly compete with the Product in ANNEX A that are generically substitutional to the Product and sold for the same indications as the Product in ANNEX A. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 4. MARKETING AND PROMOTION 

4.1 Diligent Marketing Efforts 

4.1.1 Diligent Efforts. DISTRIBUTOR shall use reasonable commercial efforts to promote, sell, and distribute the Product within
the Territory, at its own expense. Such efforts shall include, but not be limited to, e.g. professional sales calls on target medical audiences (e.g. physicians, hospitals, pharmacists), advertising the Product in appropriate media and
participating in trade shows, conferences, expositions, and promotional seminars, all with due consideration for the local marketing environment in the Territory. 

4.1.2 Offices and Personnel. DISTRIBUTOR shall at its own expense maintain offices adequate to market and support the Product within the
Territory and shall retain and have at its disposal at all times a sufficient and adequate staff of trained and qualified personnel to perform its obligations under this Agreement. 

4.1.3 Compliance. DISTRIBUTOR shall conduct its marketing activities in accordance with Applicable Law and in accordance with
appropriate or applicable standards of pharmaceutical product promotional practices, fair trade, fair competition, and business ethics, and shall cause its employees and Dealers to do the same. 

4.1.4 Diligence Failure. Failure to meet DISTRIBUTOR’s diligence obligations, as set forth in this Section 4.1 shall be
considered as a breach of this Agreement and will give SUPPLIER the right, in its sole discretion, with [***] prior written notice (if DISTRIBUTOR has failed to cure either such diligence obligation within such [***] period), to either
(i) terminate the Agreement, in accordance with Section 16.2; or (ii) appoint additional distributor(s) for the Territory or parts thereof, and convert the exclusive rights of Section 2.1.1 and 2.3.1 into non-exclusive rights. In such event, the Parties will agree on new applicable Minimum Annual Purchase Quantities. The remedies available to SUPPLIER under this Section 4.1.4 (i) and (ii) shall however not
commence until [***] after the Effective Date. 
 4.2 Distribution 

4.2.1 Inventory. DISTRIBUTOR shall or shall cause its nominated third parti(es) to at all times maintain a stock of Product so as to
adequately serve and fulfill the normal and reasonably foreseeable sales of Product within the Territory, however such stock not to be less than [***] supply of Product. In particular, DISTRIBUTOR shall ensure that DISTRIBUTOR, its Dealers or its
nominated third parti(es), if applicable, shall maintain suitable premises for the storage and handling of Product and shall assure proper storage and handling of Product in accordance with Good Distribution Practice (GDP) standards and Product
requirements as set forth in the Marketing Authorization. SUPPLIER or its authorized representatives are entitled to inspect the storage and handling facilities used by DISTRIBUTOR for Product and the offices where pertinent documentation is handled
during normal business hours upon reasonable prior written notice. The Parties shall bear its own costs for such inspections. 
 4.2.2
Distribution. DISTRIBUTOR shall be responsible for proper packing of Product for shipment and distribution within the TERRITORY. DISTRIBUTOR shall use suitable transport systems and handle Product in accordance with Good Distribution Practice
(GDP) standards and Product requirements. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 4.2.3 Alterations. DISTRIBUTOR shall ensure that the Product is distributed, sold,
promoted, marketed and advertised in the form and with the labeling or marking designated by SUPPLIER and in accordance with the applicable regulations in the Territory and, in particular, shall not alter, remove, or deface any Trademark without the
written approval of SUPPLIER. 
 4.3 Promotional Materials 

4.3.1 Promotional Materials. DISTRIBUTOR may develop sales literature, product descriptions, sales aids and advertising and promotional
materials (collectively “Promotional Materials”) from background information and materials provided by SUPPLIER, provided however, that all costs and expenses incurred by DISTRIBUTOR in the preparation and distribution of
such sales literature and promotional materials shall be borne solely by DISTRIBUTOR. 
 4.3.2 Provision of Promotional Materials. To
the extent that it is legally and contractually permitted to do so, SUPPLIER will share with DISTRIBUTOR Promotional Materials developed and used by SUPPLIER, its other distributors or licensees in respect of each Product as soon as practicable; and
hereby grants to DISTRIBUTOR a royalty free, non-exclusive license during the Term to reproduce and/or adapt the Promotional Materials only for the purpose of promoting the Product in the Territory, provided
that DISTRIBUTOR shall bear all costs of reproducing and/or adapting such Promotional Materials. 
 4.3.3 Copyright. DISTRIBUTOR shall
retain the copyright in any Promotional Material developed by DISTRIBUTOR and any adaptation of the Promotional Materials provided by SUPPLIER (the “DISTRIBUTOR Promotional Materials”). DISTRIBUTOR agrees to provide to
SUPPLIER on request samples of the DISTRIBUTOR Promotional Materials. 
 4.3.4 Compliance and Approval. DISTRIBUTOR shall submit
DISTRIBUTOR Promotional Materials, which DISTRIBUTOR shall ensure comply with the Marketing Authorization, Applicable Laws and/or all other applicable rules and regulations in Territory, for review and approval by SUPPLIER on a timely basis to allow
SUPPLIER to verify if such Promotional Materials are in line with global branding strategies and relevant Marketing Authorization. In the event that such Promotional Materials are not in line with global branding strategies and relevant Marketing
Authorization, SUPPLIER will notify DISTRIBUTOR of any discrepancies and request DISTRIBUTOR to cure such discrepancies. Upon reasonable request by SUPPLIER, and provided SUPPLIER has no internal resources to read and understand [***] text,
DISTRIBUTOR shall, at its own risk, cost and expense, translate Promotional Materials into the English language or certify in writing that any Promotional Material in a local language is a correct translation of the Promotional Material provided by
SUPPLIER and that the translation was made by a certified translator. SUPPLIER shall provide comments or approval within [***] from receipt of a complete submission. If SUPPLIER does not give approval or comments within that [***] period, such
Promotional Material shall be deemed approved. 
 5. AUTHORIZATIONS, PHARMACOVIGILANCE, COMPLAINTS,
FIELD ACTIONS AND ESCALATIONS 
 5.1 Regulatory and Pricing Approval

 5.1.1 No Marketing of Product without Marketing Authorization. DISTRIBUTOR shall import, transport, store, market,
promote, offer for sale or sell and distribute the Product in accordance with the Marketing Authorization. 
 5.1.2 Marketing
Authorization. SUPPLIER shall provide DISTRIBUTOR with SUPPLIER’s available information that is needed for the promotion and distribution of the Product. The SUPPLIER will be in charge of the regulatory submissions to obtain and maintain
the Marketing Authorization for the Product in the Territory. Any changes and variations to the Summary of Product Characteristics of the Product and package leaflet and packaging components will only be implemented after approval of the competent
Regulatory Authority. SUPPLIER will keep DISTRIBUTOR informed about Marketing Authorization or other label changes relevant for marketing and promotion. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 5.1.3 Pricing Approvals. DISTRIBUTOR shall be solely responsible for obtaining and
maintaining Pricing Approval(s) for the sale of Product in the Territory, unless otherwise agreed by the Parties or legally required. For this purpose, SUPPLIER shall provide DISTRIBUTOR with data and documentation required for obtaining and
maintaining Pricing Approval(s). This includes timely response to requests for the submission of pricing data by the local Governmental Authorities. 

5.2 Manufacturing License and Batch Release 

5.2.1 Manufacturing License. SUPPLIER shall be responsible, without any additional cost to DISTRIBUTOR, for securing and maintaining all
necessary governmental approvals, licenses, authorisations and permissions, which may be required for SUPPLIER to manufacture or have manufactured the Product for distribution in the Territory. 

5.2.2 Batch Release and Wholesale License. SUPPLIER shall be responsible for securing batch release relating to Product with an European
Official Medicinal Control Laboratory and shall provide DISTRIBUTOR with relevant information forms and certificates as further specified in ANNEX E. DISTRIBUTOR shall be entitled to rely upon such information forms and certificates without the
necessity of performing additional testing. DISTRIBUTOR is responsible to obtain and hold all necessary regulatory registrations regarding distribution in the Territory. Product will be supplied with all relevant documents showing that the Product
is finally released for marketing in the Territory. 
 5.3 Pharmacovigilance and Clinical Trials 

5.3.1 Pharmacovigilance. DISTRIBUTOR shall adopt and maintain a service responsible to handle pharmacovigilance in the Territory
concerning Product as detailed in the Pharmacovigilance Agreement as attached hereto as ANNEX G. The obligations of DISTRIBUTOR to forward any Safety Report to SUPPLIER, as further specified in ANNEX G, shall survive expiry or termination of this
Agreement and be effective until [***] to cover a transitional period. 
 5.3.2 Data Collection. DISTRIBUTOR shall not initiate,
sponsor or support any structured data collection schemes involving Product, including but not limited to: 
 (i) interventional
clinical trials; and/or 
 (ii) non-interventional clinical studies, compassionate use/named
subject use programs, or any other subject support programs. 
 5.4 Recalls, Technical Complaints etc. 

5.4.1 DISTRIBUTOR and SUPPLIER shall accept and follow the responsibilities and processes for recalls, complaints and other quality
related issues as described in the Quality Agreement attached hereto as ANNEX E. 
 5.5 Medical Information Services 

5.5.1 DISTRIBUTOR shall provide medical information services for the Product in the Territory through qualified personnel in accordance
with this Agreement and as further detailed in this Section 5.5. Medical queries from the Territory received by SUPPLIER shall be directed to DISTRIBUTOR’s Address for Medical Information Purposes as further detailed in ANNEX I. 

5.5.2 Product queries. DISTRIBUTOR shall perform the medical information services for the Product by using up-to-date and SUPPLIER approved resources: Summary of Product Characteristics or local equivalent and the English Product Questions & Answers (Q&A) document(s).

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
DISTRIBUTOR shall forward all Product medical queries outside the scope of the Summary of Product Characteristics (or local equivalent) and the English Product Q&A document(s) it receives in
an anonymous form to SUPPLIER’s Address for Medical Information Purposes (ANNEX I) as soon as practicable after receipt but no longer than [***]. The answer will be compiled by SUPPLIER’s respective department and will be sent as soon as
practicable, but no longer than [***], to DISTRIBUTOR, who shall be responsible for ensuring that answers are compliant with local laws and regulations e.g. by adding specific required information and for contacting and liaising with its
customer. 
 5.5.3 Information flow between DISTRIBUTOR and SUPPLIER. SUPPLIER will provide DISTRIBUTOR with the updated English
version of the Product Q&A document(s) on at least a [***] basis. The English Product Q&A document(s) can be translated by DISTRIBUTOR to the local language(s) of the Territory at its own risk and expense. Every [***] the DISTRIBUTOR shall
provide—in an anonymous form and in the [***] language—SUPPLIER with all Product medical queries (without DISTRIBUTOR’s reply to such queries) it has received. Such information shall be directed to the SUPPLIER’s Address for
Medical Information Purposes (ANNEX I). Any newly identified safety issue relating to the Product shall be communicated promptly to the other Party for review, discussion and a decision to be made on the appropriate course of action(s) to be taken,
if any. 
 5.5.4 Training. If requested by either Party, SUPPLIER’s respective department shall provide DISTRIBUTOR’s
qualified personnel with an annual medical information training, whose form shall be at the discretion of the SUPPLIER (e.g. training manual, web-based or face to face training) and it is
DISTRIBUTOR’s responsibility to assure that its qualified personnel attends such training. Unle4s, otherwise agreed, such training shall be conducted in the Territory. 

5.5.5 Continuing Obligation. After expiry or termination of this Agreement plus [***] to cover a transitional period, DISTRIBUTOR shall
continue to forward any Product related medical query it received to SUPPLIER’s Global Medical Information department per fax as indicated by such department, as soon as practicable but no later than within [***] of receipt. 

5.5.6 Archiving. During the term of this Agreement, DISTRIBUTOR will document and archive all Product related medical queries it
received together with DISTRIBUTOR’s reply to such queries, and if required by a Governmental Authority, provide them to SUPPLIER and/or Governmental Authority. 

5.6 Exchange and Update of Essential Information 

5.6.1 SUPPLIER shall keep DISTRIBUTOR informed about any changes regarding or having any effect on (i) the procedure according to
which a Product is manufactured, (ii) the composition and/or pharmaceutical characteristics of a Product and/or (iii) the content and/or the wording of the Summary of Product Characteristics (SPC) package leaflet and packaging components
for a Product. All changes will only be implemented after having received approval by the competent Regulatory Authority. 
 5.6.2
Whenever a change as described in Section 5.6.1 occurs or becomes foreseeable, SUPPLIER will inform DISTRIBUTOR about all necessary details without undue delay. The Parties will then initiate and carry out a change control procedure that is
compliant with all applicable standards of Good Manufacturing Practice (GMP). 
 5.6.3 Each change control procedure according to
Section 5.6.2 shall be documented by the Parties. The documentation shall be signed by the Parties and added to each Party’s exemplar of the present Agreement. 

  
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 6. FORECASTS AND ORDERS 

6.1 Minimum Purchase Quantities and Sales Target 

6.1.1 Minimum Purchase Quantities. In any full calendar year following the Start Date, where DISTRIBUTOR retains exclusive rights, and
where applicable Pricing Approval of a Product in the Territory, DISTRIBUTOR shall purchase the minimum annual purchase quantities set forth in ANNEX D. 

6.1.2 Failure to fulfill Minimum Purchase Quantities. If, at the end of any full calendar year, DISTRIBUTOR has failed to
purchase the minimum annual purchase quantity of Product, DISTRIBUTOR shall pay to SUPPLIER an amount equivalent to [***] of the Transfer Price, reference to ANNEX C, then in effect per Product dose not purchased by the DISTRIBUTOR for such calendar
year equal to such shortfall. Should DISTRIBUTOR fail to purchase the minimum annual purchase quantity of Product for [***], SUPPLIER may, at its option and upon [***] prior written notice (1) appoint additional distributor(s) for the Territory
and DISTRIBUTOR’S rights hereunder will automatically be converted to non-exclusive, or (2) terminate this Agreement in accordance with Section 16.3 below. For the avoidance of doubt: despite
the Start Date April 1st, 2016, the minimum annual purchase quantity refers to the full calendar year 2016 as the GSK Group company GlaxoSmithKline Vaccines Vertriebs GmbH (formerly known as Novartis Vaccines Vertriebs GmbH) has already been
distributing the Product under a previous and now terminated distribution agreement. 
 6.1.3 Sales Target. In any full calendar year
following the Start Date, and where applicable Pricing Approval of a Product in the Territory, DISTRIBUTOR shall use reasonable commercial efforts to reach the sales targets set forth in ANNEX D. For the avoidance of doubt: despite the Start Date
April 1st, 2016, the sales target refers to the full calendar year 2016 as one of the GSK Group companies, GlaxoSmithKline Vaccines Vertriebs GmbH, (formerly known as Novartis Vaccines Vertriebs
GmbH) has already been distributing the Product under a previous and now terminated distribution agreement. 
 6.2 Forecasts and Orders

 6.2.1 Forecasts. DISTRIBUTOR shall provide, or ensure that its nominated Affiliates provide SUPPLIER with its best estimate of
anticipated orders of Product on a rolling, [***] basis in accordance with ANNEX C hereto. DISTRIBUTOR shall be entitled to increase or decrease the quantities of Product required, and to amend any forecast accordingly, to the extent necessary to
take into account (i) any shortfall in supply of, or (ii) any defect, in the Product, or any of them, whether or not such shortfall or defect is due to the default of SUPPLIER. For the avoidance of doubt, a forecast, shall have no bearing
on the minimum purchase quantities referred to in Section 6.1 above. 
 6.2.2 Firm Purchase Orders. DISTRIBUTOR shall place
orders with the lead-time defined in ANNEX C and in line with DISTRIBUTOR’s forecast requirements for the Territory (“Firm Orders”). All Firm Orders will be delivered to SUPPLIER via DISTRIBUTOR’s electronic global
trading platform (or such similar system as DISTRIBUTOR may deploy from time to time provided SUPPLIER has the necessary resources and ability to receive such electronical orders). SUPPLIER shall use reasonable commercial efforts to work with
DISTRIBUTOR, or DISTRIBUTOR’s nominated Representative, to ensure that SUPPLIER is able to accept purchase orders via such global trading platform. Cost for implementation necessary for adapting SUPPLIER’s systems to DISTRIBUTOR’s
will be split equally between the Parties. Each order shall contain a valid purchase order number, shall separately specify the labeling requirements in the Territory to allow SUPPLIER to label those products before shipment, and shall be duly
signed by DISTRIBUTOR or its nominated Representative. The terms and conditions of this Agreement shall apply to all orders placed by DISTRIBUTOR or its nominated Representative and shall override and supersede any different or additional terms on
orders from, or any general conditions maintained by DISTRIBUTOR or its nominated Representative. All orders are subject to written acceptance by SUPPLIER and will not be binding on SUPPLIER until the order has been accepted in writing as set out in
Section 6.5. 
 6.3 Minimum Orders. Any single order placed by DISTRIBUTOR shall amount to not less than [***] doses of Product.
Moreover, for any calendar year, DISTRIBUTOR shall not place more than [***] purchase orders. In the event that DISTRIBUTOR does place more than [***] orders, SUPPLIER will use its reasonable commercial efforts to comply with such additional orders.

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 6.4 Problem Notification. SUPPLIER shall, as soon as practicable after receipt of
each quarterly rolling forecast, notify DISTRIBUTOR of any prospective problems it then knows it will have with respect to meeting DISTRIBUTOR’s forecasted order quantities or estimated shipment dates. SUPPLIER will use its reasonable
commercial efforts to deliver to DISTRIBUTOR the Product in the quantities and at the dates specified on the purchase orders submitted by DISTRIBUTOR and as accepted in writing by SUPPLIER. If a purchase order cannot be (fully) shipped, SUPPLIER
will notify DISTRIBUTOR after receipt of the purchase order, and the Parties will jointly determine an appropriate new shipment schedule. 

6.5 Order confirmation and Rescheduling 

6.5.1 Acceptance of Orders. No Firm Order shall be binding upon SUPPLIER until accepted by SUPPLIER in writing and SUPPLIER reserves the
right to accept or reject any such order, offer or request for Product; rejection of Firm Orders may only be declared by SUPPLIER for comprehensible reasons which have to be substantiated in writing to DISTRIBUTOR. SUPPLIER shall review
DISTRIBUTOR’s submitted Firm Orders and respond with a written order acceptance confirming the quantity, delivery date, price and payment terms, or a written order rejection indicating the reason for rejection. 

6.5.2 Rescheduling. SUPPLIER will use its reasonable best commercial efforts to honor any request of DISTRIBUTOR to reschedule shipment
of any order accepted by SUPPLIER. 
 7. SHIPMENT AND DELIVERY 

7.1 Shipment. The Product shall be shipped FCA and title and risk shall pass upon delivery. 

7.2 Packaging for Shipment. The Product shall be delivered to DISTRIBUTOR or its nominated third parti(es) in suitable packaging, so as
to permit safe storage and transport. 
 7.3 Shelf-Life. The Product shall have not less than [***] of the total shelf-life at the
requested delivery date indicated on any accepted Purchase Order, unless otherwise agreed upon, in writing, between the Parties. 
 7.4
Quantities. DISTRIBUTOR agrees and accepts that due to the particularity of the Product, the quantity of Product supplied to DISTRIBUTOR may differ by plus/minus [***] from the ordered and confirmed quantity and that the actual delivered
quantity of Product will be invoiced. 
 7.5 Delivery Delay and Failure. SUPPLIER will use reasonable commercial efforts to supply and
deliver ordered and confirmed quantity of Product, however, due to the particularities of the manufacturing processes used, and provided SUPPLIER has used reasonable commercial efforts, SUPPLIER shall not be liable for any failure, shortfall or
delay in delivery of such ordered and confirmed Product. In case of failure, shortfall or delay, the Parties will jointly determine an appropriate new shipment schedule for such ordered and confirmed Product. For the avoidance of doubt, in the event
of delay, shortfall or failure to supply the minimum purchase quantities requirements referred to in Section 6.1 above, shall be adjusted on a pro rata basis. 

8. PRODUCT WARRANTY 

8.1 Product Supply Warranties. SUPPLIER represents and warrants, each time SUPPLIER supplies Product to DISTRIBUTOR under this
Agreement, that each Product supplied hereunder shall: 

  
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 (1) conform in all material aspects to the Product specifications consistent with the
data contained in the Marketing Authorizations; 
 (2) be manufactured in accordance with current Good Manufacturing Practice
(“GMP”), as amended from time to time, and 
 (3) not be adulterated or misbranded. 

8.2 Audit/Inspection Right. SUPPLIER or its authorized representatives are entitled to audit/inspect the DISTRIBUTOR regarding handling
of Product and activities according to this Agreement as provided for in ANNEX E. Such audits/inspections are aimed to ensure compliance with this Agreement and all Applicable Laws and regulations, including but not limited to GMP and shall be
carried out during normal business hours and upon reasonable prior written notice. 
 8.3 Inspection. DISTRIBUTOR shall inspect
or shall ensure that its nominated third party(ies) inspect each shipment of Product visually promptly upon receipt. If the Product supplied fails to meet the Product specifications and standards set forth or referenced herein or otherwise fail to
comply with the terms and conditions of this Agreement, DISTRIBUTOR shall within [***] from receipt of the Product notify SUPPLIER (to the attention of its Quality Assurance Department) of such non-compliance,
including a description thereof in accordance with the provisions set forth in ANNEX E. Failures to give such notice within the aforesaid time period shall constitute acceptance of the Product by DISTRIBUTOR as to defects reasonably discoverable
upon visual inspection. Warranty claims for hidden defects, shall be made promptly after discovery of the hidden defect, but may only be made [***]. Any Product found to be non-compliant in line with this
Section 8.3, shall be put into quarantine and kept there until SUPPLIER has decided upon its further disposition. After such disposition it shall be dealt with as decided by SUPPLIER. 

8.4 Non-Conforming Product. Where DISTRIBUTOR alleges that any delivered Product is non-conforming, DISTRIBUTOR shall or shall ensure that its nominated third parti(es), on request, provide SUPPLIER or SUPPLIER’s designee with a sample of such allegedly
non-conforming Product, within [***] after the detection of such defects. SUPPLIER or such designee will examine such allegedly non-conforming Product as soon as
reasonably practicable. 
 8.5 Remedy. If SUPPLIER agrees that the Product is non-conforming
or if such non-conformance has been established by an independent laboratory in accordance with Section 8.7 below, SUPPLIER shall use its reasonable commercial efforts to dispatch to DISTRIBUTOR or its
nominated third parti(es) replacement Product as soon as is reasonably practicable. All shipment costs in respect of replacement Product shall be borne by SUPPLIER. 

8.6 Return of defective Product. DISTRIBUTOR agrees, if so requested by SUPPLIER, to return to SUPPLIER at SUPPLIER’s expense, such
Product that does not meet the Product specifications therefor, or otherwise dispose such Product, at SUPPLIER’s expense and in compliance with all applicable rules and regulations, as SUPPLIER may direct. If SUPPLIER does not so direct, within
[***] following DISTRIBUTOR’s notification of non-conformity, DISTRIBUTOR may dispose of such Product at SUPPLIER’s expense as DISTRIBUTOR may deem reasonably appropriate and shall certify to
SUPPLIER in writing that such Product has been destroyed. 
 8.7 Independent Testing. If the Parties disagree as to whether any
delivered Product meets the applicable Product specifications, or SUPPLIER alleges that the defects are not attributable to the manufacture of the Product, the Parties will submit representative samples of the shipment to a mutually acceptable
independent testing laboratory and the results of said laboratory shall be binding on the Parties. The costs associated with submission will be paid by the Party, whose position is not substantiated by the independent laboratory. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 9. PRICES AND PAYMENTS 

9.1 Transfer Prices. SUPPLIER shall sell Product to DISTRIBUTOR at the Transfer Prices and in accordance with the terms set forth in
ANNEX C hereto. Payment terms are [***] from date of invoice and any and all payments shall be made to an account designated by SUPPLIER. SUPPLIER shall send invoices to the designated Affiliate as per DISTRIBUTOR’s instructions and DISTIBUTOR
shall ensure that its designated Affiliate pay the invoice in accordance with this Agreement. Upon request by SUPPLIER or SUPPLIER’s representative, DISTRIBUTOR shall represent to SUPPLIER or to third parties named by SUPPLIER that all payments
will be made to such designated account. Upon shipment of Product ordered, SUPPLIER shall invoice prices in Euro (EUR). Any stamp duty, document tax, filing fee, or other similar amount due under the laws and regulations of the Territory in
connection with the execution or entry into force of this Agreement shall be borne by DISTRIBUTOR. Further, should this Agreement be required to be registered with any Governmental Authority in the Territory, DISTRIBUTOR shall cause such
registration to be made and shall bear any expense or tax payable in respect thereof. 
 9.2 Pricing Modifications. The payment
terms as specified in ANNEX C can be reviewed annually and adjusted if the Parties so agree in writing. In case of modifications, ANNEX C shall be amended accordingly. Either Party may initiate pricing discussions [***] based on substantial increase
of labor or material cost or significant changes in the relevant Product markets in the Territory, as described in ANNEX C. In such a case, the Parties shall negotiate in good faith upon a mutual acceptable pricing modification. Such changes shall
take effect immediately after the Parties have mutually agreed in writing upon the modifications. If the Parties fail to reach agreement within a reasonable time, such time being within [***] following year end the following calendar year, the
Transfer Price then in effect may be increased by an amount equal to [***]. 
 9.3 Pricing of Orders in Progress. Firm purchase orders
placed with SUPPLIER before written agreement for a pricing modification is reached shall be carried out at previous pricing conditions and payment terms. 

9.4 Late Payment. If any payment under this Agreement is not made by the date on which the same becomes due and payable, DISTRIBUTOR
shall automatically, without any further notification being given by SUPPLIER, owe SUPPLIER interest calculated at a rate of [***] on the invoiced amount [***]. 

9.5 Non-Creditable Payments. All payments to be made by DISTRIBUTOR hereunder are non-creditable and refundable under any circumstances, including but not limited to the termination of this Agreement for whatever reason, except as otherwise provided in this Agreement. 

9.6 Selling Prices. Supplier acknowledges that DISTRIBUTOR has the sole right to establish selling prices for Product in the Territory,
and nothing in this Agreement will be construed as giving SUPPLIER any right or authority to determine or influence such selling prices. 
 10.
SALES RECORDS AND REPORTING OBLIGATIONS 
 10.1
Sales Records. DISTRIBUTOR shall, or ensure that its Affiliates maintain and retain all records relating to Product sales, contracts, invoices, customers, accounts, complaints and other transactions concerning Product for the period
required by Applicable Laws, but in no case less than [***] from the date on which such records arose. 
 10.2 Reports. To the extent
permitted by EU competition law, DISTRIBUTOR shall keep SUPPLIER informed of significant market developments in the Territory especially in the field of the vaccination policy. DISTRIBUTOR shall provide SUPPLIER with [***] reports on sales figures
of the Product in the Territory as well as [***] reports including, to the extent applicable, updates of DISTRIBUTOR’S activities to develop and market the Product in the Territory, and any competitive product intelligence, including market
share information that DISTRIBUTOR may have received. The report on the [***] shall cover in addition the full calendar year and serve as an annual report. Each such report shall comply with the format provided by SUPPLIER in ANNEX J and shall be
due on the [***] of the following [***]. Each such [***] report shall additionally include for the Product (1) the amount of inventory of Product held at the end of each [***], and (2) the [***] volume sold both on doses and in net value
in the Territory. DISTRIBUTOR 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
shall cause its Dealers, if any, to prepare and submit to DISTRIBUTOR, on a timely basis, similar reports and shall include information from such reports in the reports provided by DISTRIBUTOR
hereunder. In case of major volume shortfalls, DISTRIBUTOR will immediately inform SUPPLIER about the reasons of such deviation and propose corrective actions. Commencing on [***], and every [***] thereafter, the Parties shall meet and discuss
DISTRIBUTOR’s marketing efforts performed during the preceding [***] period including DISTRIBUTOR’s planned marketing activities in the Territory. 

10.3 Tenders. DISTRIBUTOR shall duly inform SUPPLIER about any and all tenders concerning the Product issued by any Governmental
Authority or any relevant public institution in the Territory, where DISTRIBUTOR intends to participate and quote, and upon DISTRIBUTOR’s reasonable request, SUPPLIER shall supply DISTRIBUTOR with all information and documents required by
DISTRIBUTOR to submit a valid offer. DISTRIBUTOR shall consult and provide SUPPLIER with all relevant information with respect to the tender offer prior to submission of such tender offer in order to receive SUPPLIER’s written approval by
SUPPLIER to the extent permitted under EU competition law. 
 11. INTELLECTUAL PROPERTY RIGHTS 

11.1 Intellectual Property Rights 

11.1.1 Acknowledgment. DISTRIBUTOR acknowledges that, prior to entering into this Agreement, it has no right, title or interest in and
to any and all Intellectual Property Rights pertaining to the Product. DISTRIBUTOR shall not at any time during or after the Term of this Agreement take any act or step impairing the Intellectual Property Rights or do anything that may otherwise
adversely affect the Intellectual Property Rights, provided that any legal proceedings or oppositions shall not be deemed to be such an act or step. 

11.1.2 Preservation of Trademarks. DISTRIBUTOR agrees to take any action, at SUPPLIER’s expense, which SUPPLIER reasonably deems
necessary to establish and preserve SUPPLIER’s exclusive rights in and to the relevant Trademarks, including but not limited to cooperating in the registration of the Trademarks on the trademark registry or other appropriate registration
procedure within the Territory. DISTRIBUTOR shall not adopt, use, or register any acronym, trademark, trade names, service mark or other marketing name that is confusingly similar to the SUPPLIER’s Trademarks or the SUPPLIER name. 

11.1.3 Benefit. DISTRIBUTOR agrees that all its use of SUPPLIER’s Trademarks shall be for the sole and exclusive benefit of
SUPPLIER and the goodwill and reputation accrued in connection with DISTRIBUTOR’s use of those Trademarks shall accrue to SUPPLIER. 

11.2 Third Party Claims 

11.2.1 SUPPLIER Third Party Claims. DISTRIBUTOR shall promptly notify SUPPLIER of any claims or objections that claims that
SUPPLIER’s use of the Intellectual Property Rights in connection with the distribution, sale, marketing, promotion, and importation of the Product infringe the copyrights, patents, design rights, trademarks or other proprietary rights of
another Person, provided DISTRIBUTOR’s use of the Intellectual Property Rights is in accordance with the terms and conditions of this Agreement (“SUPPLIER Third Party Claim”). If DISTRIBUTOR is served with a legal action
or otherwise forced to respond in a legal proceeding due to a SUPPLIER Third Party Claim, SUPPLIER shall conduct the defense of such SUPPLIER Third Party Claim at its own cost. SUPPLIER shall have the sole control over the defense and settlement of
any SUPPLIER Third Party Claims. For that purpose, DISTRIBUTOR shall (1) without delay, tender the defense of such SUPPLIER Third Party Claim to SUPPLIER; and (2) render SUPPLIER all reasonable assistance, at SUPPLIER’s expense, in
connection with the defense of any such SUPPLIER Third Party Claim or objection, whether in the courts, before administrative agencies, or otherwise. DISTRIBUTOR shall not, except as required by law, knowingly make any admission to jeopardize,
compromise or otherwise limit the validity of Intellectual Property Rights. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 11.2.2 DISTRIBUTOR Third Party Claims. SUPPLIER shall promptly notify DISTRIBUTOR of
any claims or objections of which it receives in written notice, that its use of the DISTRIBUTOR Promotional Materials in connection with the distribution, sale, marketing, promotion, and importation of the Product may or will infringe the
copyrights, patents, trademarks, design rights or other proprietary rights of another Person, provided SUPPLIER’s use of the Intellectual Property Rights is in accordance with the terms and conditions of this Agreement (“DISTRIBUTOR
Third Party Claim”). If SUPPLIER is served with a legal action or otherwise forced to respond in a legal proceeding due to a DISTRIBUTOR Third Party Claim, DISTRIBUTOR shall have the initial right, but not the obligation, to conduct the
defense of such DISTRIBUTOR Third Party Claim at its own cost. DISTRIBUTOR shall have the sole control over the defense and settlement of any DISTRIBUTOR Third Party Claims. For that purpose, SUPPLIER shall (1) without delay, tender the defense
of such DISTRIBUTOR Third Party Claim to DISTRIBUTOR; and (2) render DISTRIBUTOR all reasonable assistance, at DISTRIBUTOR’s expense, in connection with the defense of any such DISTRIBUTOR Third Party Claim or objection, whether in the
courts, before administrative agencies, or otherwise. SUPPLIER shall not, except as required by law, knowingly make any admission to jeopardize, compromise or otherwise limit the validity of intellectual property rights related to the DISTRIBUTOR
Promotional Materials. If DISTRIBUTOR declines to defend a DISTRIBUTOR Third Party Claim, SUPPLIER may do so at its own expense. 
 11.3
Infringement of Intellectual Property Rights 
 11.3.1 Notification. DISTRIBUTOR shall promptly notify SUPPLIER of any
infringement or suspected infringement of Intellectual Property Rights in the Territory, of which infringement DISTRIBUTOR becomes aware, and provide SUPPLIER with any available evidence of such infringement or suspected infringement. 

11.3.2 Enforcement. SUPPLIER may at its own discretion, institute enforcement proceedings (“Enforcement
Proceedings”) in respect of an infringement or unauthorized use of Intellectual Property Rights in the Territory. 
 11.3.3
Assistance. DISTRIBUTOR agrees to provide all reasonable co-operation and assistance to SUPPLIER in relation to any such Enforcement Proceedings (and agrees to be named as a party if legally required). Any
reasonable fees and costs related to DISTRIBUTOR’s assistance, which were borne by DISTRIBUTOR, shall be reimbursed by SUPPLIER. SUPPLIER shall be entitled to any recovery in damages. 

12. NON-DISCLOSURE AND
NON-USE OBLIGATIONS 
 12.1 Non-disclosure of Agreement 
 12.1.1 Non-disclosure of
Agreement. Neither Party shall disclose any information about this Agreement without the prior written consent of the other. 
 12.1.2
Exceptions. Consent shall not be required, however, for (1) disclosures to tax authorities or to bona fide potential Dealers, to the extent required or contemplated by this Agreement, provided, that in connection with such disclosure, each
Party agrees to use its reasonable commercial efforts to secure confidential treatment of such information; (2) disclosures of information for which written consent has previously been obtained, or (3) information which had previously been
publicly disclosed. Each Party shall have the further right to disclose the terms of this Agreement as required by Applicable Law, including the rules and regulations promulgated by the Securities and Exchange Commission and/or the regulatory
bodies/authorities governing securities issues in foreign jurisdictions and to disclose such information to stockholders or potential investors as is customary for publicly-held companies (as the case may be at the time of disclosure), provided the
disclosing Party provides to the other Party, to the extent practicable, a copy of the information to be disclosed and an opportunity to comment thereon prior to such disclosure, and, to the extent practicable, consults within a reasonable time in
advance of the proposed disclosure with the other on the necessity for the disclosure and the text of the proposed release. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 12.2 Non-disclosure and non-use of Confidential Information 
 12.2.1 Non-disclosure
and non-use of Confidential Information. SUPPLIER and DISTRIBUTOR hereby agree to hold in strictest confidence and not to disclose to any third party or itself use (except to enable each Party to perform
its obligations in connection with this Agreement) any Confidential Information of the other Party without the prior written consent of the other Party. This confidentiality obligation shall remain in effect for Confidential Information with the
exception of trade secrets, which confidentiality obligation shall survive Termination, for a period of (i) [***] after termination of the Marketing and Distribution Agreement between SUPPLIER’s Affiliate and DISTRIBUTOR’s Affiliate dated
[***] or (ii) [***] from the earlier or normal termination or expiration of this Agreement, whichever is later. 
 12.2.2 Exceptions.
The confidentiality obligations under this Agreement shall not apply to the extent that (1) the Party who has received the Confidential Information (“Recipient”) is required to disclose Confidential Information by order
or regulation of a governmental agency or court of competent jurisdiction subject to the provisions below, or (2) the Recipient can demonstrate that (i) the disclosed Confidential Information was at the time of such disclosure to Recipient
already in the public domain, or falls into the public domain, other than as a result of actions of Recipient, its Dealers, its Affiliates, agents, direct employees, consultants or representatives, in violation hereof; (ii) the disclosed
Confidential Information was known by Recipient (as shown by its written records) prior to the date of disclosure to Recipient from sources legally entitled to disclose the same or is independently developed without regard to the Confidential
Information (as shown by its written records); or (iii) the disclosed Confidential Information was received by Recipient (as shown by its written records) on an unrestricted basis from a source unrelated to any Party to this Agreement and not
under a duty of confidentiality to the other Party. 
 12.2.3 Confidentiality Agreements. Both Parties shall ensure that each of their
directors, officers and employees and the directors, officers and employees of its Affiliates respectively, Dealers and SUPPLIER’s assignees, who will receive Confidential Information, shall at all material times be bound by appropriate
undertakings as to the confidentiality of such information. DISTRIBUTOR and SUPPLIER, respectively, shall at their own expense undertake the enforcement of any such obligations of confidentiality in the event of any breach thereof. 

12.2.4 Ownership of other Party’s Materials. All files, lists, records, documents, drawings, specifications and records provided by
a Party, whether in written or electronic form, which incorporate or refer to all or a portion of a Party’s Confidential Information, shall remain the sole property of that Party. Such materials shall be promptly destroyed or returned
(1) upon that Party’s reasonable request, or (2) in accordance with Section 17.3 of this Agreement upon termination of this Agreement, whichever is earlier. The decision whether such material shall be destroyed or returned is
taken by the Party owning the Confidential Information. 
 13. REPRESENTATIONS AND WARRANTIES 

13.1 SUPPLIER Representations and Warranties. SUPPLIER represents, and warrants, as of the Start Date, the following: 

(1) SUPPLIER is not in any material breach of any agreement with third parties relating to the Product or the Intellectual Property
Rights which would or might prejudice the rights of DISTRIBUTOR in the Territory (the “Third Party Agreements”); 

(2) to SUPPLIER’s knowledge, there are no actions, suits or claims pending against SUPPLIER with respect to the Product or the
Intellectual Property Rights in the Territory; 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (3) to SUPPLIER’s knowledge, the sale and use of the Product in accordance with
and as further outlined in this Agreement, in the Territory, does not infringe the proprietary rights of any third party in the Territory; and 

(4) to SUPPLIER’s knowledge, it has disclosed appropriately and has not misrepresented to DISTRIBUTOR, any material matters
relating to the Intellectual Property Rights, marketing, adverse events, supply, clinical and regulatory information pertaining to the Product in the Territory. 

13.2 DISTRIBUTOR’S Representations and Warranties. DISTRIBUTOR represents, and warrants, as of the Start Date, the following: 

(1) DISTRIBUTOR has disclosed appropriately and has not misrepresented, to SUPPLIER any material matters relating to DISTRIBUTOR’s
promotion, marketing and distribution capabilities in the Territory, and 
 (2) DISTRIBUTOR and/or its Dealers holds a wholesale
license or adequate license issued by the respective authority in each country of the Territory granting DISTRIBUTOR permission to import, market and sell medical products and vaccines, as further specified in 2.4. 

13.3 DISCLAIMERS. To the full extent permitted by law, apart from the warranties stated in this Agreement and indemnities below,
SUPPLIER makes no additional representations or warranties and hereby disclaims all warranties, representations, and liabilities, whether express or implied, arising from contract or tort (except fraud), imposed by statute or otherwise, relating to
the products and/or any patents or technology used or included in the products, including any warranties as to merchantability, fitness for purpose, correspondence with description, or non-infringement. 

14. INDEMNITIES AND LIMITATIONS OF LIABILITY 

14.1 SUPPLIER’s Indemnity 

14.1.1 SUPPLIER’s Indemnity. SUPPLIER shall defend, indemnify and hold DISTRIBUTOR and its shareholders, managers, officers,
directors, agents and employees (the “DISTRIBUTOR Indemnitees”) harmless against any and all third party losses, damages, claims, liabilities, costs and expenses including reasonable attorney’s fees
(“Claim”) resulting from the following: 
 (1) the personal injury to or death of any person or any property
damage caused by the defective design and/or manufacture of the Product or inadequate warnings or instructions, or the failure of any Product to meet their Product specification; any act or omission of SUPPLIER or any of its shareholders, managers,
officers, directors, agents or employees contrary to Applicable Law and so declared by a court of competent jurisdiction or as agreed by the Parties. 

(2) SUPPLIER’s transportation, storage, use and handling of the Product in compliance with this Agreement; or 

(3) a negligent act or omission of SUPPLIER contrary to the law and is so declared by a court of competent jurisdiction or as agreed by
the Parties any material breach by SUPPLIER of any of SUPPLIER’s representations and warranties set forth in this Agreement or a negligent or willful breach of any term of this Agreement, so declared by a court of competent jurisdiction or as
agreed by the Parties. 
 14.1.2 Limitation of SUPPLIER’s Indemnity. SUPPLIER will not be liable for any indirect or
consequential damages, including any loss of profits or opportunity, caused by any of its auxiliary persons or caused by the slight negligence of its employees, directors and officers. Further, SUPPLIER’s indemnification under Section 14.1
shall not apply to any Claim to the extent that it is directly and/or indirectly related to the negligent activities, reckless misconduct or intentional misconduct attributable to DISTRIBUTOR. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 14.2 DISTRIBUTOR’s Indemnity 

14.2.1 DISTRIBUTOR’s Indemnity. DISTRIBUTOR shall indemnify and hold SUPPLIER and its shareholders, managers, officers, directors,
agents and employees (the “SUPPLIER Indemnitees”) harmless against any and all losses, damages, claims, liabilities, costs and expenses including reasonable attorneys’ fees (“SUPPLIER’S
Claim”) resulting from the following: 
 (1) DISTRIBUTOR’s importation, transportation, storage, use, promotion,
marketing, sales, distribution and handling of the Product; any act or omission of DISTRIBUTOR or any of its shareholders, managers, officers, directors, Dealers, agents or employees contrary to Applicable Law and so declared by a court of competent
jurisdiction or as agreed by the Parties, 
 (2) any breach by DISTRIBUTOR of any of DISTRIBUTOR’s representations and warranties
set forth in this Agreement or of negligent or willful breach of any term of this Agreement, so declared by a court of competent jurisdiction or as agreed by the Parties, 

(3) any act or omission by DISTRIBUTOR and/or any Dealer which would constitute a violation of ANNEX H (Anti-Corruption Laws), or 

(4) any breach due to negligent or willful misconduct of any term of a subdistribution agreement of any Dealer. 

14.2.2 Limitation of Liability. DISTRIBUTOR shall not be liable for any indirect or consequential damages, including any loss of
profits, caused by any of its auxiliary persons or caused by the slight negligence of its directors and officers. Further, DISTRIBUTOR’s indemnification under Section 14.2 shall not apply to any SUPPLIER Claim to the extent that it is
directly related to the negligent activities, reckless misconduct or intentional misconduct attributable to SUPPLIER. 
 14.3 Indirect
damages. In no event shall any Party be liable to the other for indirect, special or consequential damages or losses suffered, including but not limited to loss of use, loss of profits and/or punitive damages, provided, that this exclusion of
liability does not apply in cases of gross negligence or intentional misconduct. 
 14.4 Indemnification procedure 

14.4.1 Notification. Each Party shall promptly notify the other in writing of any claim, action or suit potentially giving rise to an
indemnification obligation hereunder. 
 14.4.2 Indemnification Procedure. The indemnifying Party shall have the sole and absolute
control of, and discretion in, the handling of the defense and/or settlement of any such claim, action or suit, including, without limitation, the selection of defense counsel, and the other Party shall fully cooperate with the indemnifying Party in
the defense and settlement of all such claims, actions or suits, provided, however, that the other Party may take any appropriate action necessary to preserve or avoid prejudice to its interests, or the interests of the indemnifying Party, in the
event that: 
 (1) notice to the indemnifying Party cannot be given in sufficient time for the indemnifying Party to take action, or

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (2) the indemnifying Party, after prompt notice and inquiry from the other Party,
fails to acknowledge its obligation to indemnify the other Party under this clause. 
 15. GOOD ETHICAL
BUSINESS PRACTICES, ANTI-CORRUPTION LAWS AND HUMAN RIGHTS 

15.1 Good Ethical Business Practice. DISTRIBUTOR shall in connection with its activities under this Agreement or otherwise
relating to Product: 
 (i) conduct business in a manner that reflects favorably on Product; 

(ii) not disparage the name, good will, or reputation of SUPPLIER; 

(iii) not engage in deceptive, misleading, or unethical practices; 

(iv) not make any false or misleading representations or other statements with regard to SUPPLIER or Product; 

(v) represent only such facts about Product as are in accordance with the Market Authorization, the Summary of Product Characteristics
or otherwise expressly approved by SUPPLIER in writing, and 
 (vi) in no event make any representations, warranties, guarantees or
other statements in SUPPLIER’s name or on SUPPIER’s behalf, except as approved in advance in writing by SUPPLIER. 
 15.2
Conflict of Interest. In order to avoid a conflict of interest between SUPPLIER and DISTRIBUTOR or an adverse effect on SUPPLIER, DISTRIBUTOR represents and warrants that, prior to the execution of this Agreement, it has disclosed to
SUPPLIER all information with respect to DISTRIBUTOR’s prior business and other activities that may reasonably support a belief that DISTRIBUTOR’s appointment under this Agreement may result in a conflict of interest or may adversely
affect the sale of Product. DISTRIBUTOR will disclose to SUPPLIER any future circumstances that could create possible conflicts of interest or adversely affect the sale of Product as soon as DISTRIBUTOR knows or becomes aware of them. Without
limiting the generality of the foregoing, DISTRIBUTOR will inform SUPPLIER of any business relationship, circumstance or situation that could prejudice in any way the conduct of SUPPLIER’s marketing activities according to the highest ethical
standards or place DISTRIBUTOR or SUPPLIER in a disreputable situation. 
 15.3 Anti-corruption Laws. DISTRIBUTOR understands
and shall comply with the U.S. Foreign Corrupt Practices Act, any applicable local anti-corruption laws and in accordance with ANNEX H attached to this Agreement. 

15.4 Non-Compliance. DISTRIBUTOR’s failure to abide by the provisions of Section 15.1,
15.2 and/or 15.3 shall be deemed a material breach of this Agreement, allowing SUPPLIER to immediately terminate this Agreement at its sole discretion without any notice to DISTRIBUTOR. DISTRIBUTOR shall indemnify and hold SUPPLIER and any of its
Affiliates harmless from and against any and all liabilities that may arise by reason of its acts or the acts of third parties acting on its behalf, which would constitute a violation of Section 15.1, 15.2 and/or Section 15.3. 

15.5 Human Rights. SUPPLIER represents that, with respect rift employment and manufacturing the Product under this Agreement, SUPPOR
wile 
 (a) not use child labor in circumstances that could cause physical or emotional impairment to the child; 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (b) not use forced labor (prison, indentured, bonded or otherwise); 

(c) provide a safe and healthy workplace; safe housing (if housing is provided by SUPPLIER to its employees); and access to clean water,
food, and emergency healthcare in the event of accidents in the workplace; 
 (d) not discriminate against employees on any grounds
(including race, religion, disability or gender); 
 (e) not use corporal punishment or cruel or abusive disciplinary practices; 

(f) pay at least the minimum wage, where applicable, and provide any legally mandated benefits; 

(g) comply with laws on working hours and employment rights; 

(h) respect employees’ right to join and form independent trade unions; 

(i) encourage subcontractors under this Agreement to comply with these standards; 

(j) maintain a complaints process to address any breach of these standards. 

16. TERM AND TERMINATION 

16.1 Term and Extensions. The Term of this Agreement shall commence on the Effective Date and shall continue until
December 31, 2018 (hereinafter the “Initial Term”). Notwithstanding the foregoing, any rights of exclusivity under this Agreement, including but not limited to the rights granted and obligations defined under Sections
2.1.1., 4.1.1 and 5.1.1, shall commence on April 1, 2016, unless otherwise agreed in writing. For the avoidance of doubt: despite the Start Date April 15t, 2016, the sales target and the minimum purchase quantities refer to the full calendar
year 2016 as the Group company GlaxoSmithKline Vaccines Vertriebs GmbH (formerly known as Novartis Vaccines Vertriebs GmbH) has already been distributing the Product under a previous and now terminated distribution agreement. Either Party may
initiate in [***] negotiations for the prolongation of this Agreement. In such case, the Parties shall negotiate in good faith whether and for how long this Agreement shall be extended. The Initial Term may be extended for an agreed period of time
(“Subsequent Terms”) by mutual written agreement of the Parties at any time prior to the expiry of the Initial Term of Subsequent Term, as the case may be. 

16.2 Termination Events. This Agreement may forthwith be terminated by either Party by giving written notice of termination in
the event that: 
 (1) the other Party breaches any of its material obligations under this Agreement, and fails to cure such breach
within [***] of receiving a written notice specifying such breach and requiring it to be cured; provided that such termination shall not be effective where such breach is incapable of cure within such [***] period and where the Party being asked to
cure such breach has commenced good faith and commercially reasonable efforts to cure such breach within such [***] period and cures such breach within [***] after the receipt of notice of material breach; 

(2) the other Party enters into insolvency or bankruptcy or is unable to pay its debts as they fall due, or a trustee or receiver or the
equivalent is appointed to the other Party, or proceedings are instituted against the other Party relating to dissolution, liquidation, winding up other than on a reconstruction, bankruptcy, insolvency or the relief of creditors, if such proceedings
are not terminated or discharged within [***]; 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (3) in the event of a Change of Control of the other Party; or 

(4) withdrawal of the Marketing Authorization in the Territory. 

16.3 Termination by SUPPLIER. This Agreement may forthwith immediately be terminated by SUPPLIER, at its sole discretion, by
giving written notice of termination, in the event that: 
 (1) DISTRIBUTOR ceases to carry on business in the marketing of
pharmaceutical products in the Territory; 
 (2) DISTRIBUTOR is in breach of any provision of ANNEX H of this Agreement; and 

(3) DISTRIBUTOR fails to achieve the minimum purchase quantities as required by Section 6.1.2 above; 

(4) DISTRIBUTOR breaches its obligation to use reasonable commercial efforts to promote, sell and distribute the product DUKORAL° in
the Territory according to a Distribution Agreement for DUKORAL° entered into between the Parties in parallel to this Agreement and in the event that SUPPLIER terminates the Distribution Agreement for DUKORAL° for this reason. 

16.4 Termination by DISTRIBUTOR. This Agreement may forthwith be terminated upon [***] prior written notice by DISTRIBUTOR in the event
that SUPPLIER fails in supplying Product under any Firm Purchase Order for a consequitive Period of [***]. 
 17. EFFECTS OF
TERMINATION OR EXPIRATION 
 17.1 Cessation of Rights. Upon expiration or termination
of this Agreement (collectively “Termination”) for any reason whatsoever as provided herein, all rights and obligations of the Parties hereunder shall cease, except as provided in Section 17.2 of this Agreement;
provided, however, that Termination of this Agreement shall not relieve the Parties hereto of any obligations accrued prior to said Termination. 

17.2 Survival of Terms. Termination of this Agreement shall not release either Party from any liabilities or obligations set
forth in this Agreement which (i) the Parties have expressly agreed shall survive any such Termination, or (ii) remain to be performed or by their nature would be intended to be applicable following any such Termination. 

17.3 Return of Confidential Information. Upon Termination, each Party shall promptly return to the other Party or destroy, or
deliver to a third party designated by that other Party, and shall cause employees and Dealers, in the case of DISTRIBUTOR, to return or destroy or deliver as appropriate and indicated by the other Party, all of the other Party’s Confidential
Information in written, recorded or other tangible form. DISTRIBUTOR shall further return or deliver to SUPPLIER or destroy any other items in DISTRIBUTOR’s possession, which SUPPLIER has furnished or supplied to DISTRIBUTOR, and which
DISTRIBUTOR has passed on to its Dealers and employees, including customer lists for the Product provided by SUPPLIER. 
 17.4
Trademarks. Upon Termination of this Agreement, neither DISTRIBUTOR nor any third party Dealer or Affiliate, shall use or permit the use of any of the Intellectual Property Rights, Trademarks and trade names of SUPPLIER or similar trademarks,
denominations, label designs or package presentations. If DISTRIBUTOR acquires any right, title or interest in or to or relating to the Intellectual Property Rights, Trademarks for any reason, effective immediately upon the expiration or termination
of this Agreement, DISTRIBUTOR hereby assigns, at no cost, all such right, title and interest, together with any related goodwill or reputation, to SUPPLIER. DISTRIBUTOR agrees to promptly execute all documents reasonably requested by SUPPLIER in
connection with such assignment. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 17.5 Pricing Approvals, Trademarks and other Product Rights. Upon Termination of this
Agreement as provided herein for any reason whatsoever, DISTRIBUTOR shall immediately take all steps necessary to transfer to SUPPLIER, or to SUPPLIER’s designee, any and all rights DISTRIBUTOR may have to Pricing Approvals and/or
SUPPLIER’s Trademarks including any related documents and any other rights associated with the Product including Product-specific approvals necessary for SUPPLIER or its designee to commercialize the Product in the Territory, to the extent
permitted by Applicable Law and at DISTRIBUTOR’s cost. DISTRIBUTOR shall, at the time for application for Pricing Approvals, take all reasonable steps to ensure that such transfers may later be completed. If such transfer is not possible,
DISTRIBUTOR shall use its best efforts to arrange for SUPPLIER or its designee to rely upon such Pricing Approvals and shall permit SUPPLIER or its designee to use and reference such Pricing Approvals in its own applications. DISTRIBUTOR shall
assign (1) any clinical trial documentation, if any, and administrative files, such as, but not limited to, price certificates, authorization and reimbursement authorizations to SUPPLIER or to any party appointed by the latter, or, as directed
by SUPPLIER, to cancel said certificates and authorizations, provided that such administrative files are directly relating to the Product; and (2) transfer the contracts entered into with authorized representatives to SUPPLAR as ar as possible,
or any party appointed by the SUPPLIER, if the latter so requests. 
 17.6 Orders upon Termination. DISTRIBUTOR shall be entitled to
purchase under the terms and conditions of this Agreement, any Product ordered for which the orders were accepted by SUPPLIER prior to the effective date of Termination, even though shipment of the Product may be made subsequent to the date of
Termination. SUPPLIER may only refuse to accept firm purchase orders placed by DISTRIBUTOR in deviation of the rolling purchase forecast and/or firm purchase orders placed by DISTRIBUTOR upon notice of termination being given by either Party, if the
refusal does not interfere with already existing non-cancelable contractual obligations to third parties. 

17.7 Repurchase of Inventory. SUPPLIER shall have the option, exercisable at its sole discretion by written notice to DISTRIBUTOR within
[***] after Termination, but subject to DISTRIBUTOR’s non-cancelable contractual obligations existing as of the Termination, to repurchase all or part of DISTRIBUTOR’s remaining inventory of Product.
The price payable by SUPPLIER upon the exercise of the option shall be [***]. Upon receipt of SUPPLIER’s notice of exercise of its option pursuant to this clause, DISTRIBUTOR shall let ship its inventory of Product on hand to such location as
SUPPLIER may designate at SUPPLIERS own cost. If SUPPLIER does not exercise its rights under this clause, DISTRIBUTOR shall have the right to sell its existing inventory for a period of [***] following the date of Termination. Thereafter,
DISTRIBUTOR shall no more be allowed to sell the Product, and stock still held by DISTRIBUTOR will have to be destroyed or otherwise disposed of. At that point accounts receivables between the Parties will be netted out and the balance shall be
settled within the payment terms specified in ANNEX C. 
 17.8 No Compensation. No indemnity whatsoever shall be due by reason of
expiration or ordinary termination of this Agreement by either Party to the other. Neither Party shall be entitled to compensation, reimbursement or damage on account of the loss of prospective profits on anticipated sales or on account of marketing
investments in connection with the business or goodwill of SUPPLIER or DISTRIBUTOR. 
 18. GENERAL PROVISIONS 

18.1 Mutual Material Information Disclosure Obligation. Each Party shall inform, within due course, the other Party of any material
information regarding the Product or the subject matter of this Agreement, which information could impede or assist the other Party’s performance under this Agreement. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 18.2 Independent Contractors. The relationship of SUPPLIER and DISTRIBUTOR
established by this Agreement is of seller and buyer, or independent contractors, and nothing in this Agreement shall be construed: 
 (1)
to give either Party the power to direct or control the daily activities of the other Party, or 
 (2) to constitute the Parties
as principal and agent, partners, or otherwise as participants in a joint undertaking, or to provide a Party with the power or authority to make or give any representation or warranty or to incur any liability or obligation, or to waive any right,
on the other Party’s behalf, except as may be specifically provided for herein. SUPPLIER shall have no obligation or authority, express or implied, to exercise any control whatsoever over the employees or the business affairs of DISTRIBUTOR.

 18.3 Insurance. Both Parties shall obtain and at all times during the term of this Agreement maintain, and bear the cost of,
adequate and appropriate insurance including comprehensive general liability insurance which is adequate to cover their respective activities under this Agreement. A certificate of insurance and any other documentation necessary to prove compliance
with this provision will be provided to the other Party upon request. Each Party shall notify the other not less than [***] prior to the termination or reduction of such coverage. 

18.4 Assignments. This Agreement is entered into by SUPPLIER in reliance upon the facilities, personnel and technical expertise of
DISTRIBUTOR, and DISTRIBUTOR may only transfer or delegate the performance of the Agreement or any part thereof to a Dealer pursuant to the terms and conditions of Section 2.2. In all other cases, DISTRIBUTOR may not assign this Agreement or
its respective rights, duties and obligations thereunder to any third party or parties without having previously secured the written consent of the SUPPLIER, and any assignment or transfer in violation of this Section shall, at the option of
SUPPLIER, be null and void and shall have no force or effect. SUPPLIER may assign or transfer this Agreement, or any of its rights or obligations under this Agreement, in whole or in part, without DISTRIBUTOR’s consent (i) to an Affiliate,
(ii) in connection with the transfer or sale of all or substantially all of the assets and/or business to which the Agreement pertains, or (iii) in connection with its merger or consolidation with another company. 

18.5 Waivers. The waiver by either Party of a breach or default in any of the provisions of this Agreement by the other Party shall not
be construed as a waiver of any succeeding breach of the same or other provisions. 
 18.6 Entire Agreement and Amendments. This
Agreement including the attachments hereto constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements between the Parties, whether written or oral, relating to the same subject
matter. No modification, amendments or supplements to this Agreement shall be effective for any purpose unless in writing and signed by each Party. 

18.7 Contract Formation. This document is not an offer unless signed by a Party and shall not constitute or reflect a legally binding
contract unless signed by both Parties. 
 18.8 Annexes. The following documents are understood to be an integral part of this
Agreement: 
  

			
	 Description of Product
	  	 ANNEX A

	 Description of Territory and Trademarks
	  	 ANNEX B

	 Price Schedule; Payment Terms; Forecasts and Orders
	  	 ANNEX C

	 Minimum Purchase Quantities and Iles targets
	  	 ANNEX D

	 Quality Agreement
	  	 ANNEX E

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

			
	 Wholesale License
	  	 ANNEX F

	 Pharmacovigilance Agreement
	  	 ANNEX G

	 Compliance with anti-corruption laws
	  	 ANNEX H

	 Contact Address List
	  	 ANNEX I

	 Reporting Format (Section 10.1 of the Agreement)
	  	 ANNEX J

 18.9 Language. All written correspondence between the Parties shall be in the English language.

 18.10 Further Assurances. Each Party agrees to do such acts and execute such further documents as may be necessary or desirable to
enable the performance of and to fulfill the provisions and intent of this Agreement. 
 18.11 Force Majeure. Neither Party
shall be liable to the other Party for any delay or omission in the performance of any obligation under this Agreement, other than the obligation to pay monies, where the delay or omission is due to any cause or condition beyond the reasonable
control of the Party obliged to perform, including acts of God, acts of government (in particular with respect to the refusal to issue necessary import or export licenses), inability of SUPPLIER to obtain sufficient raw materials, fire, flood,
earthquake, war, riots or embargoes, but excluding strikes or other labor difficulties affecting SUPPLIER (“Force Majeure”). If Force Majeure prevents or delays the performance by a Party of any obligation under this
Agreement, then the Party claiming Force Majeure shall promptly notify the other Party thereof in writing. This Agreement shall be deemed suspended as long as, and to the extent that any such event prevents its performance. If the Force Majeure
situation exceeds [***], Parties shall meet to determine whether they wish to terminate or adapt the Agreement and agree on how to proceed. 

18.12 Notices. Unless otherwise specifically provided, all notices required or permitted by this Agreement shall be in writing and in
English, effective upon receipt, and may be delivered personally, or may be sent by registered letter or facsimile, addressed as defined in ANNEX I. 

In addition, the Parties shall notify each other of the names of the respective contacts in the important areas, including sales, shipping,
marketing, pharmacovigilance, and regulatory. For the avoidance of doubt, all information and/or notices pursuant this Agreement, such as but not limited to, restricted and highly restricted business and personal information, shall be exchanged
and/or sent by one Party to the other Party via secure channels, such as but not limited to encrypted e-mails and/or facsimile. 

18.13 Severability. If any term or provision of this Agreement is held to be invalid, illegal or unenforceable by a court or other
governmental authority of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement, which shall remain in full force and effect. The holding of a term or provision to be
invalid, illegal or unenforceable in a jurisdiction shall not have any effect on the application of the term or provision in any other jurisdiction. 

18.14 No Third Party Rights. A Person, including a Dealer, that is not a party to this Agreement, may not enforce any of the terms of
this Agreement. Where any clause of this Agreement anyhow entitles any Person to enforce any term of the Agreement, the Parties reserves the right to vary that term or any other term of this Agreement without the consent of that Person. 

18.15 Authorized Signatories. The persons signing below certify in their personal capacity that they have all required authority to
execute this Agreement on behalf of the entity they are acting for. 
 19. CHOICE OF LAW AND
DISPUTE RESOLUTION 
 19.1 Choice of Law. Notwithstanding its place of performance or execution,
this Agreement is governed by, and shall be construed in accordance with, the laws of Austria without regard to its conflict of laws rules. It is understood that the application of the United Nations Convention on Contracts for the International
Sales of Goods (CISG, Vienna 1980) shall be excluded. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 19.2 Disputes. The Parties shall endeavour to resolve amicably any and all disputes
arising under or in connection with this Agreement, including but not limited to the interpretation of this Agreement, its validity and the performance hereunder. Notwithstanding the foregoing, either Party may initiate court proceedings seeking
urgent provisional remedies prior to, or during such amicable settlement discussions. 
 19.3 Jurisdiction. The courts of Vienna,
Austria, shall have the exclusive jurisdiction over any dispute arising from or relating to this Agreement or the performance thereof. Notwithstanding the foregoing, provisional remedies may be applied for in any court having jurisdiction by law.

 [(Signature page follows)] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 IN WITNESS WHEREOF, each
Party has caused its duly authorized representative to execute and deliver this Agreement in reliance on the due authority of the representative of the other Party, to be effective as of the date written on the first page above. 

 

									
	VALNEVA AUSTRIA GMBH	 		  	GLAXOSMITHKLINE GMBH & CO. KG
					
	By:	 	 [***]
	 		  	By:	  	 [***]

	Name:	 	[***]	 		  	Name:	  	[***]
	Title:	 	[***]	 		  	Title:	  	[***]
					
	Date:	 	09 Dec 2015	 		  	Date:	  	20-12-2015
					
	By:	 	 [***]
	 		  	By:	  	 [***]

	Name:	 	[***]	 		  	Name:	  	[***]
	Title:	 	[***]	 		  	Title:	  	[***]
					
	DATE: 	 	09 Dec 2015	 		  	DATE: 	  	20-12-2015

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX A 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX B 

DESCRIPTION OF TERRITORY 
 Territory 

Germany 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX C 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX D 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX E 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX F 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX G 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX H 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX I 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX J 

[***] 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL.EX-10.6

 Exhibit 10.6 

ORIGINAL 
 [***] = CERTAIN CONFIDENTIAL
INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

SUBLICENSE AGREEMENT 

This SUBLICENSE AGREEMENT (the “Agreement”) is made and executed as of April 14, 2003 (the
“Effective Date”) by and between InterCell Biomedical Research and Development AG, having its principal place of business at Campus Vienna Biocenter 6, A-1030, Vienna, Austria
(hereinafter “InterCell”) and VaccGen International, LLC, having its principal place of business at 8 Cambridge Court, Larchmont, New York 10538, U.S.A. (hereinafter “VaccGen”). 

RECITALS 
 WHEREAS,
Cheil (as defined hereinafter) and WRAIR (as defined hereinafter) are joint owners of the right, title, and interest in and to certain inventions and patent applications related to the Vaccine (as defined hereinafter). 

WHEREAS, under the terms and conditions of the Cheil License Agreement (as defined hereinafter), VaccGen acquired an exclusive,
worldwide (excluding Korea) license to the Vaccine from Cheil in order for VaccGen (either directly and/or via sublicense arrangements) to develop, gain regulatory approval, market, manufacture, distribute, use, import, offer for sale, sell, and
otherwise commercially exploit the Vaccine. 
 WHEREAS, under the terms and conditions of the Cheil License Agreement, VaccGen has
the right to sublicense its rights in the Vaccine to third parties such as InterCell. 
 WHEREAS, InterCell obtain a sublicense to
the Vaccine from VaccGen in order for InterCell to develop gain regulatory approval, market, manufacture, have manufactured, distribute, use, import, offer for sale, sell and otherwise commercially exploit the Vaccine exclusively in the Territory
(as defined hereinafter) and VaccGen is willing to provide such a sublicense to InterCell, subject to the terms: and conditions set forth in this Agreement. 

NOW, THEREFORE, and of the foregoing premises and the mutual covenants and agreements hereinafter .4 forth, and for other good and
valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 “Affiliate(s)” shall mean, when used with reference to any Person (as defined hereinafter), any
other Person controlling, controlled by, or under common control with such Person. For purposes of the above definition, the term “control” (including with correlative meaning, the terms “controlling,” “controlled by,”
and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership
of voting securities, occupation of board, officer, or management positions, by contract, or otherwise. 
 1.2 [***]. 

1.3 “Bridging Study” shall mean a human clinical trial in any country acceptable to FDA approval using the
Vaccine, that is designed so that the results can be used to support initiation of the Definitive Clinical Trial (as defined hereinafter) with the Vaccine as the next step in the clinical program under the Development Plan and to support the
acceptance by FDA of prior relevant preclinical and clinical study results in the further course of the Vaccine development. 

  
 1 

 ORIGINAL 
  

 1.4 “Cheil” shall collectively mean Cheil Jedang Corporation,
having its principal place of business at Dokpyong-Ri, Majang-Myon, Ichon-Si, Kyonggi-Do,
467-810, Republic of Korea and its Affiliate, CJ America, Inc. 
 1.5 “Cheil
License Agreement” shall mean that certain license agreement dated September 24, 1998 between Cheil and VaccGen pursuant to which VaccGen acquired an exclusive, worldwide (excluding Korea) license to the Vaccine from Cheil in order
for VaccGen (either directly and/or via sublicense arrangements) to develop, gain regulatory approval, market, manufacture, distribute, use, sell, and otherwise commercially exploit the Vaccine. 

1.6 “Confidential Information” is defined in Section 8.1(vi). 

1.7 “Definitive Clinical Trial” shall mean a human clinical Phase III trial or equivalent trial using the
Vaccine that is designed so that the results can be used in the submission of a PLA (as defined hereinafter) to the FDA and/or non-USA regulatory agencies in order to gain regulatory approval for the Vaccine.

 1.8 “Development Plan” shall mean the document, as shown on Exhibit A hereto, which outlines the
anticipated activities, budget, costs, and timelines related to development and regulatory approval of the Vaccine as of the Effective Date, as may be updated from time to time in accordance with Section 4.1(vi). 

1.9 “Development Program” shall mean any and all efforts and activities necessary to gain regulatory approval
for the Vaccine in the Territory, including, but not limited to, preclinical studies, formulation development, human clinical testing, laboratory studies, regulatory activities, and manufacturing. 

1.10 “Effective Date” shall mean the date first specified in the introduction to the Agreement. 

1.11 “FDA” shall mean the United States Food and Drug Administration or any successor agency thereto. 

1.12 “Improvements” shall mean VaccGen Improvements and InterCell Improvements. 

1.13 “InterCell Improvements” shall mean any and all new or useful processes, formulations, manufacturing
processes, or methods of use of the Vaccine, which are first conceived, reduced to practice or developed by InterCell, the Sublicensee(s), or by InterCell and/or the Sublicensee(s) in collaboration with any other Person other than VaccGen during the
term of this Agreement. 
 1.14 “JDMC” shall mean the Joint Development and Marketing Committee as further
defined in Section 4.1. 
 1.15 “Marketing Partner(s)” shall mean a Person(s) who is appointed and
actually paid by InterCell to market, sell, and distribute the Vaccine in an entire country within the Territory. For purposes of clarification: a) a Marketing Partner(s) is not considered a Sublicensee(s) and b) a Marketing Partner(s) is not a
vaccine wholesalers (like GIV), a drugstore, a distributor, a salesforce organization, or other like entities that are generally used by companies to market and sell their vaccines. 

1.16 “Milestone Payments” is defined in Section 3.2. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ORIGINAL 
  

 1.17 “Net Sales” shall mean the gross amount received by
InterCell and/or its Affiliates and Marketing Partners for the sale or other disposition of the Vaccine (including Improvements) (as determined by generally accepted accounting principles consistently applied) to any party, less the following (and
only the following) documented deductions [***]: 
 [***] 

Net Sales shall not include [***]. 

1.18 “Person(s)” shall mean an individual, a partnership, a corporation, a trust, a joint venture, an
unincorporated organization, or a government or any department or agency thereof. 
 1.19 “Phase I” shall mean
a human clinical trial which is designed for first safety data and/or covering a broader range of doses of the Vaccine produced by BioReliance. 

1.20 “PLA”’ shall mean a Product License Application or equivalent document (Biologics License Application
(“BLA”) or other application) filed with the FDA or any other non-USA regulatory agencies for approval of the Vaccine. 

1.21 “Royalty” is defined in Section 3.3. 

1.22 “Sublicensee(s)” shall mean any Person(s) to whom InterCell issues a sublicense of any or all of the rights
granted to InterCell under Section 2.1 to the Vaccine in accordance with the provisions of Sections 2A and 2.5 of this Agreement. 

1.23 “Sublicense Revenue” shall mean any combination of prepaid royalties, profit-sharing or revenue-sharing
income, license fees, milestone payments, royalties, and/or any other consideration in the form of cash or any other consideration (including, but not limited to, private or publicly traded securities or other assets) actually received by InterCell
from a Sublicensee(s) for the Vaccine or the sublicense of rights granted to InterCell under Section 2.1 (as determined by generally accepted accounting principles consistently applied). It is at InterCell’s sole decision in which form any
payments will be made, but InterCell will use commercially reasonable efforts to cause all Sublicense Revenue to be in the form of cash if possible. 

Excluded from Sublicense Revenue are amounts received by InterCell (as determined by generally accepted accounting principles consistently
applied): 
 [***] 
 In the
event that InterCell sublicenses the Vaccine and other InterCell products or technologies to the same Sublicensee, InterCell will use commercially reasonable efforts to insure that the Sublicense Revenue received by InterCell under the sublicense
agreement for the Vaccine reflects the relative commercial value of the Vaccine. 
 1.24 “Territory” shall
mean the entire world, except for Korea and the Caribbean (Aruba, Antigua, Bahamas, Barbados, Bermuda, Cayman Islands, Curacao, Dominican Republic, Jamaica, Puerto Rico, St. Croix, St. Lucia, St. Martin, St. Thomas, and Turks and Calicos). 

1.25 “VaccGen Improvements” shall mean any and all new or useful processes, formulations, manufacturing
processes, compositions of matter or methods of use of the Vaccine, which are first conceived, reduced to practice or developed by VaccGen, Cheil, WRAIR or by VaccGen in collaboration with any other Person other than InterCell, including without
limitation Cheil or WRAIR, during the term of this Agreement. 

  
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 ORIGINAL 
  

 1.26 “Vaccine” shall mean that certain prophylactic
second-generation, purified, inactivated Japanese encephalitis vaccine developed by Cheil, VaccGen, and WRAIR, whose manufacture, use or sale is covered by a Valid Claim. 

1.27 “Vaccine Information” shall mean any information developed with respect to the Vaccine or Improvements,
whether prior to Of during the term of the Agreement. By way of illustration, but not limitation, Vaccine Information may include know how, preclinical data, clinical data, laboratory data, manufacturing processes, manufacturing data, methods,
techniques, projects, development plans, suppliers, etc. 
 1.28 “Vaccine Patents” shall mean United States
patent #6,309,650 as well as any other patents or patent applications owned or controlled by Cheil, WRAIR or VaccGen which cover the prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine developed by Cheil, VaccGen and
WRAIR, as shown on Exhibit B hereto, and all continuations, continuation-in-part, additions, divisions, renewals, extensions,
re-examinations, substitutions, confirmations, registrations, revalidations, revisions, additions and reissues of the foregoing and all non-USA counterparts of any of
the foregoing. 
 1.29 Valid Claim shall mean any claim of an issued and unexpired patent within the Vaccine Patents or patents
assigned to Cheil covering Improvements which has not been held unenforceable or invalid by a court or other governmental agency of competent jurisdiction in an =appealed or unappealable decision, and which has not been disclaimed or admitted to be
invalid or unenforceable through reissue or otherwise. 
 1.30 “WRAIR” shall mean the Walter Reed Army
Institute of Research, with a principal place of business at 503 Robert Grant Avenue, Silver Spring, MD 20910-7500. 
 ARTICLE II 

GRANT OF SUBLICENSE 

2.1 License Grant 

Subject to the terms and conditions hereinafter set forth, VaccGen hereby grants to InterCell and InterCell’s Affiliates, and InterCell
hereby accepts, an exclusive, sublicensable (in accordance with Sections 2.1(ii) and 25) sublicense to the Vaccine and under the Vaccine Patents, including without limitation all intellectual property rights relating to Improvements as specified
herein, in order for InterCell and InterCell’s Affiliates to: 
 (i) develop, gain regulatory approval, manufacture, have
manufactured, distribute, use, offer for sale, import, sell, market, and otherwise commercially exploit the Vaccine in the Territory, and 

(ii) sublicense rights in, to and under the Vaccine and any or all of the Vaccine Patents to Persons other than Affiliates in order that
the Sublicensee(s) can develop, gain regulatory approval, manufacture, have manufactured, use, offer for sale, import, sell, market, and otherwise commercially exploit the Vaccine in the Territory. 

2.2 License Scope 
 For the
avoidance of doubt, InterCell’s sublicense pursuant to Section 2.1 shall be exclusive in the Territory. 
 2.3 Rights Retained
by VaccGen in the Territory 

  
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 ORIGINAL 
  

 (i) VaccGen shall retain the right to
co-promote the Vaccine in the United States of America. For the purposes of clarification, co-promote will mean that VaccGen will market and engage in promotional
activities for the Vaccine, such as detailing, with InterCell as mutually agreed by the parties in good faith. The parties agree to co-promote the Vaccine in harmony with each other, always with the objective
of maximizing Net Sales in the Territory. Both parties acknowledge that VaccGen will not itself sell any Vaccine as part of its co-promotional activities, as sales generated from such co-promotional efforts by VaccGen shall be made and received by, paid directly to and recognized by InterCell and will be considered Net Sales and subject to Royalty payments in accordance with Section 3.3.
Upon submission of the PLA in the United States, the parties will negotiate in good faith the cost, expense, and other details of such co-promotional efforts by VaccGen. 

(ii) VaccGen will participate with InterCell in all discussions regarding a federal government contract for the Vaccine with the United
States military. 
 (iii) VaccGen will retain the exclusive rights to the Vaccine in the Caribbean. 

(iv) VaccGen will have the right to participate with InterCell in the Development Program in accordance with Section 4.1. 

(v) Upon approval of the PLA by the FDA, the parties will discuss in good faith whether VaccGen will be appointed as InterCell’s co-marketing partner in the United States and provided that any of VaccGen’s co-marketing activities for the Vaccine shall be subject to and conditioned upon a written
agreement by the parties. 
 (vi) VaccGen shall retain certain additional rights expressly set forth in this Agreement, including such
rights expressly stated in Article V and Article VI herein. 
 2.4 No Other Rights 

Nothing in this Agreement shall be construed to constitute a grant to InterCell and/or the Sublicensees of any rights other than those
expressly granted herein. 
 InterCell shall sell the Vaccine in the Territory only and shall use its reasonable best efforts not to
directly or indirectly sell, transfer, or in any way deliver the Vaccine to Korea, as exclusive rights to the Vaccine in Korea are retained by Cheil in accordance with the Cheil License Agreement. 

Nothing in this Agreement shall be construed to constitute a grant to VaccGen, Cheil or WRAIR of any rights other than those expressly granted
herein. 
 2.5 InterCell’s Sublicense Obligations 

InterCell will be responsible for negotiating and executing sublicense agreements with potential Sublicensees regarding the Vaccine, if any,
according to the following guidelines: 
 (i) InterCell will advise VaccGen of a potential Sublicensee(s) and will keep VaccGen
routinely updated on progress of discussions and negotiations with a potential Sublicensee(s). 
 (ii) Subject to reasonable redaction
rights, InterCell will send reasonably complete drafts of all sublicense agreements to VaccGen for review and comments prior to execution. VaccGen shall diligently review such sublicense agreements by providing InterCell with comments, if any, as
soon as possible, but in no event to exceed [***] from VaccGen’s receipt of such draft sublicense agreements. InterCell will give reasonable consideration to VaccGen’s comments; however, all final decisions regarding such sublicense
agreements will be the sole responsibility of InterCell as long as the sublicense agreements are materially consistent with the terms and conditions of this Agreement. 

  
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 ORIGINAL 
  

 (iii) Subject to reasonable redaction rights, InterCell will send VaccGen a copy of
all final executed sublicense agreements for the Vaccine (as well as all other associated agreements, side letters, and/or the like related to the Vaccine executed by InterCell and the Sublicensee(s), if any) with Sublicensees within [***] after
execution of such sublicense agreement. 
 As VaccGen has a right to verify its share of Sublicense Revenue owed under sublicense agreements
in accordance with Section 3.4, InterCell’s shall not use its redaction rights above to redact any sections of sublicense agreements that pertain to Sublicense Revenue owed by Sublicensees to InterCell. 

2.6 Maintenance of the Cheil License Agreement 

VaccGen shall comply with all of the terms and conditions of, and shall maintain in full force and effect, the Cheil License Agreement. VaccGen
shall use its best efforts to allow InterCell to exercise all of the rights provided to it hereunder and represents and warrants that it has obtained all necessary consents to enter into this Agreement, including without limitation from Cheil and
WRAIR, to the extent such consents are required. VaccGen acknowledges and agrees that Section 7.4(v) of the Cheil License Agreement provides for the continuation of VaccGen’s sublicenses thereunder in the event of termination of the Cheil
License Agreement under certain conditions, and VaccGen in its reasonable best efforts to secure the continuation of this Agreement in the event of such determination, VaccGen shall promptly notify InterCell in writing if Cheil or any third party
alleges any breach by VaccGen of the Cheil License Agreement, the rights under which have been granted to lnterCell, and VaccGen shall use its reasonable best efforts to cure any such breach. Notwithstanding the foregoing, InterCell shall be
entitled, but not obligated, to cure any alleged breach by VaccGen of the Cheil License Agreement and set-off the cost of such cure against amounts otherwise owed to VaccGen hereunder. 

2.7 Combination Vaccine and Adjuvanted Vaccine 

(i) In the event the parties identify opportunities to develop a combination vaccine by formulating the antigen component of the Vaccine
with another antigen(s), InterCell shall have the right, but not the obligation, to pursue such a combination vaccine if, in good faith, it is in the economic interest of both InterCell and VaccGen. In the event InterCell decides to pursue such a
combination vaccine, the parties agree to negotiate in good faith appropriate adjustments to the Royalties owed to VaccGen under Section 3.3. 

(ii) In the event the parties identify opportunities to develop an improved Japanese encephalitis vaccine (single shot, more potent,
etc.) by formulating the antigen component of the Vaccine with an adjuvant other than alum, InterCell shall have the right, but not the obligation, to pursue such an adjuvanted vaccine if, in good faith, it is in the economic interest of both
InterCell and VaccGen. In the event InterCell decides to pursue such an adjuvanted vaccine, the parties agree to negotiate in good faith appropriate adjustments to the Royalties owed to VaccGen under Section 3.3. 

  
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 ORIGINAL 
  

 2.8 [***] 

ARTICLE III 
 PAYMENTS

 3.1 License Fees 

(i) In consideration of this grant of sublicense to InterCell hereunder, InterCell shall pay VaccGen a
non-creditable, non-refundable initial license fee of three hundred fifty thousand United States dollars (USD$350,000), which shall be payable within five (5) days
upon execution of this Agreement. 
 (ii) In consideration of this grant of sublicense to InterCell hereunder, InterCell shall pay
VaccGen a non-creditable, non-refundable second license fee of four hundred fifty thousand United States dollars (USDS450,000), which shall be payable upon the first
human subject being enrolled in the Bridging Study. 
 3.2 Milestone Payments 

InterCell shall make non-creditable, non-refundable milestone
payments (“Milestone Payments”) to VaccGen upon InterCell’s, an InterCell Affiliate’s or a Sublicensee’s achievement of the following milestones in accordance with the following schedule: 

(i) InterCell shall make a Milestone Payment of five hundred thousand United States dollars (USD$500,000) to VaccGen upon the first
human subject being enrolled in the Definitive Clinical Trial. 
 (ii) InterCell shall make a Milestone Payment of nine hundred
thousand United States dollars (USD$900,000) to VaccGen upon the first PLA being filed for the Vaccine anywhere in the Territory. 
 (iii)
InterCell shall make a Milestone Payment of two million United States dollars (USD$2,000,000) to VaccGen upon the first regulatory approval of the Vaccine anywhere in the Territory. 

After the second license fee is paid by InterCell in accordance with Section 3.1(ii), VaccGen and InterCell will discuss in good faith
whether portions of the Milestone Payments owed under Section 3.2 will be replaced by transfer of InterCell stock options to VaccGen. 

3.3 Royalty Payments 

(i) For Vaccine marketed, sold and distributed directly by InterCell and/or its Affiliates (other than to or through Marketing
Partners), InterCell shall pay VaccGen a royalty (“Royalty”) upon commercialization of the Vaccine equal to [***] percent ([***]%) of Net Sales. 

(ii) For Vaccine marketed, sold, and distributed by InterCell’s Marketing Partners, InterCell shall pay VaccGen a Royalty upon
commercialization of the Vaccine equal to [***] percent ([***]%) of Net Sales. 
 (iii) InterCell shall make a minimum Royalty payment
to VaccGen during each and every calendar year (January 1 — December 31) after the first commercial launch of the Vaccine during the term of this Agreement as follows. [***]. In the event that, during the applicable calendar year for as long as
royalty obligations exist, InterCell’s total annual Royalty payments to VaccGen pursuant to Section 3.3 and/or Sublicense Revenue sharing under Section 3.4 are less than the annual minimum amounts set forth above (“Minimum
Royalty”), InterCell shall make a payment to VaccGen together with the Royalty report for the fourth quarter of such year required in Section 3.6 equal to the difference between such Minimum Royalty and the Royalties paid to
VaccGen for such year pursuant to Section 3.3 above. 

  
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 ORIGINAL 
  

 3.4 Revenue Sharing if InterCell Sublicenses the Vaccine 

Under all sublicensing agreements executed by InterCell for the Vaccine, InterCell shall pay VaccGen [***] of any and all Sublicense Revenue
actually received by InterCell from Sublicensees; provided, however, that with respect to all Sublicense Revenue received by InterCell from Sublicensees for achievement of milestones set forth in Section 3.2, or substantially similar
milestones, InterCell shall only pay VaccGen [***] of that portion of such Sublicense Revenue which is in excess of the applicable milestone amount set forth in Section 3.2. 

3.5 Payments 
 (i)
The license fee owed to VaccGen under Section 3.1(ii) due for the first human subject being enrolled in the Bridging Study shall be payable by InterCell within [***] after the achievement of such event. 

(ii) Any Milestone Payments owed to VaccGen under Section 3.2 shall be payable by InterCell to VaccGen within [***] after the
achievement of the applicable milestone. 
 (iii) Any Royalty owed to VaccGen pursuant to Section 3.3 shall be due [***] after
the end of each calendar quarter (March 31, June 30, September 30, and December 31) beginning with the first calendar quarter in which Net Sales occur and shall be payable by InterCell to VaccGen within [***] following the last day of the
applicable calendar quarter. 
 (iv) Payments owed to VaccGen pursuant to Section 3.4 shall be payable by InterCell to VaccGen
within [***] after the end of the calendar quarter in which such Sublicense Revenue is actually received by InterCell from the Sublicensee(s). 

3.6 Reports 
 For each
payment made pursuant to Sections 3.1-3.4, InterCell shall also deliver to VaccGen an accompanying report setting forth in reasonable detail the calculation of the accompanying VaccGen payments (e.g., license
fee, Royalty, Sublicensing Revenue, and Milestone Payments). 
 3.7 Currency and Place of Payment 

(i) All payments from InterCell to VaccGen under this Agreement shall be made in the legal currency of the United States of America by
either a) corporate check to VaccGen at the address specified in Section 12.7 or an address designated in writing by VaccGen from time to time or b) wire transfer to a bank account designated in writing by VaccGen from time to time and provided
to InterCell in accordance with Section 12.7. 
 (ii) With respect to Net Sales or Sublicense Revenue made in currency other than
United States dollars, payments shall be computed based upon the conversion rate of the currencies of Net Sales or Sublicense Revenue into United States dollars as is published in The Wall Street Journal (Eastern Edition) as of the last business day
of the calendar quarter covered by the report submitted to VaccGen pursuant to Section 3.6. 

  
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 ORIGINAL 
  

 3.8 Late Payment 

Payments to VaccGen hereunder shall be deemed paid as of the day on which they are received pursuant to Section 3.7(i). Any payment or
part of a payment which is not paid on or before the date when due shall accrue interest thereon from such date until the date of its payment in full at [***]. 

3.9 Records 
 InterCell
agrees to maintain for [***] after the submission of each report under Section 3.6 hereof full and accurate books and records in sufficient detail to enable the amounts due to VaccGen under this Agreement to be verified. 

3.10 Taxes 
 Subject to
applicable law, InterCell will use its reasonable best efforts to insure that Austrian taxes are not withheld from any payments owed to VaccGen under this Agreement. Notwithstanding the foregoing, InterCell may withhold from any Royalty or payment
to VaccGen under this Agreement any taxes required to be withheld by InterCell under the applicable laws of the United States or any other country, state, territory or jurisdiction and if such taxes are required to be withheld by InterCell, they
will be deducted from such payments due to VaccGen and will be paid by InterCell for the account of VaccGen, a receipt thereof secured, if available, and sent to VaccGen. 

3.11 Audit Rights 

InterCell shall maintain appropriate books and records in such a manner as to clearly and accurately show Net Sales and Sublicense Revenue as
defined herein. InterCell shall permit an independent public accountant designated by VaccGen and reasonably acceptable to InterCell, to have access, no more than [***] in each calendar year during the term of this Agreement and for the [***]
following the expiration or termination of InterCell’s royalty obligations hereunder, during regular business hours and upon at least [***] prior written notice, to InterCell’s records and books relating to amounts payable hereunder, for
the purpose of determining the accuracy of Net Sales and Sublicense Revenue reported, and Royalty payments made, by InterCell to VaccGen within the [***] immediately preceding such an audit. The independent public accountant shall be under a
confidentiality obligation to InterCell to disclose to VaccGen only (a) the accuracy of Net Sales and Sublicense Revenue reported and the basis for Royalty payments made to VaccGen under this Agreement, and (b) the difference, if any, such
reported and paid amounts vary from amounts determined as a result of the audit. InterCell shall cooperate reasonably with the parties making such examination or audit on behalf of VaccGen. InterCell shall promptly pay to VaccGen or VaccGen shall
promptly refund to InterCell, as the case may be, any underpayment or overpayment revealed by the examination or audit. If an examination or audit is performed due to InterCell’s failure to submit any reports pursuant to Section 3.6 when
such reports are due under this Agreement or its failure to reasonably maintain books and records as provided herein, or in the event such examination or audit shows an underpayment to VaccGen of more than [***] or [***] for any calendar quarter,
[***], then InterCell shall within [***] following written notice pay to VaccGen the reasonable and customary cost of such an examination or audit as well as all amounts shown to be due under this Agreement. 

3.12 Payments to WRAIR, Cheil, and Barr 

VaccGen shall be responsible for third party royalties or other forms of consideration, if any, which are owed to WRAIR, Cheil, and Barr
Laboratories, Inc. as a result of development or commercialization of the Vaccine. In the event that such third party royalties or other consideration are not paid, VaccGen shall immediately provide lnterCell written notice of such failure and
InterCell shall haver; the right to make such payment on VaccGen’s behalf. InterCell shall then be entitled to deduct any such payment made by InterCell under this Section 3.12 from any amounts due to VaccGen under this Agreement. 

  
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 3.13 Royalty Stacking 

If InterCell is required to make any payment (including, but not limited to, royalties or other license fees) to one or more third parties to
obtain a license or similar right in the absence of which, based on convincing written evidence, InterCell could not legally make, import, use, sell, or offer for sale the Vaccine, such third-party payments shall be [***] creditable against all
amounts otherwise owed to VaccGen hereunder. 
 3.14 No Multiple Royalties 

No multiple Royalties shall be due or payable because the manufacture, use, offer for sale, sale or import of a Vaccine is or shall be covered
by more than one Valid Claim. 
 3.15 Royalty and Payment Term 

InterCell’s obligation to pay Royalties and other amounts to VaccGen under Sections 3.3 and 3.4 shall continue until the expiration or
final determination of invalidity of the last Valid Claim. Upon the expiration or final determination of invalidity of the last Valid Claim, InterCell will pay for a period of 7 years the following reduced Royalties and other amounts to VaccGen:

 (i) [***] under Section 3.3(i), 

(ii) [***] under Section 3.3(ii), and 

(iii) [***] under Section 3.4. 

Upon expiration of this 7 year period, InterCell shall have no further obligation to pay any Royalties or other amounts due under Article 3.
Notwithstanding the above, InterCell shall be obligated after expiration of the royalty term to pay any Royalty amounts that accrued under Article 3 prior to such expiration. 

ARTICLE IV 

RESPONSIBILITIES OF THE PARTIES 

4.1 Joint Development and Marketing Committee 

(i) The Development Program for the Vaccine shall be designed, directed, implemented, and monitored by the JDMC. The goal and spirit of
the JDMC during the Development Program is to develop and gain regulatory approval for the Vaccine as promptly as practical, consistent with reasonable commercial and scientific practices. 

(ii) After commercialization of the Vaccine, the JDMC will advise InterCell on the marketing and sale of the Vaccine is the Territory.
The goal and spirit of the JDMC after commercialization is to maximize salts of the Vaccine in the Territory, consistent with reasonable business practices. 

(iii) The JDMC will be composed of two (2) representatives appointed by each of InterCell and VaccGen. Initially, such
representatives shall be [***] from VaccGen and [***] from InterCell. The JDMC will be chaired by InterCell. Initially, the chairperson shall be [***]. The representatives of the JDMC shall be the primary contacts between the parties with respect to
the Development Program. Each party may replace its representative at any time upon written notice to the other party and InterCell may replace the chairperson at any time, as long as the replacement representative and/or chairperson, as the case
may be, are adequately qualified and empowered to make decisions regarding the Development Program. Other persons from VaccGen and InterCell may be invited to attend meetings of the JDMC on an as needed basis. The JDMC shall meet on an as needed
basis; however, unless unanimously agreed to by the JDMC, the JDMC will at minimum: 

  
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 (a) prior to commercialization of the Vaccine, conduct a conference call to
review the Development Program on a monthly basis and, after commercialization of the Vaccine, conduct a conference call to review the marketing and sales of the Vaccine on a quarterly basis (every [***]); and 

(b) prior to commercialization of the Vaccine, hold a meeting to review the Development Program on a quarterly basis (every
[***]) and, after commercialization of the Vaccine, hold a meeting to review the marketing and sales of the Vaccine on a twice annual basis. 

The times and/or locations of such conference calls and meetings will be determined by the JDMC representatives. The reasonable cost and
expense of the JDMC (meetings, travel, etc.), which have been pre-approved in writing by InterCell, will be borne by InterCell. 

(iv) The JDMC will use its best efforts to resolve any disagreements among the parties. However, if the JDMC representatives cannot
resolve such disagreements, the chairperson shall have a casting and deciding vote (which such vote shall thereupon be the decision of the JDMC with respect thereto). All final decisions by the JDMC, including the chairperson, shall be consistent
with the terms, conditions and spirit of this Agreement; provided however that in no event shall InterCell as chair of the JDMC be required to approve any amendments or changes to the Development Plan which would substantially increase its
obligation to fund Development Plan beyond the projected cost of such plan as of the Effective Date. 
 (v) At meetings and conference
calls of the JDMC, the parties will share with each other all Vaccine Information generated during the Development Program and all marketing information (sales, manufacturing, distribution, etc.) alter commercialization of the Vaccine. 

(vi) The Development Plan, as shown on Exhibit A hereto, details the activities, budget, costs, and timelines related to
development and commercialization of the Vaccine after the Effective Date. Either party may submit proposed amendments or updates to the Development Plan for the JDMC’s consideration and approval and the JDMC will update the Development Plan on
an as needed basis during the term of the Agreement, so that the Development Plan remains up-to-date and accurate. 

4.2 Sharing of Vaccine Information 

(i) Promptly following the Effective Date, VaccGen shall transfer all Vaccine Information developed prior to the Effective Date to
InterCell. 
 (ii) During the term of this Agreement and pursuant to Section 4.1(v), both parties shall share with the other
party all Vaccine Information generated by the disclosing party or other Persons working in collaboration with such disclosing party, including Sublicensees. 

(iii) With respect to Vaccine Information disclosed hereunder by VaccGen to InterCell, VaccGen hereby grants to InterCell a
royalty-free, transferable, sublicensable, exclusive, worldwide (except for Korea and the Caribbean) right and license, under VaccGen’s rights and interests in, under and to Vaccine Information (including without limitation any copyright or
trade secret interests), disclosed either before or after the Effective Date, to use, reproduce, distribute, display, prepare derivative works of and otherwise modify, make, sell, offer to sell, import and otherwise use and exploit (and have others
exercise such rights on behalf of InterCell) all or any portion of such Vaccine Information in connection with InterCell’s exercise of the license grant set forth in Section 2.1. 

  
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 (iv) With respect to Vaccine Information disclosed hereunder by InterCell to VaccGen,
InterCell hereby grants to VaccGen a royalty-free, transferable, sublicensable, non-exclusive right and license, under InterCell’s rights and interests in, under and to such Vaccine Information (including
without limitation any copyright or trade secret interests), disclosed after the Effective Date, to use, reproduce, distribute, display, prepare derivative works of and otherwise modify, make, sell, offer to sell, import and otherwise use and
exploit (and have others exercise such rights on behalf of VaccGen) all or any portion of such Vaccine Information in the Caribbean and in Korea solely in connection with VaccGen’s satisfaction of its contractual obligations with Cheil which
exist as of the Effective Date and are set forth in the Cheil License Agreement. 
 4.3 Responsibility for the Development Program

 (i) The cost and expense of the Development Program pursuant to and expressly set forth in the Development Plan shall be solely
borne by InterCell, it’s Sublicensees (if any), and their Affiliates. 
 (ii) InterCell and/or its Sublicensee(s) shall be
responsible, at their cost and expense, for any and all activities performed by InterCell and/or its Sublicensees(s) pursuant to and expressly set forth in the Development Plan. 

(iii) InterCell and/or its Sublicensee(s) shall fund their activities performed pursuant to the Development Program in a reasonable and
timely manner according to the Development Plan (Exhibit A). InterCell and/or its Sublicensees will fund activities performed by others (including without limitation VaccGen, Cheil, [***] and WRAIR) performed in accordance with the terms of the
Development Plan, including without limitation the budgets and costs. InterCell and/or its Sublicensees will fund activities performed by others which costs exceed the budget provided for in the Development Plan only to the extent such activities
and costs have received InterCell’s prior written approval. 
 (iv) InterCell will share with VaccGen all plans and results from
activities under the Development Program pursuant to and in accordance with Section 4.2(ii), such plans and results to be included within the license grant set forth in Section 4.2(iv). 

(v) InterCell acknowledges that development and regulatory approval of the Vaccine is a high priority project for InterCell.
Consequently, InterCell and/or its Sublicensee(s) shall use commercially reasonable efforts to develop, manufacture, gain regulatory approval and reasonably promptly launch the Vaccine, consistent with reasonable commercial and scientific practices
and in accordance with the Development Plan (Exhibit A). 
 4.4 Government Approvals for the Vaccine 

(i) InterCell and/or its Sublicensee(s) shall be responsible, at their cost and expense, for obtaining and maintaining all approvals,
licenses, permits, registrations or authorizations, including pricing and reimbursement approvals, of any U.S. or non-U.S. national, state or local regulatory agency, department, bureau or other government
entity, necessary for the manufacture, use, storage, transport or sale of the Vaccine sold by or on behalf of InterCell, the Sublicensee(s) or their Affiliates in the Territory obtained or maintained after the Effective Date. All such approvals,
registrations and authorizations shall be in the name of InterCell and/or the Sublicensee(s). If requested by InterCell in writing, VaccGen will reasonably cooperate, and will request that Cheil reasonably cooperates, with InterCell to satisfy
InterCell’s obligations under this Section 4.4 at InterCell’s cost and expense. 
 (ii) The parties acknowledge and
agree that (a) all regulatory filings for the Vaccine, including without limitation the Investigational New Drug application originally filed by WRAIR and transferred to VaccGen during the fourth quarter 2002, shall be transferred to InterCell,
(b) InterCell shall receive full rights of reference to any regulatory filings for the Vaccine which have not been transferred, if any, in accordance with the foregoing and (c) VaccGen will assist in effectuating all of InterCell’s
rights in connection with the foregoing, including arrangements that need to be addressed with WRAIR, if any. 

  
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 4.5 Responsibility for Commercialization 

(i) Subject to the parties’ agreement with respect to VaccGen’s co-promotional and co-marketing efforts pursuant to Section 2.3, InterCell and/or its Sublicensee(s) and Marketing Partner(s) shall be responsible, at their cost and expense, for commercialization of the Vaccine in the Territory,
including, but not limited to, sales, marketing, manufacturing, and distribution. 
 (ii) InterCell acknowledges that
commercialization of the Vaccine is a high priority project for InterCell. Consequently, InterCell and/or its Sublicensee(s) and Marketing Partner(s) shall use commercially reasonable efforts to maximize Net Sales of the Vaccine in the entire
Territory, consistent with commercially reasonable business practices. 
 (iii) VaccGen acknowledges that InterCell has the right at
its own and sole discretion to appoint Marketing Partners to market, sell, find distribute the Vaccine in the Territory. InterCell is responsible for the cost and expense of such Marketing Partners, if any. 

(iv) InterCell will share with VaccGen reasonable marketing and sales information on the Vaccine in the entire Territory after
commercialization of the Vaccine pursuant to and in accordance with Section 4.2(ii), such information to be included within the license grant set forth in Section 4.2(iv). 

4.6 Manufacture and Supply of the Vaccine 

InterCell and/or its Sublicensee(s) shall be responsible, at their cost and expense, to manufacture or have manufactured at a third party the
Vaccine according to the Development Plan and for commercial purposes. InterCell will share with VaccGen reasonable manufacturing information on the Vaccine pursuant to and in accordance with Section 4.2(ii), such information to be included
within the license grant set forth in Section 4.2(iv). 
 4.7 Assistance by VaccGen 

VaccGen and InterCell have entered into a consulting agreement (the “Consulting Agreement”) as of even date herein.
Under the terms and conditions of the Consulting Agreement, VaccGen will reasonably assist, and request Cheil and WRAIR to reasonably assist, if applicable, InterCell with reasonable best efforts in the development, regulatory approval, manufacture,
marketing and selling of the Vaccine in the Territory; provided, however, that such assistance by VaccGen shall in no way relieve InterCell of its responsibility for implementing those aspects of the Development Program assigned to it according to
the Development Plan and commercialization of the Vaccine. 
 4.8 Notification 

Each party shall notify the other immediately in writing of any adverse or unexpected results, or any potential government action relevant to
the Vaccine of which such party is aware, either directly or as result of notice from a Sublicensee(s) or otherwise. Following such notification, the parties shall confer to determine in good faith an appropriate course of action, if any, subject to
applicable national, state and local laws, rules, regulations and statutes, with InterCell having final decision-making authority as to the appropriate course of action, if any. 

  
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 ARTICLE V 

OWNERSHIP OF VACCINE AND IMPROVEMENTS 

5.1 Ownership of Vaccine 

Nothing contained herein shall confer upon either InterCell or VaccGen ownership rights in and to the Vaccine and the Vaccine Patents; it being
understood that the ability of InterCell and VaccGen to have access to the Vaccine, Vaccine Patents, and Improvements (if any) in accordance with the terms of the Agreement shall not be impaired by the foregoing. 

5.2 Improvements 
 (i)
During the term of this Agreement, VaccGen shall disclose to InterCell, in writing, all VaccGen Improvements, whether patentable or not, if any. With respect to all VaccGen Improvements disclosed under this Section 5.2(1), such VaccGen
Improvements shall be automatically included under the terms and conditions of this Agreement, including without limitation the license grant to InterCell in Section 2.1. 

(ii) During the term of this Agreement, InterCell shall disclose to VaccGen, in writing, all InterCell Improvements, whether patentable
or not, if any. With respect to all InterCell Improvements disclosed under this Section 5.2(ii), when InterCell has so promptly disclosed, InterCell will assign its rights in, to and under any such InterCell Improvements to Cheil and such
InterCell Improvements shall be included under the terms and conditions of this Agreement, including without limitation the license grant to InterCell in Section 2.1. 

(iii) In accordance with the Cheil License Agreement, Cheil and VaccGen shall have the first and second options, respectively, of
filing, prosecuting and maintaining any patent applications, at their cost and expense, regarding Improvements disclosed under Section 5.2(i) and (ii). VaccGen shall provide InterCell with all material documentation and correspondence from,
sent to or filed with patent offices regarding such patent applications and with a reasonable opportunity to review and comment upon all filings with such patent offices in advance. VaccGen shall reasonably consult with InterCell with respect
thereto and raise InterCell’s comments and concerns thereto with Cheil. Title to any such patent applications and any patents issuing therefrom on such Improvements shall be in Cheil’s name in accordance with the Cheil License Agreement,
but such patents shall be exclusively licensed to InterCell in the Territory under the terms and conditions of this Agreement, including without limitation the license grant in Section 2.1. 

(iv) If VaccGen and Cheil elect not to file, prosecute or maintain any such patent applications or patents on such Improvements, then
InterCell shall have the right, but not the obligation, to file, prosecute and maintain any such patent applications or patents on such Improvements at its own expense. Title to any such patents on such Improvements shall be in Cheil’s name in
accordance with the Cheil License Agreement, but such patents shall be exclusively sublicensed to InterCell in the Territory under the terms and conditions of this Agreement. InterCell shall be entitled to deduct any amounts it incurs as a result of
its filing, prosecution or maintenance of any patent applications or patents under this Section 5.2(iv) from any amounts due to VaccGen under this Agreement. 

5.3 Joint Improvements 
 In
the event that Improvements are jointly invented, as determined under United States patent law, by at least one (1) VaccGen employee or person contractually required to assign or license patent rights covering such inventions to VaccGen and at
least one (1) InterCell employee or person contractually required to assign or license patent rights covering such inventions to InterCell (“Joint Improvements”) during the term of this Agreement, such Joint Improvements
and any patent rights based thereon shall be owned by Cheil in accordance with the Cheil License Agreement, and the parties will assign their rights in, to and under any such Joint Improvements to Cheil and such Joint Improvements shall be included
under the terms and conditions of this Agreement, including without limitation the license grant to InterCell in Section 2.1. 

  
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 ARTICLE VI 

PATENTS 
 6.1
Prosecution of Vaccine Patents 
 (i) The parties acknowledge that, during the term of this Agreement, Cheil, in accordance with
the Cheil License Agreement, shall be responsible, at Cheil’s cost and expense, for prosecuting to issuance and maintaining all Vaccine Patents, for filing and prosecuting all patent reissues and
re-examinations, for applying for and obtaining any patent term extensions, and for paying all maintenance fees, on all Vaccine Patents and all patent applications and patents claiming Improvements. 

(ii) VaccGen shall cooperate with Cheil including, without limitation, executing all lawful papers and instruments and making all
rightful oaths and declarations, as may be necessary, in the preparation and prosecution of all such Vaccine Patents. If necessary, InterCell will reasonably assist VaccGen in such efforts at VaccGen’s cost and expense. 

(iii) VaccGen shall provide InterCell with draft copies of all correspondence and filings on the Vaccine Patents and related prosecution
documents in the Territory, and InterCell shall have, to the extent reasonably possible, [***] from receipt of such documents, to provide comments to VaccGen. VaccGen shall confer with InterCell and make reasonable efforts to adopt InterCell’s
suggestions regarding prosecution of the Vaccine Patents. Notwithstanding the foregoing, VaccGen and/or Cheil shall have the right to take such actions as are reasonably necessary, in their good faith judgment, to preserve all rights under the
Vaccine Patents throughout the Territory. As soon as practical subsequent to the filing of any prosecution document on the Vaccine Patents, VaccGen shall provide InterCell with a copy of such document. In addition, VaccGen shall copy InterCell on
any official office action and submissions with respect to the Vaccine Patents in the Territory. 
 (iv) If Cheil does not diligently
file, prosecute and/or maintain Vaccine Patents in the Territory, then VaccGen shall have the right, but not the obligation, to prosecute and/or maintain such Vaccine Patents at VaccGen’s cost and expense. 

(v) If both Cheil and VaccGen do not diligently file, prosecute and/or maintain such Vaccine Patents in the Territory, then VaccGen
shall immediately provide written notice to InterCell of such failure and InterCell shall have the right, but not the obligation, to file, prosecute and/or maintain such Vaccine Patents at InterCell’s cost and expense. In the event that
InterCell assumes responsibility for the cost of prosecution and/or maintenance of the Vaccine Patents in the Territory, at InterCell’s choice and discretion, the actual
out-of-pocket costs of filing, prosecution and/or maintenance of such Vaccine Patents shall be deducted against the next Milestone Payment or the Royalty payments owed
by InterCell to VaccGen under Section 3.3(i) shall be reduced from [***] percent ([***]%) to [***] percent ([***]%) and under Section 3.3(ii) shall be reduced from [***] percent ([***]%) to [***] percent ([***]%) in the country or
countries where InterCell is assuming responsibility for the cost of prosecuting and maintaining such Vaccine Patents. InterCell will make its decision within [***] after any prosecution and/or maintenance of such Vaccine Patents. 

  
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 6.2 Infringement of Vaccine Patents 

(i) In the event either party becomes aware of a suspected infringement of any Vaccine Patents or patents assigned to Cheil covering
Improvements in the Territory, such party shall immediately notify the other party in writing, and following such notification, the parties shall confer as to the handling of such suspected infringement. For suspected infringement claims in the
Territory, InterCell shall have the exclusive right, but not the obligation, at its own cost and expense, to: (a) prosecute such suspected infringement by bringing an infringement claim in a court of competent jurisdiction or (b) in its
sole good faith discretion, settle such infringement dispute with such third party. All such actions prosecuted or settled pursuant to this Section 6.2(i) shall be in InterCell’s own name and entirely under its own direction and control.
At InterCell’s expense, VaccGen will, and will request Cheil to, reasonably assist InterCell in such actions or settlements if so requested by InterCell, and will lend its name, and request Cheil to lend its name, to such actions or settlements
if requested by InterCell or required by law. Notwithstanding the foregoing, VaccGen and Cheil shall have the right to participate and be represented in any such actions or settlements by their own counsel at their own expense. 

(ii) If InterCell elects not to prosecute or settle any infringement dispute described in Section 6.2(i) within [***] after
receiving written notice of the suspected infringement, then VaccGen shall have the right, but not the obligation, to bring such action at its own expense and entirely under its own direction and control. At VaccGen’s expense, InterCell will
reasonably assist VaccGen in such actions if so requested by VaccGen or required by law. Notwithstanding the foregoing, InterCell shall have the right to participate and be represented in any such actions or settlements by its own counsel at its own
expense. 
 (iii) Any amounts paid by third parties to InterCell pursuant to Section 6.2(i), whether by settlement or otherwise,
shall first be applied toward reimbursement for reasonable expenses incurred and paid for (by both InterCell and VaccGen), and then, amounts received In excess of such expenses, if any, shall be considered Net Sales and subject to Royalty payments
in accordance with Section 3.3. 
 (iv) Any amounts paid by third parties to VaccGen pursuant to Section 6.2(11), whether by
settlement or otherwise, shall first be applied toward reimbursement for reasonable expenses incurred and paid for (by both InterCell and VaccGen), and then, amounts received in excess of such expenses, if any, shall be split [***] to VaccGen and
[***] to InterCell. 
 (v) No settlement of any infringement action under this Section 6.2 that: (a) restricts the scope or
affects the enforceability of the Vaccine Patents, (b) imposes any liability on InterCell, VaccGen, Cheil, or the Sublicensee(s) or (c) does not provide InterCell, VaccGen, Cheil, and the Sublicensee(s) with a full release from all claims
and liability with respect to claims made in litigation, if applicable, may be entered into under this Section 6.2 without the prior written consent of the other party. 

6.3 Revocation Proceedings 

(i) In the event either party becomes aware of the institution by a third party of any proceedings for the revocation of the Vaccine
Patents or any patents assigned to Cheil covering Improvements in the Territory, such party shall immediately notify the other party in writing, and following such notification, the parties shall confer on bow to handle such third party proceeding.
The parties acknowledge that for revocation proceedings, Cheil, in accordance with the Cheil License Agreement, shall have the first right, but not the obligation, at Cheil’s cost and expense, to: (a) defend such revocation proceedings or
(b) in Cheil’s sole good faith discretion, settle such revocation proceedings with such third party. All such actions defended pursuant to this Section 6.3(i) shall be in Cheil’s own name and entirely under its own direction and
control. At Cheil’s cost and expense, InterCell and VaccGen will reasonably assist Cheil in such proceedings if so requested by Chet!, and will lend its name to such proceedings if requested by Cheil or required by law. Notwithstanding the
foregoing, InterCell and VaccGen shall have the right to participate and be represented in any such proceedings by their own counsel at their own cost and expense. 

(ii) If Cheil elects :lot to defend or settle any proceedings for revocation described in Section 6.3(i) within [***] after
becoming aware of the proceeding, then VaccGen shall have the right, but not the obligation, to defend or settle such proceedings at its own cost and expense and entirely under its own direction and control. At VaccGen’s cost and expense,
InterCell will reasonably assist VaccGen in such proceedings if so requested by VaccGen or required by law. Notwithstanding the foregoing, InterCell shall have the right to participate and be represented in any such proceedings by its own counsel at
its own expense. 

  
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 (iii) If both VaccGen and Cheil elect not to defend or settle any proceedings for
revocation described in Section 6.3(i) and (ii) within [***] after becoming aware of the revocation, then VaccGen shall immediately provide InterCell with written notice of such election and InterCell shall have the right, but not the
obligation, to defend or settle such proceedings at its own cost and expense and entirely under its own direction and control. At InterCell’s cost and expense, VaccGen and/or Cheil will reasonably assist InterCell in such proceedings if so
requested by InterCell or required by law. Notwithstanding the foregoing, VaccGen and/or Cheil shall have the right to participate and be represented in any such proceedings by their own counsel at their own cost and expense. 

In the event both VaccGen and Cheil decide not to participate in such revocation proceedings and InterCell assumes the responsibility for such
proceedings in accordance with Section 6.3(iii), then the Royalty payments owed by InterCell to VaccGen under Section 3.3(i) shall be reduced from [***] to [***] and under Section 3.3(ii) shall be reduced from [***] to [***] in the
country or countries where InterCell is defending such revocation proceedings. 
 (iv) Any amounts paid by third parties to InterCell,
Cheil and/or VaccGen as a result of such proceedings, whether by settlement or otherwise, shall first be applied toward reimbursement for reasonable expenses incurred and paid for (by InterCell, Cheil, and VaccGen), and then, amounts received in
excess of such expenses, if any, shall be provided to InterCell and considered Net Sales and subject to Royalty payments in accordance with Section 3.3. 

(v) No settlement of any defense that: (a) restricts the scope or affects the enforceability of the Vaccine Patents,
(b) imposes any liability on InterCell, Cheil, VaccGen, or the Sublicensee(s) or (c) does not provide InterCell, Cheil, VaccGen, and the Sublicensee(s) with a full release from all claims and liability with respect to claims made in the
revocation proceeding, if applicable, may be entered into under this Section 6.3 without the prior written consent of the other party 

6.4 Responsibility for Defense 

(i) In the event that a third party at any time threatens or brings suit against either party, their Affiliates, or the Sublicensee(s)
alleging infringement of any third party patent on account of the development, manufacture, marketing, use, or sale of the Vaccine (each a “Third Party Claim”) in the Territory, the party receiving notification of the Third
Party Claim shall immediately notify the other party in writing, enclosing a copy of all pleadings served, if any. Following such notification, the parties shall confer to determine whether either or both parties shall control the defense of the
Third Party Claim. If both parties have been named in the Third Party Claim, then, unless otherwise agreed between them in writing, each party shall have the right, but not the obligation, to defend such Third Party Claim in its own name and under
its own direction and control. If only one party has been named or if the parties agree in writing that only one party shall defend such Third Party Claim, then the defending party shall have the right, but not the obligation, to defend such Third
Party Claim in its own name (and the other party’s name, if so agreed by the parties in writing) and under its own direction and control. The other party will reasonably assist the party defending such Third Party Claim if so requested in
writing. In addition, the other party shall have the right to participate and be represented in any such Third Party Claim by its own counsel at its own expense. No settlement of any action or defense that: (a) restricts the scope or affects
the enforceability of the Vaccine Patents, (b) imposes any liability on InterCell, Cheil, VaccGen, or the Sublicensee(s) or (c) does not provide InterCell, Cheil, VaccGen, and the Sublicensee(s) with a full release from all claims and
liability with respect to claims made in litigation, if applicable, may be entered into under this Section 6.4 without the prior written consent of the other party. 

  
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 ORIGINAL 
  

 (ii) In the event that InterCell, VaccGen, or the Sublicensee(s), as the case may be,
incurs any costs or expenses in connection with the defense of any Third Party Claim, such costs or expenses shall be borne by the party that incurs them. 

(iii) In the event that, by way of counterclaim or otherwise, either party or both parties recovers any damages or other sums in any
action, suit, or proceeding involving a Third Party Claim, or in settlement thereof, such recoveries shall be applied and shared follows: 

(iv) if both parties defend such Third Party Claim, such recoveries shall be split [***] to InterCell and [***] to VaccGen. 

(v) if only one party defends such Third Party Claim, such party shall be entitled to all such recoveries. 

ARTICLE VII 

TERM & TERMINATION 

7.1 Term of the Agreement 

This Agreement shall become effective on the Effective Date and, unless sooner terminated under this Article VII, shall expire upon the earlier
of (1) the expiration or termination of InterCell’s Royalty and payment obligations as set forth in Section 3.15 or (ii) when InterCell and/or its Sublicensees and Marketing Partners are no longer developing, marketing or selling
the Vaccine anywhere in the Territory for a period of at least twelve consecutive months. 
 7.2 Termination 

(i) In the event that InterCell or VaccGen shall be in material default of, or materially breaches any material conditions or covenants
of this Agreement, the non-breaching party may, at its election, serve notice in writing upon the breaching party of its intention to terminate this Agreement on the expiration of ninety (90) days after
the date of such notice, such notice to describe the alleged breach or default in reasonable detail; provided, however, that if the breaching party cures such default or breach within such ninety (90) day period, termination of this Agreement
shall be avoided. 
 (ii) VaccGen may, at its election, terminate this Agreement forthwith upon written notice thereof to InterCell in
the event that InterCell: (a) shall make an assignment for the benefit of creditors; (b) applies for or consents to the appointment of a trustee, receiver, or liquidator of all or substantially all of the assets of InterCell;
(c) shall file a voluntary petition for liquidation in bankruptcy; or (d) be declared bankrupt by reason of a voluntary or involuntary bankruptcy proceeding, which proceeding, if involuntary and contested in good faith by InterCell, shall
not have been dismissed within [***] after the date of filing. 
 (iii) VaccGen may, at its election, terminate this Agreement upon
[***] written notice to InterCell in the event that InterCell a) does not substantially fund the Development Plan in accordance with the terms of the Development Plan as described more specifically in Section 4.3 or b) acquires rights to a
Japanese encephalitis vaccine competitive to the Vaccine, unless InterCell has refuted VaccGen’s claim or cured such breach during such [***]. 

(iv) In the event that InterCell decides, in good faith, not to develop, market, and sell the Vaccine in any country(ies) in the
Territory, then InterCell will provide written notice to VaccGen of such decision and in such country(ies) the rights granted to InterCell in Section 2.1 to the Vaccine will automatically return to VaccGen at no cost to VaccGen. In such event,
InterCell’s rights to the Vaccine in the remaining countries in the Territory will not be affected. 

  
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 ORIGINAL 
  

 (v) InterCell shall have the right, but not the obligation, to terminate this
Agreement after giving [***] written notice to VaccGen if the FDA requires InterCell to repeat a Phase 1 human clinical trial with the Vaccine because of changes in the manufacturing process at [***] versus Vaccine previously produced at WRAIR. Such
termination shall be supported by InterCell with appropriate written documents. 
 (vi) VaccGen shall have the right, but not the
obligation, to terminate this Agreement after giving [***] written notice to InterCell if InterCell has not enrolled the first subject in the Bridging Study within [***] after the Effective Date, unless such delay in initiating the Bridging Study is
caused by, based on convincing evidence, a) the FDA requiring InterCell to repeat a Phase 1 human clinical trial with the Vaccine because of changes in the manufacturing process at BioReliance versus Vaccine previously produced at WRAIR, b)
unavoidable delays in producing the Vaccine at BioReliance for the Bridging Study, c) data showing that the safety and/or immunogenicity of Vaccine produced by BioReliance does not justify initiation of the Bridging Study, and/or d) the failure of
cooperation on the part of WRAIR or VaccGen to assist InterCell with its obligations hereunder and such failure causes unavoidable delays in the Development Plan, unless InterCell has cured such breach during such [***] period. 

(vii) The parties acknowledge that certain Vaccine Information, including without limitation
know-how relating to the manufacture, use or development of the Vaccine in WRAIR’s possession or control, is critical to InterCell’s successful development and commercialization of the Vaccine and
will be disclosed to InterCell pursuant to Section 4.2. If InterCell does not receive such information in accordance with the provisions of Section 4.2, InterCell shall have the right, but not the obligation, to terminate this Agreement
upon thirty (30) days written notice to VaccGen, unless such information is provided to InterCell within such thirty (30) day period. 

(viii) In the event of any good faith dispute as to a party’s grounds for termination under this Agreement or whether a party has
cured an identified breach under Section 72(i), 7.2(iii), 7.2(v), 7.2(vi), or 7.2(vii), this Agreement shall not be terminated pending resolution of such dispute pursuant to the alternative dispute resolution described in Section 12.11.

 7.3 No Other Events of Termination 

This Agreement shall terminate or otherwise be deemed to end if and only if the termination is effected pursuant to Section 7.1 or 7.2.

 7.4 Rights and Duties Upon Termination 

(i) No exercise by either party of any right of termination will constitute a waiver of any right of either party for recovery of any
moneys owned to it hereunder or any other right or remedy either party may have by law or by this Agreement. 
 (ii) Upon termination
of the Agreement (but not expiration in accordance with Section 7.1(i)), all rights and ownership granted by VaccGen to InterCell under this Agreement, with the exception of the right to sell off inventory pursuant to Section 7.4(iv),
shall immediately and completely terminate and such rights and ownership shall revert completely back to VaccGen, without any limitations on VaccGen whatsoever and at no cost to VaccGen. 

(iii) Within [***] after termination of this Agreement (but not expiration in accordance with Section 7.1(i)): 

  
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 ORIGINAL 
  

 (iv) Each party shall return to the other party all Confidential Information (as
defined hereinafter) of the other party received pursuant to this Agreement or otherwise, and 
 (v) InterCell will transfer to
VaccGen at no cost to VaccGen 1) all Vaccine Information developed during the term of this Agreement (including, but not limited to, all marketing, sales, clinical, manufacturing, and other information on the Vaccine in InterCell’s possession)
and 2) all Vaccine Information provided to InterCell by VaccGen pursuant to Section 4.2 and VaccGen is free to use such Vaccine Information in order to commercially exploit the Vaccine in the Territory, without any limitations on VaccGen
whatsoever. 
 (vi) All non-commercial inventories of Vaccine, including clinical supplies, in
InterCell’s possession shall be provided to VaccGen or destroyed, at VaccGen’s sole option. All disposals of such inventories shall be performed in compliance with applicable law. 

(vii) In the event of termination of this Agreement, InterCell’s sublicense agreements with Sublicensees shall remain in effect and
be assigned, along with all rights and obligations thereunder, to VaccGen, at no assignment cost to VaccGen. 
 (viii) Commercial
inventories of the Vaccine, if any, may be sold by InterCell and/or its Sublicensee(s) and Marketing Partner(s) for [***] after the date of termination consistent with the terms and conditions of this Agreement At the end of the [***] period, any
remaining commercial inventories of Vaccine may be sold by InterCell and/or its Sublicensee(s) and Marketing Partner(s) consistent with the terms and conditions of this Agreement or destroyed (in compliance with applicable law), at the sole option
of the terminating Party. 
 (ix) Upon expiration of the Agreement under Section 7.1, the licenses granted to InterCell pursuant
to Section 2.1 and 4.2(ii) shall become paid-up and royalty-free. 
 7.5 Survival of Contents

 Notwithstanding anything else in this Agreement to the contrary, the parties agree that either party’s obligation to pay the
other party any consideration accrued but unpaid prior to such termination shall survive the termination of this Agreement. In addition, Sections 2.4, 3.9, 3.11, 6.2 (only to the extent such Third Party Claim arose prior to termination or expiration
of this Agreement), 6.4 (only to the extent such Third Party Claim arose prior to termination or expiration of this Agreement), 7.4, 7.5, 8.1, 8.4, and Articles IX, X (only to the extent such claim or action arose prior to termination or expiration
of this Agreement), XI and XII, as well as any other provisions to the extent required for the full observation and performance of the foregoing Sections and Articles or which by their nature are intended to survive such termination, shall survive
the termination of this Agreement and continue to be enforceable. 
 ARTICLE VIII 

CERTAIN COVENANTS 
 8.1
Proprietary Information 
 (i) Non-Disclosure Covenant 

Trade Secrets (as defined hereinafter) and Confidential information (as defined hereinafter) and all physical embodiments thereof received by
one party (the “Receiving Party”) from the other (the “Disclosing Party”) during the term of this Agreement are confidential to and are and will remain the sole and exclusive property of the Disclosing
Party. At all times both during the term of this Agreement and for the longer of (a) [***] after the date of termination or (b) expiration of the last to expire Valid Claim, a 

  
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 ORIGINAL 
  

 
Receiving Party shall hold all Trade Secrets of a Disclosing Party in confidence, and will not (except as needed to exercise the rights granted or to perform obligations hereunder or as otherwise
permitted by this Agreement) use, copy or disclose such Trade Secrets, or any physical embodiments thereof, or cause any of such Trade Secrets to lose their character as Trade Secrets. At all times both during the term of this Agreement and for the
longer of (c) [***] after the date of termination or (d) expiration of the last to expire Valid Claim, a Receiving Party shall hold the Confidential Information of a Disclosing Party in confidence, and will not (except as needed to exercise the
rights granted or to perform obligations hereunder or as otherwise permitted by this Agreement) use, copy or disclose such Confidential Information, or any physical embodiments thereof, or cause any of such Confidential Information to lose its
character or cease to qualify as Confidential Information. 
 (ii) Security Measures 

Trade Secrets and Confidential Information shall be maintained under secure conditions by a Receiving Party, using reasonable security measures
and in any event not less than the same security measures used by the Receiving Party for the protection of its trade secrets and confidential information of a similar kind. A Receiving Party shall not remove, obscure, or deface any proprietary
legend relating to a Disclosing Party’s rights, on or from any tangible embodiment of any Trade Secrets or Confidential Information without the Disclosing Party’s prior written consent. 

(iii) Disclosure Ordered by Government Bodies 

If a Receiving Party is ordered by a court, administrative agency, or other governmental body of competent jurisdiction to disclose Trade
Secrets or Confidential Information, or if required by applicable law to disclose (e.g., for tax or compliance with United States securities laws), then a Receiving Party will not be liable to a Disclosing Party for disclosure of Trade Secrets or
Confidential Information required by such order if a Receiving Party complies with the following requirements: (a) if an already-issued order calls for immediate disclosure, then the Receiving Party shall immediately move for or otherwise
request a stay of such order to permit the Disclosing Party to respond as set forth in this Article 8.1(iii); (b) the Receiving Party shall immediately notify the Disclosing Party of the motion or order both in writing and by the most expeditious
possible means; and (c) the Receiving Party shall join or agree to (or at minimum shall not oppose) a motion or similar request by the Disclosing Party for an order protecting the secrecy of the Trade Secrets and Confidential Information
subject to disclosure including joining or agreeing to (or non-opposition to) a motion for leave to intervene by the Disclosing Party. 

(iv) Reports of Misappropriation by Others 

The Receiving Party shall immediately report to the Disclosing Party in writing any action by any Person of which the Receiving Party has
knowledge to use, copy, or disclose any portion of the Trade Secrets or Confidential Information without authorization from the Disclosing Party. 

(v) Trade Secrets Defined 

“Trade Secrets” shall mean information related to the Disclosing Party which: (a) derives economic value, actual
or potential, from not being generally known to or readily ascertainable by other persons who can obtain economic value from its disclosure or use; (b) is the subject of efforts that are reasonable under the circumstances to maintain its
secrecy; and (e) is not generally known or readily ascertainable by other persons. 
 (vi) Confidential Information Defined 

“Confidential Information” shall mean information that is: (a) confidential to the business of the Disclosing
Party; (b) is designated and identified in writing as such by the Disclosing Party and (c) is not a Trade Secret. Confidential Information does not include: 

  
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 ORIGINAL 
  

 (a) any information that is at the time of receipt by the Receiving Party or
thereafter becomes part of the public domain other than as a result of the unauthorized actions of the Receiving Party (through publication or otherwise); 

(b) any information that was independently known to the Receiving Party prior to receipt thereof from the Disclosing Party, as
evidenced by written records of the Receiving Party; 
 (c) any information that was disclosed to the Receiving Party by a third
party having the right to disclose such information without an obligation of confidentiality owned to the Disclosing Party; and 
 (d)
information that is subsequently developed independently by the Receiving Party without any knowledge or use of or access to the Confidential Information of the Disclosing Party. 

Notwithstanding the foregoing, it is understood that a Receiving Party may disclose Trade Secrets and Confidential Information to its
consultants, outside contractors, clinical investigators, Sublicensees, potential Sublicensees, and agents if such persons sign a written agreement to keep such information secret to the same extent the Receiving Party is so obligated hereunder, and
agree to use such information only for such purposes as the Receiving Party is authorized to use such information under this Agreement. 

8.2 Compliance with Law 

InterCell shall comply with, and shall obligate its Sublicensee(s) and Marketing Partners to comply with, all applicable laws, rules, and
regulations in the Territory pertaining to the use of the Vaccine and the development, clinical testing, manufacturing, marketing, advertising, sale, use, and distribution of the Vaccine. VaccGen shall comply with all applicable laws, rules and
regulations in the Territory in connection with its activities under this Agreement. 
 8.3 Press Releases and Securities Laws 

Each party shall provide the other party with the prior opportunity to review and approve any press releases or similar public announcements
concerning this Agreement or the Vaccine as soon as practicable, but in no event later than [***] before an announcement is made. Both parties acknowledge that its opportunity to review and approve press releases is subject to and may be limited by
any securities laws to which the parties may be subject that require immediate disclosure. Nothing in this Agreement shall limit the ability of either party to take any action that it deems necessary or advisable to comply with the securities laws.

 8.4 Publication and Presentation 

(i) If either party desires to publish or present the results of the Development Program, the publishing / presenting party shall
provide the non-publishing / non-presenting party with a copy of the manuscript of the proposed publication or presentation at least [***] prior to such publication or
presentation. The non-publishing / non-presenting party shall then review such manuscript or presentation by providing the publishing / presenting party with comments,
if any, as soon as possible, but in no event to exceed [***] after receipt of such manuscript or presentation. The publishing / presenting party agrees to delete any information identified by the
non-publishing / non-presenting party as its Trade Secrets or Confidential Information. 

(ii) In the event the non-publishing / non-presenting
party determines that a patent application covering the information contained in the proposed publication or presentation should be filed, the party proposing the publication or presentation shall delay such publication or presentation to allow a
reasonable amount of time for such filing to be made. 

  
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 ORIGINAL 
  

 8.5 Trademarks 

InterCell shall have the right, at its cost and expense, to select, register, prosecute, maintain, and defend all trademarks used with the
Vaccine in the Territory. In the event of termination of this Agreement, InterCell shall license VaccGen’s or VaccGen’s designee, at no cost to VaccGen or VaccGen’s designee, to use in connection with the Vaccine in the Territory any
such trademarks used by InterCell in connection with the Vaccine in the Territory. 
 ARTICLE IX 

DISCLAIMER 
 EXCEPT AS
EXPRESSLY SET FORTH IN ARTICLE XI HEREINAFTER, NEITHER PARTY MAKES ANY EXPRESS OR IMPLIED WARRANTIES, STATUTORY OR OTHERWISE, CONCERNING THE VACCINE, ANY VACCINE INFORMATION, TRADE SECRETS OR ANY CONFIDENTIAL INFORMATION COMMUNICATED TO THE OTHER
PARTY. SPECIFICALLY, BUT WITHOUT LIMITING THE FOREGOING, NEITHER PARTY MAKE ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT, FITNESS (FOR A PARTICULAR PURPOSE OR OTHERWISE), QUALITY OR
USEFULNESS OF THE VACCINE, ANY VACCINE INFORMATION, TRADE SECRETS OR ANY CONFIDENTIAL INFORMATION COMMUNICATED TO THE OTHER PARTY. ALL MATERIALS PROVIDED HEREUNDER ARE PROVIDED ON AN “AS IS” BASIS. NEITHER PARTY WARRANTS THE
ACCURACY OF ANY INFORMATION INCLUDED WITHIN THE VACCINE INFORMATION OR CONFIDENTIAL INFORMATION NOR DOES ANY PARTY WARRANT THAT ANY SUCH INFORMATION CONSTITUTES TRADE SECRETS OR. CONFIDENTIAL INFORMATION OR THAT THE VACCINE PATENTS OR PATENTS
COVERING IMPROVEMENTS WILL BE FREE FROM CLAIMS OF INFRINGEMENT BY THIRD PARTIES OR ANY OTHER RIGHTS OF THIRD PARTIES. 
 UNDER NO
CIRCUMSTANCES SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES IN TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE INCURRED BY THE OTHER PARTY OR ANY THIRD PARTY. 

ARTICLE X 
 INDEMNITY

 10.1 Indemnification by InterCell and Sublicensees 

InterCell will indemnify and hold harmless VaccGen, Cheil, and their Affiliates, employees, officers, directors, stockholders, and agents (a
“VaccGen Indemnified Party”) from and against any and all liability (out-of-pocket costs, including reasonable attorneys’ fees) to third
parties which the VaccGen Indemnified Party will incur or be required to pay resulting from third party claims arising from or in connection with: (i) the breach by InterCell of any of its representations or warranties contained in this
Agreement or the Consulting Agreement; (ii) the development, clinical testing, manufacturing, marketing, sale, or distribution of the Vaccine by InterCell or the Sublicensee(s) or any Person acting on behalf of InterCell or the Sublicensee(s)
in the Territory, including VaccGen’s co-promotional efforts, but excluding possible co-marketing efforts pursuant to Section 2.3; (iii) the use in the
Territory by any person of the Vaccine that was manufactured, marketed, sold, or distributed by InterCell, the Sublicensee(s), their Affiliates or any Person acting on behalf of InterCell, the Sublicensee(s), or their Affiliate; or (iv) the use
by InterCell, the Sublicensee(s), their Affiliates or any Person acting on behalf of InterCell, the Sublicensee(s), or their Affiliate of the Vaccine, except that neither InterCell nor the Sublicensee(s) shall have any obligation to so indemnify or
hold harmless a VaccGen Indemnified Party for any such liability from third parties (out-of-pocket costs, including reasonable attorneys’ fees) resulting from or
arising in connection with the gross negligence or willful misconduct of such VaccGen Indemnified Party. 

  
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 ORIGINAL 
  

 10.2 Indemnification by VaccGen 

VaccGen will indemnify and hold harmless InterCell, the Sublicensee(s) and their Affiliates, employees, officers, directors, stockholders, and
agents (an “InterCell Indemnified Party”) from and against any and all liability (out-of-pocket costs, including reasonable attorneys’ fees)
which the InterCell Indemnified Party may incur or be required to pay resulting from third party claims arising from or in connection with: (i) the breach by VaccGen of any of its representations or warranties contained in this Agreement or the
Consulting Agreement or (ii) the use, development, clinical testing, manufacturing, marketing, sale, or distribution of the Vaccine by or on behalf of VaccGen prior to the Effective Date or pursuant to Section 2.3 after the Effective Date,
except that VaccGen shall have no obligation to indemnify or hold harmless an InterCell Indemnified Party for any such liability from third parties (out-of-pocket costs,
including reasonable attorneys’ fees) resulting from or arising in connection with the gross negligence or willful misconduct of such InterCell Indemnified Party. 

10.3 Conditions to Indemnification 

The obligations of the indemnifying party under Sections 10.1 and 10.2 are conditioned upon the prompt notification to the indemnifying party
of any of the aforementioned suits or claims in writing as promptly as reasonably possible, but in no event to exceed thirty (30) days, after receipt of notice by the indemnified party of such suit or claim. The indemnifying party shall have
the right to assume the defense of any such suit or claim. If the indemnifying party defends the claim, the indemnified party may participate in the defense of such suit or claim at its sole cost and expense. Neither the indemnifying party nor the
indemnified party shall settle or dispose of any such matter in any manner which would adversely affect the rights or interests of the other party (including the obligation to indemnify hereunder) without the prior written consent of the other
party, which shall not be unreasonably withheld or delayed. This provision for indemnification shall be void and there shall be no liability against a party as to any suit or claim for which settlement or compromise or an offer of settlement or
compromise is made without the prior written consent of the indemnifying party. Each party shall cooperate with the other party and its counsel in the course of the defense of any such suit, claim or demand, such cooperation to include without
limitation using reasonable efforts to provide or make available documents, information and witnesses. 
 10.4 Indemnification by Cheil

 VaccGen shall take or cause to be taken all such other actions, as InterCell may reasonably deem necessary or desirable, in order for
InterCell to obtain the full benefit of Cheil’s agreement to indemnify InterCell, as VaccGen’s sublicensee, pursuant to Section 10.2 of the Cheil License Agreement. 

ARTICLE XI 

REPRESENTATIONS AND WARRANTIES 

11.1 Representations and Warranties of VaccGen 

VaccGen represents and warrants to InterCell as follows: 

(i) The execution and delivery of this Agreement have been duly and validly authorized, and all necessary actions have been taken to
make this Agreement a legal, valid, and binding obligation of VaccGen enforceable in accordance with its terms and conditions. 

  
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 ORIGINAL 
  

 (ii) The execution and delivery of this Agreement and the performance by VaccGen of
its obligations hereunder will not contravene or result in any breach of the Operating Agreement of VaccGen or bylaws of VaccGen or result in any material breach or violation of or material default under any material agreement, indenture, license,
instrument, or understanding or, to the best of its knowledge, result in any violation of any agreement, order or decree to which VaccGen is a party or by which any of it or any of its property is subject. 

(iii) As of the Effective Date, VaccGen has not received any notice nor is VaccGen aware of any claim that the manufacture, use or sale
of the Vaccine or the exercise of rights under the Vaccine Patents infringes upon any third party’s know-how, patent, or intellectual property rights, except those patents and patent applications that
were discussed between InterCell and VaccGen prior to the Effective Date (Exhibit C). 
 (iv) VaccGen possesses, pursuant to the Cheil
License Agreement, all rights and interest, as the exclusive worldwide (excluding Korea) licensee of the Vaccine, in and to the Vaccine and Vaccine Patents necessary to grant the sublicense granted to InterCell hereunder without restriction or
limitation except as expressly provided herein. 
 (v) VaccGen has no contractual obligations to any third party that preclude,
conflict with, or in any way encumber VaccGen’s right to grant to InterCell the rights and sublicense granted under this Agreement. In addition, during the term of this Agreement, VaccGen shall not enter into any agreement in the future, either
written or oral, that conflicts with the rights and/or sublicense granted to InterCell under this Agreement. 
 (vi) As of the
Effective Date, VaccGen is in full compliance with the Cheil License Agreement and the Cheil License Agreement is in full force and effect between VaccGen and Cheil, and VaccGen has not failed to take any action or committed any breach of the Cheil
License Agreement which would give Cheil the right to terminate the Cheil License Agreement. 
 (vii) The Vaccine Patents constitute
all of the patents and patent applications owned or controlled by Cheil, WRAIR or VaccGen which cover the prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine developed by Cheil, VaccGen and WRAIR. 

11.2 Representations and Warranties of InterCell 

InterCell represents and warrants to VaccGen as follows: 

(i) The execution and delivery of this Agreement have been duly and validly authorized, and all necessary actions have been taken to
make this Agreement a legal, valid, and binding obligation of InterCell enforceable in accordance with its terms and conditions; 
 (ii)
The execution and delivery of this Agreement and the performance by InterCell of its obligations hereunder will not contravene or result in any breach of InterCell’s certificate of incorporation or bylaws or result in any material breach or
violation of or material default under any material agreement, indenture, license, instrument, or understanding or, to the best of its knowledge, result in any violation of any agreement, order or decree to which InterCell is a party or by which any
of it or any of its property is subject. 
 (iii) InterCell has no contractual obligations to any third party that preclude, conflict
with, or in any way encumber InterCell’s right to accept the rights and sublicense granted by VaccGen to InterCell under this Agreement. In addition, during the term of this Agreement, InterCell shall not enter into any agreement, either
written or oral, that conflicts with the rights and/or sublicense granted to InterCell under this Agreement. 

  
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 ORIGINAL 
  

 ARTICLE XII 

MISCELLANEOUS 
 12.1
Entire Agreement 
 This Agreement, together with Exhibits A, B and C attached hereto which are hereby incorporated by reference, and any
other written agreements entered into by the parties dated the Effective Date, sets forth and constitutes the final and entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any and all prior or
contemporaneous agreements, understandings, promises, and representations made by either party to the other concerning the subject matter hereof and the terms applicable hereto. This Agreement may not be released, discharged, amended, or modified in
any manner except by an instrument in writing signed by duly authorized representatives of VaccGen and InterCell. 
 12.2 Parties
Independent 
 In making and performing this Agreement, the parties act and shall act at all times as independent contractors and nothing
contained in this Agreement shall be construed or implied to create an agency, partnership, or employer and employee relationship between VaccGen and InterCell. Except as specifically provided herein, at no time shall either party make commitments
or incur charges or expenses for or in the name of the other party. 
 12.3 Effect of Invalidity of Certain Provisions 

Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement. 

12.4 Governing Law 
 The
validity of this Agreement and the interpretation and performance of all its terms shall be governed by the substantive laws of the State of New York, United States of America, without regard to conflict of law principles. 

12.5 Waivers 
 The failure
of either party to insist, in any one or more instances, upon the performance of any of the terms, covenants, or conditions of this Agreement and to exercise any rights hereunder, shall not be construed as a waiver or relinquishment of the future
performance of any such term, covenant, or condition or the future exercise of such right, but the obligations of the other party with respect to such future performance shall continue in full force and effect. No waiver shall be effective unless
made in writing and signed by the waiving party. 
 12.6 Headings 

The headings of the articles, sections, and paragraphs used in this Agreement are included for convenience only and are not to be used in
construing or interpreting this Agreement. 

  
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 ORIGINAL 
  

 12.7 Notice 

Any notice or other communication required or permitted to be made or given to either party hereto pursuant to this Agreement shall be
sufficiently made or given if sent to such party by either certified or registered mail, postage prepaid, return receipt requested addressed to it as follows: 
  

			
	If to VaccGen:	  	If to InterCell:
		
	 VaccGen International, LLC
 8 Cambridge
Court
 Larchmont, New York 10538
 USA

Attention: [***]
	  	 InterCell Biomedical Research & Development

Campus Vienna Biocenter 6

A-1030
 Vienna,
Austria
 Attention: [***]

 or to such other address as either party shall designate by written notice, provided in accordance with this
Section 12.7, to the other party. Any notice if given or made by certified or registered first class mail letter, return receipt requested, shall be deemed to have been received on the date of receipt as proven by signature of acceptance. 

12.8 Successors and Assigns 

(i) This Agreement shall not be assignable by either party (excludes sublicense agreements by Inter-Cell) without the prior written
consent of the other party (such consent shall not be unreasonably withheld), except that such consent is not required in connection with the assignment of either party’s rights or obligations hereunder to a) an Affiliate thereof or b) to a
successor to all or substantially all of its business or assets relating to this Agreement whether by sale, merger, operation of law or otherwise. 

(ii) Any assignment of this Agreement shall provide that the assignee shall be bound by the terms and conditions of this Agreement.
Unless otherwise agreed between InterCell and VaccGen, any party who assigns to a third party it obligations to perform under this Agreement shall be liable to the other party for the third party’s failure to perform those obligations. 

(iii) Any assignment not in conformance with this Section 12.8 shall be null, void and of no legal effect. 

(iv) Subject to the foregoing, this Agreement, and each and every provision hereof, shall be binding upon and shall inure to the benefit
of the parties, their respective successors, successors-in-title, heirs and assigns, permitted assigns, and each and every successor-in-interest to any party, whether such successor acquires such interest by way of gift, purchase, foreclosure, or by any other method, shall hold such interest subject to all the terms and
provisions of this Agreement. 
 12.9 Counterparts 

This Agreement may be executed in any number of counterparts, each of which shall be an original as against either party whose signature
appears thereon, but all of which together shall constitute but one and the same instrument. 
 12.10 Force Majeure 

The parties shall not be responsible for their failure to perform any of the obligations imposed by this Agreement (except an obligation to pay
money), provided such failure is cause by fire, storms, flood, strikes, lockouts, accidents, war, riots or civil commotions, inability to obtain raw materials, embargoes, any State or Federal regulation, law, or restriction, seizure or acquisition
of the Vaccine by the 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ORIGINAL 
  

 
government of the United States or of any state, or of any agency thereof or by reason of any compliance with a demand or request for such product for any purpose for national defense, or any
other cause or contingency beyond the reasonable control of said Part), (whether or not of the same kind or nature as the causes or contingencies above enumerated) and any such event shall not subject the party so failing to any liability to the
other. 
 12.11 Dispute Resolution 

(i) Good Faith Discussions 

The parties will attempt to resolve through good faith discussions any dispute between the parties which arises under or as a result of this
Agreement (a “Dispute”). Any Dispute shall first be raised with the JDMC for good faith discussions and resolution. If the JDMC is unable to resolve such Dispute, either party may refer such Dispute to the then current chief
executive officers of each patty by written notice identifying the dispute and the parties’ attempted resolution efforts and proposals in reasonable detail. If the chief executive officers are unable to resolve such Dispute within [***] after
receipt of such written notice, either party may seek to resolve such Dispute by initiating an Alternative Dispute Resolution (“ADR”) in which the Judicial Arbitration and Mediation Services (“JAMS”),
through a panel of [***] arbitrators (the “Arbitrators”), shall control the proceedings as provided herein. If JAMS is not in existence at the time of such Dispute, the American Arbitration Association (AAA) shall be
substituted. The location of the ADR shall be New York, New York if the arbitration is initiated (as set forth below) by InterCell, and Vienna, Austria if initiated by VaccGen. 

(ii) Selection of Arbitrators 

An ADR shall lx initiated by a party by sending written notice thereof to the other party and JAMS, which shall state the issue(s) to be
resolved and describe the Dispute in reasonable detail. Within [***] after receipt of such notice, the other party may, by sending written notice to the initiating party and JAMS, add information and issues to be resolved. Within [***] after the
date of the original ADR notice, JAMS shall nominate to the parties at least [***] qualified nominees [as set forth in Article 12.11(iii)] from JAMS panel. Each party shall have [***] after the receipt of such nominations to select [***] Arbitrator.
The [***] Arbitrators will then mutually agree on [***] Arbitrator to complete the panel. 
 (iii) Arbitrators with Special Expertise

 Each Arbitrator shall have experience in the subject matter at hand and with intellectual property law matters, In the event of a
Dispute between the parties relating to the calculation of any royalties or the amount of other consideration payable under this Agreement (including, without limitation, the results of any audit conducted pursuant to Article 3.11), then, in
addition to the qualifications set forth in this Section 12.11(iii), the Arbitrators shall be active or retired partners or full members of internationally recognized certified public accounting firms which are not auditing firms for either
party and have not provided material services to either party during the last [***] period prior to the date of ADR initiation. 
 (iv)
ADR Hearing 
 Except as otherwise provided in this Article 12.11, such healing shall be conducted pursuant to the then current JAMS
Rules or the Commercial Arbitration Rules of the AAA, as applicable. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ORIGINAL 
  

 (v) ADR Ruling; Tees and Expenses 

The Arbitrators shall render a final disposition of the Dispute (including an award of monetary damages, if applicable) as expeditiously as
possible after the hearing, but no later than [***] after the conclusion of the hearing. The Arbitrators’ disposition shall be final and not appealable, except that either party shall have the right to appeal such disposition on the basis that
it was obtained through fraud or bad faith in connection with the ADR proceeding. A judgment on the Arbitrators’ disposition may be entered in any court having jurisdiction over the parties. The reasonable fees and expenses of the Arbitrators,
as well as the standard charges of JAMS for its assistance, shall be borne equally by the parties or as they may otherwise agree in writing. 

(vi) Waiver 
 A party shall
not be prohibited from bringing a claim for resolution under this Article 12.11 on the ground that the claim could have been brought during an earlier proceeding under this Article 12.11 

(vii) No Dispute Resolution 

The following disputes, causes of action, or claims shall not be subject to the dispute resolution process set forth in this Article 12,11:

 (a) a claim arising from a suit, action, or proceeding brought by a third party not subject to ADR; 

(b) a claim relating to undisputed amounts owed by either party to the other under this Agreement; 

(c) a suit, action, or proceeding to compel either party to comply with the dispute resolution procedures set forth in this
Article 12.11; 
 (d) a dispute, controversy, or claim relating to the scope, enforceability, infringement, or validity of a
patent or trademark of either party; and 
 (e) a cause of action seeking temporary or preliminary injunction or other
equitable relief. 
 12.12 Further Assurances 

From time to time on and after the Effective Date, each party shall at the reasonable written request of the other party (a) deliver to
such other party such records, data or other documents consistent with the provisions of this Agreement, (b) execute, and deliver or cause to be delivered, all such assignments, consents, documents or further instruments of transfer or license,
and (c) take or cause to be taken all such other actions, as such other party may reasonably deem necessary or desirable in order for such party to obtain the full benefits of this Agreement and the transactions contemplated thereby. 

12.13 Rights in Bankruptcy 

The parties agree that the rights granted to InterCell hereunder, including, without limitation, those rights granted in Sections 2.1 and 4.2
are rights in “intellectual property” within the scope of Section 101 (or its successors) of the United States Bankruptcy Code (the “Code”). InterCell shall have the rights set forth herein with respect to the Vaccine
Patents and Vaccine Information when and as developed or created. In addition, InterCell, as a licensee of intellectual property rights hereunder, shall have and may fully exercise all rights available to a licensee under the Code, including,
without limitation, under Section 365(n) or its successors. In the event of a case under the Code involving VaccGen, InterCell shall have the right to obtain (and VaccGen or any trustee for VaccGen or its assets shall, at InterCell’s
written request, deliver to InterCell) a copy of all embodiments (including, without limitation, any work in progress) of any intellectual property rights granted hereunder, including, without limitation, embodiments of any Vaccine, Vaccine Patents
or Vaccine Information, and any VaccGen confidential information or any 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ORIGINAL 
  

 
other intellectual property necessary or desirable for InterCell to use or exploit the Vaccine or any Vaccine Patents or any Vaccine Information or to exercise its rights hereunder. In addition
VaccGen shall take all steps reasonably requested by InterCell to perfect, exercise and enforce its rights hereunder, including, without limitation, filings in the U.S. Copyright Office and U.S. Patent and Trademark Office; and under the Uniform
Commercial Code. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first above written. 

 

					
	VaccGen International, LLC
			
		 	Signature:	 	 [***] 

		 	Name:	 	[***]
		 	Title:	 	[***]
			
		 	Date:	 	April 11, 2003

 InterCell Biomedical Research and Development AG 

 

							
	Signature: 	 	[***]                            	 	[***]
	Name:	 	    [***]                    	 		 	[***]
	Title:	 	    [***]                    	 		 	[***]
				
	Date:	 	April 14, 2003        	 		 	April 14, 2003

  

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 AMENDMENT NO. 1 TO THE 

SUBLICENSE AGREEMENT 
 THIS
AMENDMENT NO. 1 TO THE SUBLICENSE AGREEMENT (“Amendment No. 1”) is made and executed as of _______________, 2003 (the “Effective Date”) by and between InterCell AG, having its principal place of business at
Campus Vienna Biocenter 6, A-1030, Vienna, Austria (hereinafter “InterCell”) and VaccGen International, LLC, having its principal place of business at 8 Cambridge Court, Larchmont, New York
10538, U.S.A. (hereinafter “VaccGen”). 
 Capitalized terms used but not otherwise defined in this Amendment No. 1 shall have
the respective meanings assigned to such terms in that certain Sublicense Agreement entered into by and between InterCell and VaccGen on April 14, 2003 (the “Sublicense Agreement”). 

WHEREAS, InterCell wishes VaccGen to amend that certain Cooperative Research and Development Agreement between VaccGen and WRAIR, last
signed April 27, 2000, as amended (“CRADA”), to cover certain studies relating to the Vaccine; and 
 WHEREAS, VaccGen
is willing to amend such CRADA with WRAIR at the request of InterCell. 
 WHEREAS, in connection with such CRADA amendment, VaccGen
and InterCell desire to make certain modifications to the Sublicense Agreement as set forth in this Amendment No. 1; 
 NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements hereinafter set forth, the parties hereto, intending to be legally bound hereby, agree as follows: 

1. All studies and other activities relating to the Vaccine under the CRADA between VaccGen and WRAIR shall be done, and all rights of VaccGen
under the CRADA shall be exercised, at InterCell’s direction and with InterCell’s prior written approval. VaccGen shall (i) keep InterCell informed at all times with respect to the progress and any and all other issues relating to the
CRADA and the performance thereof, (ii) timely seek InterCell’s direction and approval with respect to any action VaccGen must or is permitted to take, and any other decision of VaccGen, in connection with the CRADA, (iii) not take
any action or make any decision in connection with the CRADA absent InterCell’s prior written approval, (iv) not act in any way inconsistent with InterCell’s directions relating to the CRADA, and (v) properly and promptly pass
along any notice, communication, information or materials provided to VaccGen by WRAIR under the CRADA. 
 2. Without limiting the generality
of the foregoing, VaccGen shall use its reasonable best efforts to do any of the following if and as, and only if and as, specifically directed by InterCell in writing. (a) provide any notice relating to the CRADA to WRAIR, (b) terminate
the CRADA or agree to amend the CRADA, (c) inspect accounts and records of WRAIR, (d) provide any reports to WRAIR, (e) exercise, or fail to exercise in due time, any option under the CRADA, including, without limitation, the option
to retain title in any Subject Inventions (as defined in the CRADA), (f) agree to or elect, or fail to elect in due time, to file or maintain any patent rights, (g) elect, or fail to elect in due time, or decline, to exercise a right to acquire
a license to any Subject Invention (as defined in the CRADA) or otherwise in connection with the CRADA and negotiate and enter into license agreements relating thereto, (h) require WRAIR to assist and cooperate in accordance with the CRADA in
connection with any regulatory filings or other communications with regulatory authorities as InterCell shall be the sole holder and beneficiary of any regulatory applications and approvals relating to the Vaccine in accordance with the terms and
conditions of the Sublicense Agreement, (i) settle any disputes or bring any enforcement action relating to the CRADA, and (j) exercise, or fail to exercise in due time, any other rights under the CRADA. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 3. VaccGen shall submit to InterCell for review and approval any proposed amendments to the
CRADA, including any and all funding commitments and budgets relating to the CRADA, prior to VaccGen agreeing to any such amendments. In no event shall InterCell incur any obligation to reimburse VaccGen for any expenditures, or make any other
payments to VaccGen, in excess of amounts approved by InterCell in advance in writing. 
 4. VaccGen shall promptly disclose, provide,
transfer and deliver to InterCell any and all data (including any pre-clinical, clinical, laboratory and testing data), studies, reports, materials, documents, processes, methods, know-how and other information delivered or to be delivered to VaccGen in connection with the CRADA or otherwise developed or created under the CRADA (the “CRADA Information”). All CRADA Information shall
be deemed InterCell Improvements and Vaccine Information for all purposes of the Sublicense Agreement. 
 5. VaccGen shall promptly disclose,
provide, transfer and deliver to InterCell copies of any and all financial reports and accounting records related to the CRADA. All of the foregoing shall be deemed Vaccine Information for all purposes of the Sublicense Agreement. InterCell shall
have the right to audit VaccGen’s books and records to verify its compliance with its obligations under this Amendment No. 1 and the CRADA. Upon request, VaccGen shall use its reasonable best efforts to designate InterCell as its
authorized representative for purposes of inspection of any accounts and records of WRAIR under the CRADA. 
 6. VaccGen shall invite
InterCell to participate in all meetings, conferences, conference calls and other discussions related to the CRADA (“Meetings”). Mr. Paul Wilson and/or Dr. Andrew Towle will act as VaccGen’s representative(s) in all such
Meetings and they shall use their reasonable best efforts to act in accordance with InterCell’s directions in all such Meetings. 
 7.
VaccGen shall be solely responsible to WRAIR for all payments required to be made to WRAIR in connection with the CRADA, including both: (a) payments as set forth in Appendix B thereto entitled Costs and Schedule of Payments and
(b) royalty payments under license agreements relating to Subject Inventions (as defined in the (CRADA), if any. InterCell shall advance VaccGen sufficient funds in a timely manner to allow VaccGen to make these required CRADA payments on
schedule to WRAIR, provided that (i) such amounts have been approved in advance in writing by InterCell as set forth in Section 2 above, (ii) VaccGen is not in breach of any of its obligations under this Amendment I or the Sublicense
Agreement, and (ii) VaccGen provides acceptable proof to InterCell of its payment to WRAIR. 
 As of the Effective Date of Amendment
No. 1, no royalty or other payments are owed by VaccGen to WRAIR with respect to the CRADA or any license agreement related to Subject Inventions (as defined in the CRADA) under the CRADA. InterCell shall be responsible (either directly to
WRAIR or indirectly via an obligation to reimburse VaccGen) for any royalty or other payments owed to WRAIR under licensing agreements for Subject Inventions that arise after the Effective Date of Amendment No. 1, if any. 

The foregoing sets forth InterCell’s sole and entire liability to VaccGen in connection with the CRADA. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 8. All CRADA Information and any rights that are assigned to or licensed to VaccGen under
the CRADA or any license agreement relating to Subject Inventions (as defined in the CRADA) executed pursuant to the CRADA, if any, shall be deemed InterCell Improvements and shall be treated, as between VaccGen and InterCell, as set forth in the
Sublicense Agreement. 
 9. VaccGen shall use its reasonable best efforts to comply with all the terms and conditions of the CRADA and shall
use its reasonable best efforts not breach the CRADA. VaccGen will promptly notify InterCell upon receipt of any notice of breach. VaccGen shall terminate the CRADA, according to its terms, if directed to do so in writing by InterCell. VaccGen shall
not terminate the CRADA without InterCell’s prior written consent. In the event the CRADA is terminated and there are excess funds remaining from funds advanced to VaccGen by InterCell for performance of the CRADA, after all termination costs
have been covered, VaccGen shall return such excess funds to InterCell. Except in the event the CRADA is terminated as a result of a breach by VaccGen, InterCell shall reimburse to VaccGen any termination costs actually incurred by VaccGen in
accordance with Section 8.4 of the CRADA, provided VaccGen is not in breach of any of its obligations under this Amendment No. 1 or the Sublicense Agreement. 

10. Except as expressly modified by this Amendment No. 1, all terms, conditions and provisions of the Sublicense Agreement shall continue
in full force and effect as set forth in the Sublicense Agreement. In the event of a conflict between the terms and conditions of the Sublicense Agreement and the terms and conditions of this Amendment No. 1, the terms and conditions of this
Amendment No. 1 shall prevail. The Sublicense Agreement, as amended by this Amendment No. 1, constitutes the complete and exclusive statement of the agreement between the parties, and supersedes all prior proposals and understandings, oral
and written, relating to the subject matter contained herein. This Amendment No. 1 shall not be modified or rescinded except in a writing signed by the parties. 
  

									
	VaccGen International, LLC	 		 	InterCell AG
					
	 By:
 Name:

Title:
	 	 /s/ [***]

[***]
 Member / Manager
	 		 	 By:
 Name:

Title:
	 	 /s/ [***]

[***]
 CFO

					
	 By:
 Name:

Title:
	 	 /s/ [***]

[***]
 Member
	 		 	 By:
 Name:

Title:
	 	 /s/ [***]

[***]
 COO

  

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 

 
 VaccGen International LLC 
 8
Cambridge Court 
 Larchmont, New York 10538 
 USA 

Vienna, June 28, 2004 
 Dear [***], 

Intercell AG (“Intercell”) and VaccGen International LLC (“VaccGen”) entered into that certain Sublicense Agreement, effective
April 14, 2003 (the “Sublicense Agreement”), relating to a prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine as further described in the Sublicense Agreement (the “Vaccine”). 

Pursuant to the Sublicense Agreement, VaccGen is obligated, among other things, to transfer to Intercell all regulatory filings for the Vaccine, including,
without limitation, the Investigational New Drug (the “IND”) application originally filed by WRAIR (Walter Reed Army Institute of Research) and transferred to VaccGen during the fourth quarter 2002. 

The parties are initiating such transfer of the IND from VaccGen to Intercell on or about the date hereof (the “IND Transfer Date”). In connection
with such transfer, Intercell and VaccGen wish to clarify certain rights and obligations under the Sublicense Agreement. 
  

	 	1.	 Section 11.1 of the Sublicense Agreement is hereby amended by adding a new subclause (viii) as
follows: 

 “(viii) As of the IND Transfer Date, VaccGen has not received any notice nor is VaccGen aware of any
instance of non-compliance regarding the regulatory management of the IND for the Vaccine (official FDA contacts, submissions, and/or other responsibilities of the IND holder).” 

 

	 	2.	 Section 4.4 of the Sublicense Agreement is hereby amended by adding a new subclause (iii) as follows:

 “(iii) As of the IND Transfer Date, all sponsor’s responsibility for the IND (official FDA contacts,
submissions, and/or other responsibilities of the IND holder) shall be transferred from VaccGen to Intercell. As Intercell’s request, VaccGen will assist Intercell with such IND sponsor’s responsibilities.” 

 
 

 

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 

 
 This letter, the Sublicense Agreement, Amendment No. 1 to the Sublicense Agreement, and such other agreements as are
referenced in Section 12.1 of the Sublicense Agreement constitute the entire agreement between the parties relating to the subject matter thereof. Except as expressly modified in this letter, all terms and conditions of the Sublicense Agreement
and Amendment No. 1 to the Sublicense Agreement shall remain in full force and effect as set forth therein. Each party represents and warrants to the other party that this Amendment has been duly authorized, executed and delivered by it and
constitutes a valid and legally binding agreement with respect to the subject matter contained herein. 
 By signing this letter below the parties agree as
set forth herein. 
  

					
	 /s/ [***]

For VaccGen International LLC
  

[***]
 By (name and
title)
	 		 	 /s/ [***]

For Intercell AG
  

[***], COO

[***], CMO
 By (name and
title)

			
	 June 29, 2004

Date
	 		 	 19 June, 2004

Date

  
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 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED
BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 
  

			
	 March 15, 2005
  

VaccGen International LLC
 8 Cambridge Court

Larchmont, New York 10538
 USA

Att: Mr. [***]
  

Dear [***]:,
	  	  
 

 Intercell AG (“Intercell”) and VaccGen International LLC (“VaccGen”) have entered into that certain
Sublicense Agreement, effective April 14, 2003 (as amended from time to time, the “Sublicense Agreement”), relating to a prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine as further described in the
Sublicense Agreement (the “Vaccine”). 
 Intercell intends to enter into a collaborative development and commercialization arrangement, and certain
related agreements, with Biological E Limited, a company established under the laws of India, currently having a place of business at 18/1&3, Azamabad, Hyderabad—500 020, A.P., India (“BE”) relating to the development,
manufacture, and commercialization of a prophylactic vero cell-derived inactivated Japanese encephalitis vaccine in certain territories (the “Project”). 

1. Intercell and VaccGen hereby acknowledge and agree that, with respect to the Project and all agreements (including sublicenses) relating thereto
(“Project Agreements”), (i) BE shall be deemed to be, and shall be treated as, a “Marketing Partner” (as such term is defined and used in the Sublicense Agreement) for all purposes of the Sublicense Agreement, and
(ii) neither BE nor BE’s or Intercell’s respective resellers, distributors, sublicensees, and other marketing partners or collaborators engaged in the Project, shall be deemed to be, nor be treated as, “Sublicensees” (as
such term is defined and used in the Sublicense Agreement) for any purposes of the Sublicense Agreement. Consequently, no consideration (whether royalties, profit-sharing or revenue-sharing income, license fees, or otherwise) received by Intercell
under Project Agreements or otherwise in connection with the Project shall be deemed to constitute, nor be treated as, “Sublicense Revenue” (as such term is defined and used in the Sublicense Agreement) for any purposes of the Sublicense
Agreement. 
 2. Intercell represents and warrants that the Projects Agreements, including any future amendments, shall be consistent with the terms and
conditions of the Sublicense Agreement. 
 3. Intercell will send VaccGen a copy of all final executed Project Agreements within ten (10) days of
execution of such Project Agreements. Intercell will also send VaccGen all future executed amendments to the Projects Agreements, if any. 
 4. Nothing
herein shall affect Intercell’s obligation to pay “Royalties” (as such term is defined and used in the Sublicense Agreement) under Section 3.3 of the Sublicense Agreement when and if owed pursuant to the terms and conditions of
the Sublicense Agreement as amended pursuant to this letter. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 5. For the avoidance of doubt, with respect to BE’s activities under the Project and the Project
Agreements, BE shall be deemed a Person acting on behalf of InterCell for purposes of Section 10.1 of the Sublicense Agreement. 
 6. The following
provisions of the Sublicense Agreement are hereby amended as follows: 
 (a) Section 3.3(i) is hereby amended to read in its entirety as
follows: “For Vaccine marketed, sold, and distributed directly by InterCell and/or its Affiliates (other than to or through Marketing Partners) in a country where such sale would infringe a Valid Claim issued in such country absent this
Agreement, InterCell shall pay VaccGen a Royalty upon commercialization of the Vaccine equal to [***] percent ([***]%) of applicable Net Sales. InterCell’s obligation to pay such [***] percent ([***]%) Royalty to VaccGen under this
Section 3.3(i) shall continue until the expiration or final determination of invalidity of the last Valid Claim that would be infringed by the sale of the Vaccine in such country, and upon such expiration or final determination of invalidity of
such last Valid Claim, InterCell shall thereafter pay VaccGen a Royalty of [***] percent ([***]%) for a period of seven (7) years from such expiration.” 

(b) Section 3.3(ii) is hereby amended to read in its entirety as follows: “For Vaccine marketed, sold, and distributed by
InterCell’s Marketing Partners in a country where such sale would infringe a Valid Claim issued in such country absent this Agreement, InterCell shall pay VaccGen a Royalty upon commercialization of the Vaccine equal to [***] percent ([***]%)
of applicable Net Sales. InterCell’s obligation to pay such [***] percent ([***]%) Royalty to VaccGen under this Section 3.3(ii) shall continue until the expiration or final determination of invalidity of the last Valid Claim that would be
infringed by the sale of the Vaccine in such country, and upon such expiration or final determination of invalidity of such last Valid Claim, InterCell shall thereafter pay VaccGen a Royalty of [***] percent ([***]%) for a period of seven
(7) years from such expiration.” 
 (c) The following Section 3.3(iv) is hereby added: “During the period set forth in
Section 3.15, for Vaccine marketed, sold, and distributed directly by InterCell and/or its Affiliates (other than to or through Marketing Partners) in a country where such sale does not infringe a Valid Claim issued in such country, InterCell
shall pay VaccGen a Royalty upon commercialization of the Vaccine equal to [***] percent ([***]%) of applicable Net Sales. For the avoidance of doubt, this Section 3.3(iv) only applies with respect to countries where a Valid Claim never existed
at some point in time.” 
 (d) The following Section 3.3(v) is hereby added: “During the period set forth in
Section 3.15, for Vaccine marketed, sold, and distributed by InterCell’s Marketing Partners in a country where such sale does not infringe a Valid Claim issued in such country, InterCell shall pay VaccGen a Royalty upon commercialization
of the Vaccine equal to [***] percent ([***]%) of applicable Net Sales. For the avoidance of doubt, this Section 3.3(v) only applies with respect to countries where a Valid Claim never existed at some point in time.” 

(e) Section 3.15 is hereby amended and replaced in its entirety by the following: 

(i) The following Section 3.15(i) is hereby added: “InterCell’s obligation to pay Royalties under Sections 3.3(iv) and 3.3(v)
with respect to Net Sales in any particular country shall continue for a period of seven (7) years from the first commercial sale of Vaccine by InterCell or its Marketing Partners in such country. InterCell’s obligation to pay Royalties
under Sections 3.3(i) and 3.3(ii) shall continue as, and only as, provided therein.” 

  
 2 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (ii) The following Section 3.15(ii) is hereby added: “InterCell’s obligation
to pay Royalties and other amounts to VaccGen under Section 3.4 shall continue until the expiration or final determination of invalidity of the last sublicensed Valid Claim, and upon such expiration or final determination of invalidity of the
last sublicensed Valid Claim, InterCell will thereafter pay for a period of seven (7) years a reduced Royalties amount under Section 3.4 of [***].” 

(iii) The following Section 3.15(iii) is hereby added: “Upon expiration of the applicable seven (7) year periods set forth in
Sections 3.3(i) and 3.3(ii) and Sections 3.15(i) and 3.15(ii), InterCell shall have no further obligation to pay any Royalties (with respect to the applicable country) or other amounts pursuant to Article 3. Notwithstanding the above, InterCell
shall be obligated after expiration of the royalty term to pay any Royalty amounts that accrued under Article 3 prior to such expiration.” 
 This
letter, the Sublicense Agreement (as amended), and such other agreements as are referenced in Section 12.1 of the Sublicense Agreement constitute the entire agreement between the parties relating to the subject matter hereof. Except as
expressly modified in this letter, all terms and conditions of the Sublicense Agreement (as amended) shall remain in full force and effect as set forth therein. Each party represents and warrants to the other party that this Amendment has been duly
authorized, executed and delivered by it and constitutes a valid and legally binding agreement with respect to the subject matter contained herein. 
 By
signing this letter below the parties agree as set forth herein. 
  

					
	 /s/ [***]

For VaccGen International LLC
  

[***], Member / Manager
 By (name
and title)
  
 3 15 05

Date
	 		 	 /s/ [***]

For Intercell AG
  

[***] CEO
 By (name and
title)
  
 3-21-05
 Date

		 		 	
		 		 	 /s/ [***]

[***]
  

3-24-05

Date

  
 3 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 October 24, 2005 
  

 
 VaccGen International LLC 
 8
Cambridge Court 
 Larchmont, New York 10538 
 USA 

Att: Mr. [***] 
 Dear [***]: 

Intercell AG (“Intermit”) and VaccGen International LLC (“VaccGen”) have entered into that certain Sublicense Agreement, effective
April 14, 2003 (as amended from time to time, the “Sublicense Agreement”), relating to a prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine as further described in the Sublicense Agreement (the
“Vaccine”). 
 Intercell and VaccGen agree that Section 3.2(i) of the Sublicense Agreement is hereby amended to read in its entirety as
follows: “InterCell shall make a Milestone Payment of five hundred thousand United States dollars (USD$500,000) to VaccGen upon complete recruitment of subjects in the Phase 3 non-inferiority clinical
trial designated as IC51-301.” 
 This letter, the Sublicense Agreement (as amended), and such other agreements
as are referenced in Section 12.1 of the Sublicense Agreement, constitute the entire agreement between the Parties relating to the subject matter hereof. Except as expressly modified in this letter, all terms and conditions of the Sublicense
Agreement (as amended) shall remain in full force and effect as set forth therein. Each Party represents and warrants to the other Party that this Amendment has been duly authorized, executed and delivered by it and constitutes a valid and legally
binding agreement with respect to the subject matter contained herein. 
 By signing this letter below, the parties agree as set forth herein. 

 

					
	 /s/ [***]

For: VaccGen International LLC
	 		 	 /s/ [***]

For: Intercell AG

			
	 [***] Member/Manager

By: (name and title)
	 		 	 [***], CEO [***], CFO

By: (name and title)

			
	 10/20/05

Date
	 		 	 10/24/05

Date

  
  

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 April 12, 2006 

VaccGen International LLC 
 8 Cambridge Court 

Larchmont, New York 10538 
 USA 

Att: Mr. [***] 
 Dear [***]: 

Intercell AG (“Intercell”) and VaccGen International LLC (“VaccGen”) have entered into that certain Sublicense Agreement, effective
April 14, 2003 (as amended from time to time, the “Sublicense Agreement”), relating to a prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine. 

1. Intercell and VaccGen hereby amend the Sublicense Agreement as follows: 

(a) Sections 2.3(i) and 2.3(v) are hereby deleted in their entirety. 

(b) A comma and the following phrase is hereby added at the end of Section 2.3(iv): “subject, however, to Section 4.5, and
solely to the extent consistent with the applicable terms and conditions of Intercell’s agreements with Sublicensees and Marketing Partners.” 

(c) In Section 4.5 the clause “Subject to the parties’ agreement with respect to VaccGen’s
co-promotional and co-marketing efforts pursuant to Section 2.3,” is hereby deleted. 

This letter, the Sublicense Agreement (as previously amended), and such other agreements as are referenced in Section 12.1 of the
Sublicense Agreement constitute the entire agreement between the parties relating to the subject matter hereof. Except as expressly modified in this letter, all terms and conditions of the Sublicense Agreement (as previously amended) shall remain in
full force and effect as set forth therein. Each party represents and warrants to the other party that this Amendment has been duly authorized, executed and delivered by it and constitutes a valid and legally binding agreement with respect to the
subject matter contained herein. 
 By signing this Letter below the parties agree as set forth herein. 

 

					
	 /s/ [***]

For VaccGen International LLC
  

[***], Member / Manager
 By (name
and title)
  
 April 12, 2006

Date
	 		 	 /s/ [***]

For Intercell AG
  

[***],CEO
 By (name and
title)
  
 April 12, 2006

Date

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

  

 
	
	 /s/ [***]

For Intercell AG
  

[***] CFO
 By (name and
title)
  
 April 12, 2006

Date

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 21st November 2006 

VaccGen International LLC 
 8 Cambridge Court 

Larchmont, New York 10538 
 USA 

Att: Mr. [***] 
 Dear [***]: 

Intercell AG (“Intercell”) and VaccGen International LLC (“VaccGen”) have entered into that certain Sublicense Agreement, effective
April 14, 2003 (as amended from time to time, the “Sublicense Agreement”), relating to a prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine as further described in the Sublicense Agreement (the
“Vaccine”). 
 Intercell intends to appoint Novartis Vaccines and Diagnostics, Inc,. a Delaware corporation with a place of business at 4560
Horton Street, Emeryville, CA 94608, USA (“NOVAD”) as its exclusive marketing partner for the Vaccine in certain territories (the “Marketing Partnership”). Intercell represents and warrants that all agreements executed between
Intercell and NOVAD related to the Marketing Partnership. including any future amendments, shall be consistent with the terms and conditions of the Sublicense Agreement. In connection with the Marketing Partnership. Intercell and VaccGen wish to
agree, and hereby agree. as follows: 
 1. For the avoidance of doubt with respect to NOVAD’s activities under the Marketing Partnership, NOVAD shall
be deemed to be “a Person acting on behalf of InterCell” purposes of Section 10.1 of the Sublicense for purposes of Sections 10.2 and 10.3 of the Sublicense Agreement: 

2. Section 7.4(iii)(d) of the Sublicense Agreement is hereby amended as follows by adding the following sentence at the end of such Section: 

“In the event of termination of this Agreement, NOVAD shall have a right to enter into an agreement with VaccGen under which VaccGen would
grant to NOVAD rights substantially similar to those granted to Intercell in this Agreement, and under terms and conditions substantially similar to those set forth in this Agreement, provided that in no event shall such rights be (A) broader
or otherwise more extensive than the rights granted to NOVAD under its applicable agreement with Intercell, or (B) otherwise inconsistent with NOVAD’s applicable agreement with Intercell.” 

3. This letter, the Sublicense Agreement (as amended), and such other agreements as are referenced in Section 12.1 of the Sublicense Agreement constitute
the entire agreement between the parties relating to the subject matter hereof, Except as expressly modified in this letter, all terms and conditions of the Sublicense Agreement (as amended) shall remain in full force and effect as set forth
therein. Each party represents and warrants to the other party that this letter has been duly authorized, executed and delivered by it and constitutes a valid and legally binding agreement with respect to the subject matter contained herein. 

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 By signing this Letter below the parties agree as set forth herein. 

 

					
	 /s/ [***]

For VaccGen International LLC
  

[***], Member / Manager
 By (name
and title)
  
 November 28, 2006

Date
	 		 	 /s/ [***]

For Intercell AG
  

[***]
 By (name and title)

 
 23/11/2006 / 23/11/2006

Date

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 December 21, 2006 

VaccGen International LLC 
 8 Cambridge Court 

Larchmont, New York 10538 
 USA 

Att: Mr. [***] 
 Dear [***]: 

Intercell AG (“Intercell”) and VaccGen International LLC (“VaccGen”) have entered into that certain Sublicense Agreement, effective April
14. 2003 (as amended from time to time, the “Sublicense Agreement”), relating to a prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine as further described in the Sublicense Agreement (the
“Vaccine”). 
 Intercell intends to appoint Novartis Vaccines and Diagnostics, Inc., a Delaware corporation with a place of business at 4560
Horton Street, Emeryville, CA 94608, USA (“NOVAD”), as its exclusive marketing partner for the Vaccine in certain territories (the “Marketing Partnership”). Intercell represents and warrants that all agreements executed between
Intercell and NOVAD related to the Marketing Partnership, including any future amendments, shall be consistent with the terms and conditions of the Sublicense Agreement. 

By signing this letter below, the parties confirm their agreement and understanding of the following provisions of the Sublicense Agreement: 

1. Section 2 of the letter agreement between Intercell and VaccGen, dated November 21. 2006 amending the Sublicense Agreement. is hereby amended and
restated to read in its entirety as follows: 
 “As long as NOVAD is a Marketing Partner. in the event of termination of this Agreement,
NOVAD shall have a right to enter into an agreement with VaccGen under which VaccGen would grant to NOVAD rights substantially similar to those granted to Intercell in this Agreement, and under terms and conditions substantially similar to those set
forth in this Agreement; provided, that such agreement shall be limited to the geographic territory covered by Intercell’s agreement 
 2. With respect
to Section 4.4(i): Intercell may conduct the regulatory activities related to the Vaccine itself or through its designees (including Marketing Partners), and any approvals, registrations and authorizations for the Vaccine may be in the name of
Intercell or its designees (including Marketing Partners). ‘ 
 3. With respect Section 4.6: Intercell may have the Vaccine manufactured at a third
party, including NOVAD. 

  
 [***] = CERTAIN
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 4. As long as NOVAD is a Marketing Partner, Sections 6.2(v), 6.3(v). and 6.4(i) of the Sublicense Agreement
shall apply to NOVAD to the same extent such Sections apply to Intercell and its Sublicensees. 
  

					
	 /s/ [***]
	 		 	 /s/ [***]

	For VaccGen International LLC	 		 	For Intercell AG
			
	 [***], Member / Manager
	 		 	 [***],CEO

	By (name and title)	 		 	By (name and title)
			
	 December 21, 2006
	 		 	 January 4, 2007

	Date	 		 	Date
			
		 		 	 /s/ [***]

		 		 	For Intercell AG
			
		 		 	 [***] CFO

		 		 	By (name and title)
			
		 		 	 January 4, 2007

		 		 	Date

  

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

					
	August 29, 2007	  		  	
			
	 VaccGen International LLC
 8 Cambridge Court

Larchmont, New York 10538
 USA

Att: Mr. [***]
	  		  	

 Dear [***]: 
 Intercell AG
(“Intercell”) and VaccGen International LLC (“VaccGen”) have entered into that certain Sublicense Agreement, effective April 14, 2003 (as amended from time to time, the “Sublicense Agreement”), relating to a
prophylactic second-generation, purified, inactivated Japanese encephalitis vaccine (the “Vaccine”). 
 Capitalized terms used but not otherwise
defined in this letter shall have the respective meanings assigned to such terms in the Sublicense Agreement. 
 WHEREAS, VaccGen has recently
amended the Cheil License Agreement to transfer all rights to the Vaccine in Korea from CJ Corporation to VaccGen. 
 WHEREAS, Intercell and VaccGen
now wish to amend the Territory, as defined in the Sublicense Agreement, to transfer all rights to the Vaccine in Korea from VaccGen to Intercell. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements hereinafter set forth, the parties hereto, intending
to be legally bound hereby, agree as follows: 
  

	1.	 The following provisions of the Sublicense Agreement are hereby amended as follows: 

 

	 	(a)	 Section 1.24 is hereby amended and restated in its entirety to read as follows: 

“Territory shall mean the entire world, except for the Caribbean (Aruba, Antigua, Bahamas, Barbados, Bermuda, Cayman Islands,
Curacao, Dominican Republic, Jamaica, Puerto Rico, St. Croix, St. Lucia, St. Martin, St. Thomas, and Turks and Calicos).” 
  

	 	(b)	 Section 1.5 is hereby amended and restated in its entirety to read as follows: 

“Cheil License Agreement” shall mean that certain license agreement dated September 24, 1998, as amended, between Cheil
and VaccGen pursuant to which VaccGen acquired an exclusive, worldwide license to the Vaccine from Cheil in order for VaccGen (either directly and/or via sublicense arrangements) to develop, gain regulatory approval, market, manufacture, distribute,
use, sell, and otherwise commercially exploit the Vaccine.” 
  

	 	(c)	 Section 2.4 is hereby amended and restated in its entirety to read as follows: 

“Nothing in this Agreement shall be construed to constitute a grant to InterCell and/or the Sublicensees of any rights other than those
expressly granted herein. 

  
 [***] = CERTAIN
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 InterCell shall sell the Vaccine in the Territory only. 

Nothing in this Agreement shall be construed to constitute a grant to VaccGen, Cheil or WRAIR of any rights other than those expressly granted
herein.” 
  

	 	(d)	 Section 4.2(iii) is hereby amended by deleting the words “Korea and” in the parenthetical in the
third line of the first sentence. 

  

	 	(e)	 Section 4.2(iv) is hereby amended by deleting the words “and in Korea” in the third line from
the end of the sentence. 

  

	2.	 VaccGen represents and warrants to InterCell that: 

 

	 	(a)	 VaccGen possesses, pursuant to the Cheil License Agreement, as amended, all rights and interest, as the
exclusive worldwide licensee of the Vaccine, in and to the Vaccine and Vaccine Patents necessary to give effect to the amendments granted pursuant to Section 1 hereof without restriction or limitation except as expressly provided in the
Sublicense Agreement. 

  

	 	(b)	 As of the date hereof, VaccGen has not received any notice nor is VaccGen aware of any claim that the
manufacture, use or sale of the Vaccine in Korea or the exercise of rights under the Vaccine Patents in Korea infringes upon any third party’s know-how, patent, or intellectual property rights, except
those patents and patent applications that were discussed between InterCell and VaccGen prior to the Effective Date (Exhibit C to the Sublicense Agreement). 

  

	3.	 In consideration of the amendments granted pursuant to Section 1 hereof, Intercell shall make non-creditable, non-refundable payments to VaccGen in accordance with the following schedule: 

 

	 	(a)	 Intercell shall pay VaccGen fifty thousand United States dollars (US$50,000) upon execution of this letter.

  

	 	(b)	 Intercell shall pay VaccGen fifty thousand United States dollars (US$50,000) upon regulatory approval of the
Vaccine in Korea. 

 The payments under this Section 2 are in addition to the Milestone Payments owed to VaccGen by
Intercell under Article 3.2 of the Sublicense Agreement. 
  

	4.	 This letter, the Sublicense Agreement (as amended), and such other agreements as are referenced in
Section 12A of the Sublicense Agreement constitute the entire agreement between the parties relating to the subject matter hereof. Except as expressly modified in this letter, all terms and conditions of the Sublicense Agreement (as amended)
shall remain in full force and effect as set forth therein. Each party represents and warrants to the other party that this letter has been duly authorized, executed and delivered by it and constitutes a valid and legally binding agreement with
respect to the subject matter contained herein. 

  
 [***] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 By signing this letter below the parties agree as set forth herein. 

 

					
	 /s/ [***]
	 		 	 /s/ [***]

	For VaccGen International LLC	 		 	For Intercell AG
			
	 [***], Member / Manager
	 		 	 [***],CEO

	By (name and title)	 		 	By (name and title)
			
	 August 29, 2007
	 		 	 August 08, 2007

	Date	 		 	Date
			
		 		 	 /s/ [***]

		 		 	For Intercell AG
			
		 		 	 [***] CSO

		 		 	By (name and title)
			
		 		 	 August 08, 2007

		 		 	Date

  

  
 [***] = CERTAIN
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 EXECUTION VERSION 
  

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 
 AMENDMENT NO. 9 TO THE 

SUBLICENSE AGREEMENT 
 THIS
AMENDMENT NO. 9 TO THE SUBLICENSE AGREEMENT (“Amendment No. 9”) is made and executed as of February 22, 2010 (the “Effective Date”) by and between Intercell AG, having its principal place of business at
Campus Vienna Biocenter 6, A-1030, Vienna, Austria (hereinafter “Intercell”) and VaccGen International, LLC, having its principal place of business at 8 Cambridge Court, Larchmont, New York
10538, U.S.A. (hereinafter “VaccGen”) (collectively, the “Parties”). 
 Capitalized terms which are used, but not
defined in this Amendment No. 9, shall have the meaning set forth in the Sublicense Agreement entered into by and between Intercell and VaccGen on April 14, 2003 (as amended from time to time, the “Sublicense Agreement”). 

Background 

WHEREAS, Intercell and VaccGen have entered into that certain Sublicense Agreement; 

WHEREAS, the Parties have previously entered into a Disclosure Agreement dated as of February 22, 2010, a copy of which is
attached hereto as Annex A (the “Disclosure Agreement”); and 
 WHEREAS, the Parties wish to amend the
Sublicense Agreement. 
 Agreement 

NOW, THEREFORE, for good and valid consideration and intending to be legally bound, the Parties hereby agree as follows; 

1. Intercell hereby discloses to VaccGen the sequence information set forth on Annex A attached
hereto (the “Sequence Information”) and the sequence information report set forth on Annex B attached hereto (together with any and all information contained in such report, the “Sequence Information Report”).
Intercell represents that the Sequence Information and Sequence Information Report refer to the data and information, which to our knowledge reflect the nucleotide and amino acid sequencing performed by or for Intercell on the product known as
IXIARO® and on the JEV master and working virus seeds used for production of IXIARO®, and to our knowledge should be suitable for the
purposes set forth in Section 2(b) of this Amendment No. 9. 

  
 1 

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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 2. The Parties covenant and agree that: (a) the Sequence Information and the Sequence
Information Report are confidential to Intercell, and shall be maintained under secure conditions, using reasonable security measures and in any event not less than the same security measures used by the receiving party for the protection of its
confidential information of a similar kind; (b) the Sequence Information and the Sequence Information Report shall be used solely for purposes of prosecuting and maintaining the Vaccine Patents in accordance with Section 6.1 of the
Sublicense Agreement, and (c) VaccGen shall be entitled to share the Sequence Information and the Sequence Information Report with third parties (including Cheil and WRAIR) on the condition that any such third party (including Cheil and WRAIR)
agrees in advance, in writing, to be bound by the terms, conditions and restrictions set forth in Sections 2(a) and 2(b) above. For the avoidance of doubt, effective as of the Effective Date, Bryan Cave LLP is hereby permitted to share the Sequence
Information (as defined in the Disclosure Agreement) with VaccGen. 
 3. The Parties agree to meet and to discuss, in good faith, the
Sequence Information and the Sequence Information Report. The Parties agree that Cheil and WRAIR may be informed by VaccGen regarding any and all discussions which VaccGen may have with Intercell regarding the Sequence Information and the Sequence
Information Report. Notwithstanding anything to the contrary hereinabove, should it be determined to disclose the Sequence Information and/or the Sequence Information Report, or any portion thereof, to a governmental authority for the purpose of
prosecuting and maintaining the Vaccine Patents in accordance with Section 6.1 of the Sublicense Agreement, the disclosing party shall notify the other party to this Amendment No. 9 in writing [***] in advance of any such disclosure. 

4. Intercell and VaccGen hereby agree to amend the Sublicense Agreement by adding the following Section 3.3(vi) to the Sublicense
Agreement: 
 “Notwithstanding anything to the contrary contained in this Section 3.3 or elsewhere in this Sublicense Agreement:

 (A) For Vaccine marketed, sold, and distributed by Intercell and/or its Affiliates or by Intercell’s Marketing
Partners in any of the countries specified on Annex 3.3(A) (the “Identified Countries”), Intercell only shall pay VaccGen a Royalty as follows: (w) a Royalty equal to [***] percent ([***]%) of applicable Net Sales (all
as calculated on a country-by-country basis) from January 1, 2010 until the fourteenth (14th) anniversary of such date for Vaccine marketed, sold, and distributed
by a Marketing Partner in any country in Group A of the Identified Countries; (x) a Royalty equal to [***] percent ([***]%) of applicable Net Sales (all as calculated on a
country-by-country basis) from January 1, 2010 until the fourteenth (14th) anniversary of such date for Vaccine
marketed, sold, and distributed by Intercell in any country in Group A of the Identified Countries; (y) a Royalty equal to [***] percent ([***]%) of applicable Net Sales (all as calculated on a country-by-country basis) for fourteen (14) years from the date of regulatory approval in a country in Group B of the Identified Countries (on a country-by-country basis) for Vaccine marketed, sold, and distributed by 

  
 2 

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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 
a Marketing Partner in such country; and (z) a Royalty equal to [***] percent ([***]%) of applicable Net Sales (all as calculated on a country-by-country basis) for fourteen (14) years from the date of regulatory approval in a country in Group B of the Identified Countries (on a country-by country
basis) for Vaccine marketed, sold, and distributed by Intercell in such country. 
 (B) For the elimination of doubt, solely
for the purposes of Section 3.3(A), all references to “Vaccine” in Section 3.3(A) shall constructively be deemed to assume that the manufacture, use and/or sale of such Vaccine is covered by a Valid Claim. 

(C) Royalties shall only be payable once with respect to any specific Net Sales of the Vaccine (and, for the avoidance of
doubt, any particular Net Sales amount shall only be subject to Royalty payment obligations under one, but only one, subclause of this Section 3.3).” 

5. Annex C sets forth a geographical summary of the Royalty rates and payment periods for amounts payable by Intercell to
VaccGen pursuant to Net Sales of IXIARO® and JESPECT® (or any other future trade names) by Intercell and/or its Affiliates or by
Intercell’s Marketing Partners in the countries set forth in Annex C, in each case in accordance with and subject to the terms and conditions of the Sublicense Agreement (as amended). 

6. This Amendment No. 9, including the Annexes hereto, the Sublicense Agreement (as amended) and such other agreements and documents as
are referenced in the Sublicense Agreement constitute the entire agreement between the Parties relating to the subject matter hereof. Except as expressly modified in this Amendment No. 9, including the Annexes hereto, all of the terms and
conditions of the Sublicense Agreement (as amended) shall remain in full force and effect as set forth therein. Each Party represents and warrants to the other Party that this Amendment No. 9, including the Annexes hereto, has been duly
authorized, executed and delivered by and it and constitutes a valid and legally binding agreement with respect to the subject matter contained herein. 

  
 3 

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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

									
	VACCGEN INTERNATIONAL, LLC	 	            	 	INTERCELL AG
					
	By:	 	 /s/ [***]
	 		 	By:	 	 /s/ [***] 

	Name: [***]	 		 	Name: [***]
	Title: Member / Manager	 		 	Title: Chief Financial Officer
	Date: February 25, 2010	 		 	Date: February 22, 2010
					
		 		 		 	By:	 	 /s/ [***]

		 		 	Name: [***]
		 		 	Title: Chief Executive Officer

  
 4 

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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 Annex A 

Disclosure Agreement 

DISCLOSURE AGREEMENT 

THIS DISCLOSURE AGREEMENT (the “Disclosure Agreement”) is made and executed as of February 22, 2010 (the “Effective
Date”) by and between Intercell AG, having its principal place of business at Campus Vienna Biocenter 6, A-1030, Vienna, Austria (hereinafter “Intercell”) and VaccGen International,
LLC, having its principal place of business at 8 Cambridge Court, Larchmont, New York 10538, U.S.A. (hereinafter “VaccGen”) (collectively, the “Parties”). 

Capitalized terms which are used, but not defined in this Disclosure Agreement, shall have the meaning set forth in the Sublicense Agreement
entered into by and between Intercell and VaccGen on April 14, 2003 (as amended from time to time, the “Sublicense Agreement”). 

Background 

WHEREAS, Intercell and VaccGen have entered into that certain Sublicense Agreement; 

WHEREAS, the Parties wish to consider after the Effective Date, entering into an amendment to the Sublicense Agreement in a form
mutually agreed to by the Parties (such amendment as executed, the “Amendment No. 9”), and 
 WHEREAS, the Parties
have agreed to the terms and conditions of this Disclosure Agreement in advance of entering into any amendment to the Sublicense Agreement. 

Agreement 
 NOW,
THEREFORE, for good and valid consideration and intending to be legally bound, the Parties hereby agree as follows: 
 1. Intercell
hereby discloses solely to VaccGen’s outside legal counsel, Bryan Cave LLP, the vaccine sequence information set forth on Exhibit A attached hereto (the “Sequence Information”) on a “HIGHLY CONFIDENTIAL—OUTSIDE
COUNSEL ONLY” basis. VaccGen covenants and agrees with Intercell that: (a) the Sequence Information is confidential to Intercell and shall be maintained under secure conditions, using reasonable security measures and in any event not less
than the same security measures used by VaccGen for the protection of its confidential information of a similar kind, (b)VaccGen shall direct Bryan Cave LLP not to disclose any of the Sequence Information to VaccGen or any individual or entity
affiliated with VaccGen, Cheil or WRAIR (including, but not limited to, experts, consultants, in-house or outside counsel of any of the foregoing) prior to the effective date of Amendment No. 9, and as
from the effective date of Amendment No. 9, to disclose Sequence Information only as expressly permitted by Amendment No. 9, and (c) prior to the effective date of Amendment No. 9, no individuals affiliated with Bryan Cave LLP,
VaccGen, Cheil or WRAIR (including, but not limited to, experts, 

  
 5 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 
consultants, in-house or outside counsel of any of the foregoing) who have had access to the Sequence Information will prosecute, supervise, or assist in
the prosecution or amendment of any of the Vaccine Patents, and as from the effective date of Amendment No. 9, will be permitted to prosecute, supervise, or assist in the prosecution or amendment of any of the Vaccine Patents only as expressly
permitted by Amendment No. 9. For purposes of this Section I, prohibited prosecution shall include, without limitation: invention identification, invention evaluation, the decision whether to file a patent application for an invention,
preparation of and/or amendments to original, continuation, divisional, continuation-in-part, request for continued examination, reexamination, reissue, substitute,
renewal or convention patent applications, claim drafting, drafting of any document to be filed with the United States Patents and Trademark Office or any foreign patent office, or consultation on any of the above matters with others performing
these activities. 
 2. Notwithstanding anything to the contrary hereinabove, should Bryan Cave LLP (including, but not limited to, experts,
consultants or counsel thereto) be obligated by law or legal process to disclose the Sequence Information, or any portion thereof, to a governmental authority, VaccGen shall notify Intercell in writing [***] days in advance of any such disclosure.
For the avoidance of doubt, VaccGen and Intercell agree that any portion of the Sequence Information so disclosed shall nonetheless continue to be treated as confidential information. 

3. This Disclosure Agreement, including the Exhibit hereto, constitutes the entire agreement between the Parties relating to the subject
matter hereof. For the avoidance of doubt, all of the terms and conditions of the Sublicense Agreement shall remain in full force and effect as set forth therein. Each Party represents and warrants to the other Party that this Disclosure Agreement,
including the Exhibit hereto, has been duly authorized, executed and delivered by and it and constitutes a valid and legally binding agreement with respect to the subject matter contained herein. 

 

									
	VACCGEN INTERNATIONAL, LLC	 		 	INTERCELL AG
					
	By:	 	 /s/ [***]
	 		 	By:	  	 /s/ [***]

	Name: [***]	 	            	 	Name: [***]
	Title: Member / Manager	 		 	Title: Chief Financial Officer
	Date: February 25, 2010	 		 	Date: February 22, 2010
					
		 		 		 	By:	  	 /s/ [***] 

		 		 	Name: [***]
		 		 	Title: Chief Executive Officer

  
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[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 Exhibit A to the Disclosure Agreement 

Sequence Information 

  
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[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 Annex B 

Sequence Information Report 

  
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[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 Annex 3.3(A) 

Identified Countries 
 Group
A 
 [***] 
 Group B  

[***] 

  
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[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 EXECUTION VERSION 
  

 Annex C 

Royalty Rates payable by Intercell to VaccGen 

  
 10 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 ANNEX C to Amendment 9 

Geographical Summary of Royalty Rates and Payment Periods1 

Based on the Status on the Effective Date of Amendment 9 

[***] 
  

	1 	 [***] 

  
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[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL.

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