Document:

EX-10.17

 Exhibit 10.17 
  

 
  

LICENSE AGREEMENT 
 Dated
as of November 6, 2017 
 by and between 

Vaccinex, Inc. 
 and 

VX3 (DE) LP 
  

 
  

 TABLE OF CONTENTS 

 

									
	 ARTICLE 1 Definitions
	  	 	1	 
	 ARTICLE 2 License to and Use of Rights and Related Provisions
	  	 	5	 
		  	2.1	 	Grant to Licensed Assets	  	 	5	 
		  	2.2	 	Delivery of Materials to Transferee	  	 	6	 
		  	2.3	 	Rights and Obligations Under Third-Party License Agreements	  	 	6	 
		  	2.4	 	Payments	  	 	7	 
		  	2.5	 	Obligation to Fund Product Development	  	 	9	 
		  	2.6	 	Conversion Due to Payment Failure	  	 	9	 
		  	2.7	 	Developments	  	 	9	 
		  	2.8	 	Substitution	  	 	10	 
		  	2.9	 	Promotion Option	  	 	10	 
	 ARTICLE 3 Additional Obligations and Conditions
	  	 	10	 
		  	3.1	 	Regulatory Approvals	  	 	10	 
		  	3.2	 	Compliance With Law	  	 	10	 
		  	3.3	 	Sublicenses	  	 	11	 
		  	3.4	 	No Challenge	  	 	11	 
	 ARTICLE 4 Representations and Warranties
	  	 	11	 
		  	4.1	 	Mutual Representations and Warranties	  	 	11	 
		  	4.2	 	Representations and Warranties of Transferor	  	 	12	 
		  	4.3	 	Representations and Warranties of Transferee	  	 	12	 
		  	4.4	 	Disclaimer	  	 	13	 
	 ARTICLE 5 Reporting, Recordkeeping, and Auditing
	  	 	13	 
		  	5.1	 	Reporting	  	 	13	 
		  	5.2	 	Recordkeeping	  	 	13	 
		  	5.3	 	Auditing	  	 	14	 
	 ARTICLE 6 Diligence
	  	 	14	 
		  	6.1	 	Diligence	  	 	14	 
	 ARTICLE 7 Prosecution and Maintenance
	  	 	14	 
		  	7.1	 	Licensed Patents Maintenance	  	 	14	 
		  	7.2	 	Enforcement of Licensed Patents	  	 	14	 
	 ARTICLE 8 Confidentiality
	  	 	15	 
		  	8.1	 	Confidentiality	  	 	15	 
		  	8.2	 	Exceptions	  	 	15	 
		  	8.3	 	Disclaimer	  	 	16	 
		  	8.4	 	Unauthorized Disclosure	  	 	16	 
		  	8.5	 	Public Disclosure	  	 	16	 
	 ARTICLE 9 Term and Termination
	  	 	16	 
		  	9.1	 	Term	  	 	16	 
		  	9.2	 	Termination	  	 	16	 
		  	9.3	 	Effect of Termination	  	 	17	 
	 ARTICLE 10 Indemnification
	  	 	18	 
		  	10.1	 	By Transferor	  	 	18	 
		  	10.2	 	By Transferee	  	 	18	 
		  	10.3	 	Notice and Defense of Third-Party Claims	  	 	19	 
	 ARTICLE 11 Insurance
	  	 	19	 
		  	11.1	 	Requirements	  	 	19	 
	 ARTICLE 12 Limitations and Disclaimers
	  	 	19	 
		  	12.1	 	Disclaimer of Other Damages	  	 	19	 
		  	12.2	 	Limitations of Liability	  	 	19	 
	 ARTICLE 13 Miscellaneous
	  	 	20	 
		  	13.1	 	Notices	  	 	20	 
		  	13.2	 	Merger	  	 	20	 
		  	13.3	 	Assignment.	  	 	20	 
		  	13.4	 	Certain Interpretive Provisions	  	 	21	 

									
		  	13.5	 	Independent Contractor	  	 	21	 
		  	13.6	 	Severability	  	 	21	 
		  	13.7	 	No Third-Party Beneficiaries	  	 	21	 
		  	13.8	 	Amendment	  	 	21	 
		  	13.9	 	Governing Law and Venue	  	 	21	 
		  	13.10	 	Counterparts	  	 	21	 
		  	13.11	 	Waiver	  	 	22	 
		  	13.12	 	Further Assurances	  	 	22	 
		  	13.13	 	Injunctive Relief	  	 	22	 
		  	13.14	 	Construction	  	 	22	 
		  	13.15	 	Force Majeure	  	 	22	 
		  	13.16	 	Export	  	 	22	 
	 Schedule A Compound
	  			
	 Schedule B Licensed Patents
	  			
	 Schedule C Development Plan
	  			
	 Schedule D Third-Party License Agreements
	  			

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (this “Agreement”), dated as November 6, 2017 (the “Effective Date”), is by and between
Vaccinex, Inc., a Delaware corporation having an address at 1895 Mt. Hope Avenue, Rochester, New York, 14620 (“Transferor”), and VX3 (DE) LP, a Delaware limited partnership having an address at 200 Bay Street, Suite 3800, Royal Bank
Plaza, South Tower, Toronto, Ontario, Canada M5J 2Z4 (“Transferee”). Transferor and Transferee may be referred to each individually as a “Party” or together as the “Parties.” 

RECITALS 
 WHEREAS, Transferee
desires to acquire from Transferor, and Transferor desires to grant or allow Transferee, certain rights in certain patents, know-how, and laboratory notebooks relating to the Compound (as defined herein),
which rights and materials are owned or licensed by Transferor; 
 WHEREAS, Transferor and Transferee desire to establish certain restrictions and
covenants relating to their respective rights under certain existing third-party license agreements pursuant to which they are or may be licensees or sublicensees; and 

WHEREAS, subject to the terms and conditions of this Agreement, the Parties desire that Transferor license to Transferee such rights in such patents, know-how and laboratory notebooks, and that the Parties agree on such rights, restrictions and covenants under such third-party license agreements. 

NOW, THEREFORE, in consideration of the foregoing, the covenants and promises contained in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1 

Definitions 
 In addition to the terms
defined elsewhere in this Agreement, the following capitalized terms, whether used in the singular or plural, will have the respective meanings set forth below: 

“Affiliate” means, with respect to any Person: (a) any Person directly or indirectly controlling, controlled by, or under
common control with such Person; (b) any officer, director general partner, member, or trustee of such Person; or (c) any Person who is an officer, director, general partner, member, or trustee of any Person described in clauses
(a) or (b) of this sentence. For the purposes of this definition, the terms “controlling,” “controlled by,” and “under common control with” will mean the possession, direct or indirect, of (x) the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise, or (y) the power to elect at least 50% of the directors, manager, general partners, or
persons exercising similar authority with respect to such Person. Notwithstanding the foregoing, except as expressly provided in Section 2.3, Transferor and Transferee and their direct and indirect subsidiaries are not Affiliates of each other
for purposes of this Agreement. 
 “Agreement” has the meaning set forth in the preamble. 

“Bad Debt” means any undisputed sum payable by any third party to Transferee or its Affiliates in connection with the sale of Licensed
Products in the Territory which has not been paid within sixty (60) days of the due date for such payment. 
 “BLA” means a Biologics
License Application filed with the FDA to obtain marketing approval for a Licensed Product in the United States, or any comparable application filed with a Governmental Entity in or for a country other than the United States. 

  
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 “Capital Contributions” means, as of a particular date, the aggregate of all capital contributed
to Transferee by all of its limited partners; provided, that in the event of a material breach of Transferee’s obligations to make payments to Transferor pursuant to the Services Agreements, the Parties shall discuss in good faith and mutually
agree on an appropriate adjustment to the Capital Contributions reflecting the aggregate amount of capital contributed to Transferee by its limited partners and the amount of payments to Transferor under the Services Agreement, in each case, as of
such date. 
 “Clinical Trial” means the Phase II clinical trial of the Compound referred to as VX15/2503. 

“Clinical Trial Results Notice” has the meaning set forth in Section 2.8. 

“Common Stock” means share(s) of common stock, par value $0.0001 per share, of Transferor. 

“Compound” means VX15, as described in Schedule A, or such other compound that is substituted therefor under Section 2.8. 

“Confidential Information” means any and all confidential or proprietary information and materials of or concerning a Party, including
commercial, financial, and technical information, substances, formulations, techniques, methodologies, customer or client lists, programs, procedures, data, documents, know-how, protocols, results of
experimentation and testing, specifications, databases, business plans, trade secrets, business arrangements, information regarding specific transactions, long-term plans and goals, and the terms and conditions of this Agreement. The Licensed
Assets, in each case to the extent not specifically related to the Field, shall be treated as the Confidential Information of Transferor. In all other instances, the Licensed Assets shall be treated as the Confidential Information of both Parties
during the Term; provided that after the Term, the Licensed Assets and Developments shall, in all respects, solely be the Confidential Information of Transferor. 

“Developments” has the meaning set forth in Section 2.7. 

“Development Plan” means the development plan attached hereto as Schedule C, as such may be amended from time to time by the Parties,
including to incorporate an appropriate commercialization plan as shall be mutually agreed by the Parties, in each case, with respect to the Compound and Licensed Products in the Field in the Territory. 

“Disclosing Party” has the meaning set forth in Section 8.1. 

“Effective Date” has the meaning set forth in the preamble. 

“Estimated Launch Date” has the meaning set forth in Section 2.9. 

“FDA” means the U.S. Food and Drug Administration or any successor agency. 

“Field” means the treatment, prevention, palliation, or diagnosis of Huntington’s Disease in humans. 

“Governmental Entity” means any U.S. or non-U.S. federal, national, supranational, state, provincial,
local, or similar government, governmental, regulatory, or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“Indemnitees” has the meaning set forth in Section 10.2. 

“Know-How” means any and all know-how, trade secrets,
manufacturing processes or protocols, writing, data, documentation, technical information, technology, and other proprietary information and materials owned by Transferor as of the Effective Date relating to the Compound in the Field, excluding
Laboratory Notebooks. 

  
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 “Laboratory Notebooks” means all research documentation owned by Transferor or any Affiliate and
in the possession of Transferor as of the Effective Date relating to the Compound in the Field. 
 “Law” means any federal, provincial,
state, local, or foreign law, statute, ordinance, order, code, rule, or regulation promulgated or issued by any Governmental Entity, as well as any judgment, decree, injunction, or agreement issued or entered into by any Governmental Entity. 

“Licensed Assets” means, collectively, the Licensed Patents, Know-How, and Laboratory Notebooks. 

“Licensed Patents” means (a) the patents, patent applications, and invention disclosures that are set forth on Schedule B; (b) any
and all continuations, divisionals, continuations in part, substitutions or continued prosecution applications of any of such patents, patent applications and invention disclosures, and (c) all patents issuing from the foregoing and all
reissues, re-examinations, renewals and extensions of any of the foregoing. 
 “Licensed Product”
means any material, composition, drug, or product, the use, manufacture, having manufactured, sale, offering for sale, or importation of which would infringe a claim of any Licensed Patent. 

“Liquidity Event” means (a) a sale, merger or consolidation transaction where the shares of the Transferor are exchanged for cash and/or
marketable securities; (b) the consummation of an initial public offering of Transferor’s securities; (c) a sale or exclusive license of all or substantially all of the assets of Transferor related to the Compound for the Territory;
or (d) a sale or exclusive license of all or a significant portion of the assets of Transferor related to the Compound or a Licensed Product. 

“Losses” means any and all claims, actions, demands, suits, causes of action, losses, damages, liabilities, judgments, costs, and expenses
(including reasonable attorneys’ fees) brought or asserted against a party by a third party. 
 “Major Financing” means a transaction
or series of related transactions that include or constitute a debt or equity financing resulting in net proceeds or an extension of credit directly or indirectly to Transferor or its Affiliate in excess of US$10,000,000 in the aggregate in which
(a) Transferor reasonably determines in good faith that it is in the best interests of the Compound or Licensed Products to terminate this Agreement, or (b) investors or lenders participating in such financing request that this Agreement
be terminated. 
 “Major Transaction” means (a) a sale, merger, or consolidation transaction involving Transferee; (b) the
consummation of an initial public offering of Transferee’s securities; (c) a sale, transfer, license, sublicense, or other disposition of all or substantially all of the assets of Transferee, or all or substantially all of the assets of
Transferee related to the Compound; (d) any transaction or series of related transactions through which any Person, or group of related Persons, acquires more than fifty percent (50%) of the voting interests in Transferee; (e) any
assignment, transfer, or other disposition of Transferee’s rights in or to this Agreement or the Services Agreement without the prior written consent of Transferor; (f) if Transferee makes any assignment for the benefit of creditors,
appoints or suffers appointment of a receiver or trustee over all or substantially all of its property, files a petition under any bankruptcy or insolvency act in any state or country, or has any such petition filed against it which is not
discharged within sixty (60) days of the filing thereof; (g) any resignation, withdrawal, or replacement of the general partner of Transferee; (h) any transaction or series of related transactions that results in Transferee changing
its jurisdiction or form of organization, (i) the commencement by Transferee of any business, operations, or other activities outside the United States or Canada; or (j) a liquidation, dissolution, or winding up of Transferee, or the
commencement of any of the foregoing. 
 “Milestone Events” has the meaning set forth in Section 2.5(b). 

“Milestone Payments” has the meaning set forth in Section 2.5(b). 

  
 3 

 “Net Profit” means, with respect to Licensed Product sold in the Territory for use in the Field,
the Net Sales with respect to such Licensed Product, less (i) the actual consolidated cost of such Licensed Product to Transferee and its Affiliates, together with any costs in respect of freight, insurance, duty, import and
transportation, but excluding any profit made through the application of transfer pricing, less (ii) any other costs incurred by Transferee or its Affiliates that are directly related to the acquisition, importation, distribution
and sale of the Licensed Product, less (iii) unless it has been already deducted in the calculation of Net Sales, the amount of any sales tax paid by Transferee or its Affiliates for which neither Transferee nor its Affiliates is
entitled to credit or repayment, less (iv) any Bad Debts arising out of the sale of such Licensed Product. 
 “Net
Sales” means, consistent with U.S. GAAP: 
 (a) Subject to clause (b) of this definition, the aggregate gross amount invoiced
to unrelated third parties by Transferee, its Affiliates, and its sublicensees for the sale of Licensed Product, less to the extent applicable to such sale: (i) trade, cash and quantity discounts, if any, actually accrued or paid;
(ii) credits, allowances and adjustments actually accrued or paid to customers, including credits for rejected or returned Licensed Product previously sold; (iii) freight, insurance and other transportation costs actually accrued or paid,
to the extent separately identified on the invoice; (iv) rebates or reimbursements actually accrued or paid to managed health care organizations, national, federal, state, or local governments (or their agencies), and managed health
organizations (including Medicaid rebates); and (v) taxes, including VAT (other than taxes on Transferee’s, its Affiliates’, or its sublicensees’ income), customs duties or other governmental charges on sales or use actually paid
by Transferee, its Affiliates, or its sublicensees with respect to the sale of such Licensed Product. No fines, penalties or comparable payments to national, federal, state, or local governments (or their agencies) or to other third parties shall be
deductible from Net Sales. 
 (b) Sales between Transferee, its Affiliates, or its sublicensees shall be disregarded for the purposes of
calculating Net Sales as long as the Licensed Product is: (i) resold to an unrelated third party in which case the final sale to such unrelated third party shall be included in Net Sales; or (ii) transferred or disposed of by Transferee,
its Affiliates, or its sublicensees for a purpose specified in clause (a) of this definition. Transfers or dispositions of Licensed Product, where on a non-profit basis and in line with normal industry
practice: (x) for charitable purposes; (y) for preclinical, clinical trial, or non-commercial manufacturing purposes; or (z) for regulatory or governmental purposes shall not in each case be
deemed “sales” for the purposes of calculating Net Sales. In addition, transfers or dispositions of free promotional samples of Licensed Product in line with normal industry practice shall not be deemed “sales” for the purposes
of calculating Net Sales. Otherwise, for the purposes of calculating Net Sales, a “sale” shall include any transfer or other disposition of any Licensed Product for consideration. 

(c) With respect to sales of Licensed Product invoiced in U.S. dollars, Net Sales shall be determined in U.S. dollars. With respect to sales
of Licensed Product invoiced in a currency other than U.S. dollars, Net Sales shall be determined by converting the currencies in which the sales are made into U.S. dollars, at rates of exchange determined in a manner consistent with
Transferee’s, its Affiliates’, or its sublicensees’, as applicable, method for calculating rates of exchange in the preparation of such entity’s annual financial statements in accordance with U.S. GAAP consistently applied. No
amount for which deduction is permitted pursuant to this definition shall be deducted more than once. 
 “Party” and
“Parties” have the respective meanings set forth in the preamble to this Agreement. 
 “Person” means any individual,
partnership (whether general or limited), limited liability company, corporation, trust, estate, association, nominee, or other entity. 
 “Product
Development” means the development program described in Schedule C. 
 “Receiving Party” has the meaning set forth in
Section 8.1. 

  
 4 

 “Regulatory Approval” means any and all approvals (including pricing and reimbursement
approvals), product and establishment licenses, registrations or authorizations of any kind of FDA or any foreign regulatory authority necessary for the development, pre-clinical, and human clinical testing,
manufacture, quality testing, supply, use, storage, importation, export, transport, marketing, and sale of a Licensed Product (or any component thereof, including the Compound) for use in the Field. 

“Remedies” has the meaning set forth in Section 7.2(b). 

“Royalties” has the meaning set forth in Section 2.5(c). 

“Services Agreement” means that certain services agreement of even date herewith by and between Transferor and Transferee. 

“Sublicensing Revenue” means consideration in any form received by either Party or their Affiliate in connection with a grant to any third
party or third parties of a sublicense, cross-license, or other license, privilege or immunity to use the Licensed Assets to make, have made, use, sell, have sold, distribute, practice, import or export Licensed Products in the Field in the
Territory. 
 “Territory” means the United States of America and Canada. 

“Term” has the meaning set forth in Section 9.1. 

“Third-Party License Agreements” means the agreement(s) set forth on Schedule D. 

“Transferee” has the meaning set forth in the preamble to this Agreement. 

“Transferor” has the meaning set forth in the preamble to this Agreement. 

“Transferor Development Costs” means the costs of all resources and any and all operations carried out by or on behalf of Transferor or its
Affiliates for preclinical and clinical drug development activities with respect to the Compound or Licensed Product, including test method development and stability testing, toxicology, animal efficacy studies, formulation, quality
assurance/quality control development, statistical analysis, clinical studies and testing, the Clinical Trial, regulatory affairs, product approval and registration, chemical or biological development and development manufacturing, process
development, up-scaling, validation, packaging development and manufacturing, and development documentation efforts in support of development activities, anywhere in the world, in each case, except to the
extent such costs are reimbursed by Transferee under the Services Agreement. 
 “VAT” has the meaning set forth in Section 2.5(g).

 ARTICLE 2 

License to and Use of Rights and Related Provisions 
  

	2.1	Grant to Licensed Assets. 

  

	 	(a)	Subject to the terms and conditions set forth herein, Transferor hereby grants to Transferee an exclusive, non-transferable (except as permitted pursuant to Section 13.3),
license (or sublicense, as applicable), together with the right to grant sublicenses (as limited by Section 3.3), under the Licensed Assets during the Term to use, make, have made, sell, offer for sale, and import any Licensed Product, in each
instance solely within the Field within the Territory. 

  

	 	(b)	 Transferor reserves all rights in and to the Licensed Assets not expressly granted herein, including all rights
under the Licensed Assets (i) to use, make, have made, sell, offer for sale, or import the Compound and any Licensed Product outside of the Field and outside 

  
 5 

	 	
of the Territory and (ii) to use, make, have made, sell, offer for sale, or import any compound that is not the Compound, regardless of Field or Territory. Transferee acknowledges and agrees
that Transferor is the owner of all right, title, and interest in and to the Licensed Assets. Transferee acknowledges and agrees that it will have no right whatsoever under any Licensed Asset to, and that it shall not, use, make, have made, sell,
offer for sale, or import the Compound or any Licensed Product outside of the Field or outside of the Territory. 

  

	2.2	Delivery of Materials to Transferee. 

 Subject to the terms and conditions of this Agreement, within one
hundred twenty (120) days after the Effective Date, Transferor will, on request of Transferee, use commercially reasonable efforts to deliver or make available to Transferee or Transferee’s designated agent physical copies of all
(a) patent applications included in the Licensed Patents; and (b) tangible Know-How in the possession of Transferor (including the full chemical structure and methods for the synthesis of the
Compound). Such Know-How shall remain Confidential Information of Transferor. 
  

	2.3	Rights and Obligations Under Third-Party License Agreements. 

 With respect to each Third-Party License
Agreement, Transferor and Transferee agree, subject to Section 2.4, as follows: 
  

	 	(a)	Transferor and Transferee acknowledge that Transferee shall have the right to exercise any right of an “Affiliate” (as defined therein) under a Third-Party License Agreement, solely to the extent such right
relates to the Compound or any Licensed Product, in the Field in the Territory. Transferee further acknowledges and agrees that, notwithstanding its status as an affiliate under such Third-Party License Agreement, it will not be permitted to
exercise any other rights thereunder other than those identified in the previous sentence. 

  

	 	(b)	Transferee agrees to comply with, and pay when due, all obligations under each Third-Party License Agreement to the extent applicable to Transferee’s activities, as if it were the licensee thereunder (including any
sublicensing restrictions; royalties and milestone payment obligations; prosecution and maintenance; reporting, recordkeeping, and audits; and any other obligations, conditions, or terms reasonably determined by Transferor to be applicable to any
activity of Transferee under such Third-Party License Agreement); and Transferee agrees to indemnify, defend, and hold harmless Transferor and its Affiliates and licensors from and against any and all Losses arising out of or based on any acts or
omissions of Transferee with respect to any Third-Party License Agreement. 

  

	 	(c)	Subject to Section 2.3(b), except for development activities approved by Transferee or reasonably determined in good faith by Transferor to be in the best interests of the Compound or a Licensed Product, Transferor
agrees not to exercise any right under any Third-Party License Agreement to the extent such right relates solely and exclusively to the Compound or Licensed Assets in the Field in the Territory; provided, that Transferor shall have the right to
exercise any such right for purposes of performing its obligations under the Services Agreement. 

  

	 	(d)	Notwithstanding anything to the contrary, any payment by any third party in the form of an equity investment in Transferor (or any Affiliate) shall be retained by Transferor. Transferee will have no rights thereto, and
shall not be entitled to any compensation in connection therewith. 

  
 6 

	2.4	Payments 

  

	 	(a)	Milestone Payments. Transferee shall pay to Transferor the following amounts (the “Milestone Payments”) upon the achievement (first occurrence) of the following corresponding events (the
“Milestone Events”). For clarity, each Milestone Payment is payable only once. Each Milestone Payment shall be non-refundable, and not subject to deduction or
set-off. 

  

			
	 Milestone Event
	  	Milestone Payment
	 The filing of a BLA with FDA that is not withdrawn or rejected within thirty
(30) days
	  	$10,000,000
		
	 Regulatory Approval of Licensed Product in the United States
	  	$20,000,000
		
	 Regulatory Approval of a Licensed Product in Canada
	  	$2,000,000

 Transferee will provide notice to Transferor of the achievement of each Milestone Event within thirty
(30) days of the achievement of such Milestone Event, and will pay to Transferor the applicable Milestone Payment upon or before forty-five (45) days following the achievement of the applicable Milestone Event. 

 

	 	(b)	Profit Share. Net Profits from the sale of Licensed Product in the Territory shall be shared as follows: 

  

	 	(i)	Transferee shall retain that portion of such Net Profits equal to the amount obtained by multiplying the Net Profits in respect of any reporting period by a fraction, the numerator of which is the aggregate of
(A) Capital Contributions paid to Transferee and (B) Milestone Payments paid to Transferor, and the denominator of which is the aggregate of (1) U.S. $130 million and (2) the Transferor Development Costs paid or incurred
following the Effective Date and prior to the expiration of the applicable reporting period; and 

  

	 	(ii)	Transferor shall be paid the rest of such Net Profits; 

 provided, however, that if Transferor
exercises its promotion option under Section 2.9 and directly or indirectly commercializes a Licensed Product in the Territory, Transferor shall pay to Transferee a portion of such Net Profits equal to the amount calculated under paragraph
(i) above and shall retain the amount provided under paragraph (ii) above. 
 Transferee shall pay or cause to be paid to
Transferor (or, if Transferor exercises its promotion option under Section 2.9, Transferor will pay or cause to be paid to Transferee) the applicable portion of the Net Profits owing under this Section 2.4(b) with respect to Net Sales of a
Licensed Product in the prior six (6) month reporting period within thirty (30) days following the delivery of the Development and Sales Report pursuant to Section 5.1. 

In order for Transferee to calculate the share of Net Profits under this Section 2.4(b), Transferor shall promptly provide to Transferee
the amount of Transferor Development Costs as of the end of June or December as reasonably requested by Transferee. Transferee shall have no liability with respect to any delay in paying Transferor a share of Net Profits caused by Transferor’s
failure to promptly notify Transferee of the Transferor Development Costs under this Section 2.4(b). 

  
 7 

	 	(c)	Sublicensing Revenue. Sublicensing Revenue received by Transferee or its Affiliates shall be shared as follows: 

  

	 	(i)	Transferee shall retain that portion of Sublicensing Revenue equal to the amount obtained by multiplying such Sublicensing Revenue by a fraction, the numerator of which is the aggregate of (A) Capital Contributions
paid to Transferee and (B) Milestone Payments paid to Transferor, and the denominator of which is the aggregate of (1) U.S. $130 million and (2) the Transferor Development Costs paid or incurred following the Effective Date and
prior to the last day of the calendar month in which the Sublicensing Revenue was received; and 

  

	 	(ii)	Transferor shall be paid the rest of such Sublicensing Revenue. 

 Transferee will provide
notice to Transferor of the receipt of any Sublicensing Revenue within thirty (30) days thereof, and will pay to Transferor the portion of such Sublicensing Revenue calculated under paragraph (ii) above upon or before forty-five
(45) days following the receipt of such Sublicensing Revenue. 
 In order for Transferee to calculate the share of Sublicensing Revenue
under this Section 2.4(c), Transferor shall promptly provide to Transferee the amount of Transferor Development Costs as of the last day of any calendar month during the Term as reasonably requested by Transferee. Transferee shall have no
liability with respect to any delay in paying Transferor a share of Sublicensing Revenue caused by Transferor’s failure to promptly notify Transferee of the Transferor Development Costs under this Section 2.4(c). 

 

	 	(d)	Manner of Payment. All payments to be made by Transferee hereunder shall be made in U.S. Dollars by wire transfer of immediately available funds to such bank account as shall be designated by Transferor from time
to time. Late payments shall bear interest at the rate of 1% per month. 

  

	 	(e)	Currency Conversion. All payments due hereunder shall be converted into U.S. Dollars using the conversion rate for the relevant period as reported by Reuters Ltd (at http://reuters.com/finance/currencies/quote)
on the last business day of the relevant period or on the date the relevant payment was earned or became payable. 

  

	 	(f)	Tax Withholding. If Transferee is required to make a payment to Transferor subject to a deduction of withholding or other tax, the sum payable by Transferee (in respect of which such deduction or withholding is
required to be made) shall not be reduced on account of such taxes but rather shall be paid in full by Transferee to Transferor (in the amount it would have received if such withholding or deduction had not been made), and Transferee shall
separately remit the amount required to the appropriate Governmental Entity in accordance with applicable Laws. Any such withholding or other tax required under applicable Laws to be paid or withheld shall be an expense of, and borne solely by
Transferee. If requested by Transferor, Transferee shall provide to Transferor written proof of payment of the appropriate taxes. 

  

	 	(g)	 VAT. All payments due to Transferor from Transferee pursuant to this Agreement shall be paid exclusive of
any value-added tax or other tax (“VAT”) required to be paid by Transferee to tax authorities in the Territory (which, if applicable, shall be payable by Transferee upon receipt of a valid VAT invoice). If Transferee is required to
withhold and/or Transferor is required to report any such tax, Transferee shall promptly provide 

  
 8 

	 	
Transferor with applicable receipts evidencing payment of such tax and other documentation reasonably requested by Transferor. For the avoidance of doubt, Transferee shall be responsible for all
VAT or other taxes payable by it in respect of any payment under this Agreement. 

  

	 	(h)	No Offset. If any matter with respect to which Transferee may be able to assert a claim is pending or unresolved at the time that any payment is due from Transferee to Transferor under this Agreement or
otherwise, Transferee shall have no right to offset, deduct, counterclaim or otherwise withhold from such payment any amount with respect to any such pending or unresolved claims, whether or not such claims arise out of or relate to this Agreement
or any other matter. 

  

	2.5	Obligation to Fund Product Development. 

 Transferee agrees to develop and, subject to Section 2.9,
commercialize the Compound and Licensed Products, at Transferee’s cost, in accordance with the Development Plan. 
  

	2.6	Conversion Due to Payment Failure. 

 Without limiting the rights of Transferor under Article 9, if
Transferee fails to make any payment payable to Transferor under the Services Agreement or under Sections 2.3(b) or 2.4 of this Agreement, and in any such case fails to cure such nonpayment within thirty (30) days thereafter, then the following
will occur immediately upon such failure to timely cure: 
  

	 	(a)	Transferee’s license in Section 2.1 will automatically convert to a nonexclusive license, and Transferee acknowledges and agrees that thereafter, Transferor will have the full right to operate with respect to
the Compound and the Licensed Products in the Field in the Territory, including the right under the Licensed Assets to use, make, have made, sell, offer for sale, and import the Compound and any Licensed Product in the Field in the Territory;

  

	 	(b)	Section 2.3(c) shall be of no further force and effect, and Transferee acknowledges and agrees that it will not assert against Transferor in any manner any rights under any such agreements; 

 

	 	(c)	In respect of the rights described in subsections (a) and (b), Transferee shall immediately take all such actions as may be reasonably requested by Transferor or as may be necessary for Transferor to exercise its
rights under subsections (a) and (b) (including its rights to develop and commercialize the Compound and Licensed Products in the Field in the Territory); and 

 

	 	(d)	Transferor or Transferee may terminate this Agreement pursuant to Article 9. 

  

	2.7	Developments. 

 Any developments created by or on behalf of Transferee during the Term which are based
on, incorporate, or constitute modifications or improvements to, (i) any of the Licensed Assets or any inventions claimed or described therein, or (ii) any asset, invention, or technology that is the subject of a Third-Party License
Agreement ((i) and (ii) collectively, “Developments”), in either case shall be owned, as between Transferor and Transferee, by Transferor and deemed licensed to Transferee hereunder pursuant to the same terms and conditions as
are applicable to Licensed Assets or, as the case may be, shall be subject to the terms and conditions of the applicable Third-Party License Agreement. In furtherance of the foregoing, subject to Transferee’s obligations under
Section 2.3(b), Transferee (a) hereby assigns to Transferor all rights, title and interest in and to the Developments; (b) agrees to notify Transferor in writing of all Developments that arise during the Term; and (c) agrees to
ensure that all 

  
 9 

 
Persons engaged by Transferee to carry out any research or development activities with respect to any Licensed Asset, Compound, or Licensed Product assign in writing to Transferor all of their
rights, title and interest in and to the Developments. 
  

	2.8	Substitution. 

 Transferor shall provide Transferee with written notice of the final results of the
Clinical Trial promptly upon Transferor’s completion or receipt thereof (the “Clinical Trial Results Notice”). In the event that the primary endpoint of the Clinical Trial is not met, Transferee shall have the right,
exercisable upon written notice to Transferor within ninety (90) days following Transferee’s receipt of the Clinical Trial Results Notice, to request that Transferor substitute (a) a different compound under development by Transferor
as the “Compound” hereunder, (b) different indication(s) under development by Transferor as the “Field” hereunder, and/or (c) different jurisdiction(s) as the “Territory” hereunder. Upon Transferee’s
exercise of the substitution right under this Section 2.8, Transferor and Transferee shall mutually agree on a compound to be substituted hereunder and/or any modifications to the Field and/or Territory hereunder, and upon agreement (including
mutual agreement on such amendments to this Agreement as are reasonably necessary to implement such substitution), such new compound shall be the “Compound” as defined herein, such new indication(s) shall be the “Field” as
defined herein, and/or such new jurisdiction(s) shall be the “Territory” as defined herein, as applicable. In such case, the Parties will also agree on a replacement Development Plan and on appropriate modifications to Section 2.4.

  

	2.9	Promotion Option. 

 Transferee shall provide Transferor with written notice of its good faith estimate of
its planned launch date for the commercialization of Licensed Product in the Territory (“Estimated Launch Date”) at least two (2) years prior to the Estimated Launch Date. Notwithstanding anything contained herein to the
contrary, Transferor shall have the right, exercisable upon written notice to Transferee within ninety (90) days following the date two (2) years prior to the Estimated Launch Date, to have an exclusive or
non-exclusive right to commercialize one or more Licensed Products in the Territory. Upon Transferor’s exercise of its promotion option under this Section 2.9, (a) Transferor and Transferee shall
mutually agree on a promotion or co-promotion agreement containing terms for such commercialization by Transferor, and (b) references to sales by or on behalf of Transferee or its Affiliates in the
definitions of “Bad Debts,” “Net Profit” and “Net Sales” shall be deemed to refer to Transferor and its Affiliates for any sales of Licensed Products in the Territory by Transferor or its Affiliates. 

ARTICLE 3 

Additional Obligations and Conditions 
  

	3.1	Regulatory Approvals. 

 From and after the Effective Date until termination or expiration of this
Agreement or earlier upon the occurrence of the conversion described in Section 2.6, as between Transferor and Transferee, Transferee shall be solely responsible for filing, prosecuting, and maintaining the regulatory files, as well as
obtaining Regulatory Approvals, for the Compound and Licensed Products in the Territory, in each instance to the extent related to the Field. During any period that Transferee is not solely responsible for filing, prosecuting, and maintaining the
regulatory files, as well as obtaining Regulatory Approvals as provided above, Transferor shall be responsible therefor. 
  

	3.2	Compliance With Law. 

 The Parties will each comply with all Law applicable to the performance of their
respective obligations hereunder, and with respect to Transferee, using, making, having made, offering for sale (including marketing), selling, or importing the Compound or Licensed Product in the Field in the Territory. 

  
 10 

	3.3	Sublicenses. 

 Transferee may not (i) sublicense, in whole or in part, its rights in or to the
Licensed Assets or any other rights or interests under this Agreement to any Person, (ii) consummate, enter into, or grant any option or other right with respect to any transaction that would generate Sublicensing Revenue, or (iii) agree
on its own behalf or directly or indirectly cause or permit any Affiliate, sublicensee, or assignee to do any of the foregoing, in each case (clauses (i)-(iii)), without the prior written consent of Transferor, such consent not to be unreasonably
withheld or delayed. Transferee shall notify Transferor in writing before any proposed sublicense is granted with respect to any Licensed Asset. Transferee will be responsible for the acts and omissions of its sublicensees hereunder. Each sublicense
entered into by Transferee relating to any Licensed Asset shall contain the following provisions: (a) the sublicensee must acknowledge and agree that the sublicense confers no rights on or to the sublicensee greater than the rights that
Transferee receives under this Agreement; and (b) Transferor is a third-party beneficiary of the provisions described in (a). 
  

	3.4	No Challenge. 

 Transferee agrees that neither Transferee nor its Affiliates or sublicensees will bring
an action for a declaratory judgment of the invalidity, unenforceability, or non-infringement of any of the Licensed Patents; initiate a re-examination, an inter-partes
review, post-grant review, opposition or any other invalidation proceeding either within or outside the Territory with respect to any Licensed Patents; or assert any other legal challenge to the ownership, infringement, validity and enforceability
of any of the Licensed Assets. 
 ARTICLE 4 

Representations and Warranties 
  

	4.1	Mutual Representations and Warranties. 

 Each Party hereby represents and warrants to the other Party as
follows: 
  

	 	(a)	Organization. Such Party is duly organized, validly existing, and in good standing under the laws of the state of its incorporation or, as applicable, formation. 

 

	 	(b)	Authority and Validity. Such Party has all requisite power and authority to execute, deliver, and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The
execution, delivery and performance by such Party of its obligations under this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action required on the part of such Party,
and no other proceedings on the part of such Party are necessary to authorize this Agreement or for such Party to perform its obligations under this Agreement. This Agreement constitutes the lawful, valid, and legally binding obligation of such
Party, enforceable in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and general equitable
principles, regardless of whether such enforceability is considered in a proceeding at law or in equity. 

  

	 	(c)	 No Violation or Conflict. The execution, delivery, and performance of this Agreement and the transactions
contemplated hereby do not (i) violate, conflict with, or result in the breach of any provision of the organizational documents of such Party; (ii) conflict with or violate any Law applicable to such Party or any of its assets, properties,
or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a default) under, require any consent which has not been obtained under, or
give to others any rights of termination, 

  
 11 

	 	
amendment, acceleration, suspension, revocation, or cancellation of, or result in the creation of any lien or encumbrance on any of the assets of such Party, pursuant to any note, bond, mortgage
or indenture, contract, agreement, lease, sublease, license, permit, franchise, or other instrument or arrangement to which such Party is a party except, in the case of (iii), to the extent that such conflicts, breaches, defaults or other matters
would not adversely affect the ability of such Party to carry out its obligations or exercise its rights under, and to consummate the transactions contemplated by, this Agreement. 

 

	 	(d)	Governmental Consents and Approvals. The execution, delivery, and performance of this Agreement by such Party do not require any approval from a Governmental Entity that has not already been obtained, effected,
or provided, except with respect to which the failure to so obtain or make could not reasonably be expected to have a material adverse effect on the business, operations, properties, financial condition, assets or liabilities, results of operations
or prospects of such Party or its ability to perform its obligations under this Agreement. 

  

	 	(e)	Litigation. There are no actions by or against such Party pending before any Governmental Entity or, to the knowledge of such Party, threatened to be brought by or before any Governmental Entity relating to the
subject matter of this Agreement. There are no pending or, to the knowledge of such Party, threatened actions to which such Party is a party (or threatened to be named as a party) to set aside, restrain, enjoin, or prevent the execution, delivery,
or performance of this Agreement or the consummation of the transactions contemplated hereby by either Party. Such Party is not subject to any order of a Governmental Entity (nor, to the knowledge of such Party, is there any such order threatened to
be imposed by any Governmental Entity) relating to the subject matter of this Agreement. 

  

	4.2	Representations and Warranties of Transferor. 

 Transferor hereby represents and warrants to Transferee
that, as of the Effective Date: 
  

	 	(a)	except for any Licensed Assets licensed to Transferor pursuant to a Third-Party License Agreement, Transferor is the owner of all the Licensed Assets, with respect to the Field; 

 

	 	(b)	the Licensed Patents have not been adjudged invalid or unenforceable in whole or in part, and to the knowledge of Transferor, are valid and enforceable, in each instance with respect to the Field and the Territory;

  

	 	(c)	to the knowledge of Transferor, no third party is engaging in any activity that infringes any valid claim in any Licensed Patent with respect to the Field in the Territory; and 

 

	 	(d)	Transferor has not received any notice in writing alleging that the use of the Licensed Assets with respect to the Field in the Territory as contemplated hereunder misappropriates or infringes any third-party
intellectual property right. 

  

	4.3	Representations and Warranties of Transferee. 

 Transferee represents and warrants that it has not relied
solely on information provided by Transferor, and has conducted its own due diligence investigation to its own satisfaction prior to entering into this Agreement. Transferee acknowledges that the information provided by Transferor with respect to
the Licensed Assets and Third-Party License Agreements was sufficient for Transferee to fully appreciate the scope of the Licensed Assets and Third-Party License Agreements and that Transferor has always acted in a cooperative manner regarding any
request by Transferee for additional information regarding the Licensed Assets and Third-Party License Agreements. 

  
 12 

	4.4	Disclaimer. 

 EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE 4, THE LICENSED ASSETS AND ANY ASSETS OR
RIGHTS UNDER ANY THIRD-PARTY LICENSE AGREEMENT ARE PROVIDED “AS IS,” AND TRANSFEROR EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. TRANSFEROR DOES NOT WARRANT THE PERFORMANCE OF THE COMPOUND OR ANY LICENSED PRODUCT, INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY OR THE LIKELIHOOD OF SUCCESS OF ANY CLINICAL
STUDY OR APPLICATION FOR MARKETING AUTHORIZATION RELATING TO THE COMPOUND OR ANY LICENSED PRODUCT CURRENTLY IN DEVELOPMENT OR FOR WHICH MARKETING AUTHORIZATION HAS NOT YET BEEN GRANTED EITHER IN THE UNITED STATES OR IN ANY OTHER COUNTRY. 

ARTICLE 5 

Reporting, Recordkeeping, and Auditing 
  

	5.1	Reporting. 

  

	 	(a)	Transferee shall provide to Transferor written progress reports on request detailing its development progress and efforts to commercialize under the Development Plan, as well as any Net Profits or Sublicensing Revenue,
with respect to the Compound or Licensed Products, in each instance within forty-five (45) days after the end of each June or, as the case may be, December (the “Development and Sales Report”). Such Development
and Sales Report shall include, but not be limited to, the following topics: summary of work completed, summary of work in progress, current schedule of anticipated Regulatory Approvals, manufacturing, sublicensing efforts, and market plans for
introduction of Licensed Products, as well a detailed breakdown of Net Sales data and Net Profits from the applicable period regarding the Compound and Licensed Products. Such progress reports shall be in a form satisfactory to Transferor, and in
addition, in the event Transferor requires any additional information in connection with any progress report, Transferee shall promptly provide such information to Transferor. 

 

	 	(b)	The semi-annual report shall identify completion of each event relating to the development of Licensed Products as identified in the Development Plan and any Milestone Event. Transferee shall submit a summary report
certifying if Transferee has achieved any Milestone Event. Each summary report shall include relevant documentation and other materials to enable Transferor to determine if the Milestone Event has been accomplished. In the event additional
information is reasonably needed by Transferor to evaluate the achievement of a Milestone Event, Transferee shall cooperate to promptly provide such information to Transferor upon Transferor’s written request; provided, that Transferee and its
Affiliates and sublicensees shall not be required to provide Transferor actual clinical trial data or drug regulatory applications (summaries of such documents substantiated with proof of filing before the regulatory authorities will be deemed
sufficient for purposes of this Section 5.1). 

  

	 	(c)	Without limiting the foregoing, each Party shall notify the other Party in writing as promptly as practicable in the event either Party consummates, enters into, agrees to, or becomes aware of, a Liquidity Event, Major
Financing, or Major Transaction. 

  

	5.2	Recordkeeping. 

 Transferee or its agent shall keep full, true, and accurate records and books of account
in sufficient detail to permit convenient calculations of the milestones and other amounts payable or paid in connection with this Agreement or any Third-Party License Agreement, as well as to evidence Transferee’s use of any Licensed Asset or
any asset or right under any Third-Party License Agreement, in any case for at least five (5) years from the end of the calendar year to which they pertain. Transferee shall further cause its Affiliates and sublicensees to keep similar books or
generally-accepted equivalents. 

  
 13 

	5.3	Auditing. 

 Within thirty (30) days following receipt of a written request from Transferor, but no
more than once every (12) twelve months, Transferee agrees to permit an independent audit of the relevant financial, manufacturing, shipping, and other records of Transferee during normal business hours for the sole purpose of ensuring
compliance with this Agreement or any Third-Party License Agreement. The audit must be conducted in confidence, and the auditing firm shall provide copies of the audit results to Transferor (or its designees), which shall treat such information in
accordance with the provisions of Article 9. Transferee shall promptly remedy any payment failure or shortfall disclosed by such audit. Such audit must be conducted by an accounting firm reasonably acceptable to Transferee at Transferor’s
expense. However, if such audit determines that any payments due to any party in connection with this Agreement or any Third-Party License Agreement were higher by five percent (5%) or more than the amounts paid by Transferee for any audited period,
all costs of the audit and any unpaid amounts will be paid to Transferor by Transferee, together with interest on such unpaid amounts at the rate of 1% per month, within thirty (30) days after Transferee is notified of the same. 

ARTICLE 6 

Diligence 
  

	6.1	Diligence. 

 Transferee shall exercise commercially reasonable efforts and diligence in developing and
commercializing the Compound and Licensed Products and obtaining Regulatory Approvals with respect thereto, in each instance in the Territory in the Field, such commercially reasonable efforts and diligence to be in accordance with the efforts and
resources a similarly-situated company would use for a product candidate owned by it or to which it has rights that is of similar market potential as the Compound or Licensed Product, taking into account the competitiveness of the marketplace, the
proprietary position of the Compound or Licensed Product, the relative potential safety and efficacy of the Compound or Licensed Product, the cost of goods and availability of capacity to manufacture and supply the Compound or Licensed Product at
commercial scale, the profitability of the Compound or Licensed Product, and other relevant factors (including technical, legal, scientific, and medical factors). 

ARTICLE 7 

Prosecution and Maintenance 
  

	7.1	Licensed Patents Maintenance. 

 Transferor (or its designee) shall have the sole right to, as applicable,
prepare, file, prosecute, and maintain the Licensed Patents. Transferee shall pay all costs associated therewith. Transferee shall provide such assistance to Transferor (or its designee) at Transferee’s expense as Transferor may reasonably
request, and shall promptly notify Transferor of all matters that come to its attention that may affect the preparation, filing, prosecution or maintenance of the Licensed Patents. In the event that Transferor (or its designee) elects not to
prepare, file, prosecute, or maintain any Licensed Patent with respect to the Field in the Territory, then Transferor shall provide Transferee with written notice of such election, and Transferee shall thereafter have the right to prepare, file,
prosecute, and maintain the Licensed Patents, in each instance solely with respect to the Field in the Territory. 
  

	7.2	Enforcement of Licensed Patents. 

  

	 	(a)	 Notification and Information. Each Party shall promptly notify the other of any infringement or
misappropriation or suspected infringement or misappropriation of any Licensed Asset or (solely with respect to a field to which such other Party has rights 

  
 14 

	 	
pursuant to Section 2.3) any asset or right under a Third-Party License Agreement and any other facts that may affect the validity, scope, or enforceability of any Licensed Asset or (solely
with respect to a field in which such other Party is permitted to exercise rights pursuant to Section 2.3) any asset or right under a Third-Party License Agreement, and such notifying Party shall provide the other Party with all information
that it may have with respect thereto. 

  

	 	(b)	Enforcement. In the event of any past, present, or future infringement or misappropriation by a third party of any Licensed Asset, Transferor (or its designee) shall have the right (but not the obligation) to
pursue any and all injunctive, compensatory, and other remedies and relief (collectively, “Remedies”) against such third party. Should Transferor (or its designee) elect not to pursue any Remedies against any such
third party relating to an infringement or misappropriation of such Licensed Asset within the Field in the Territory within ninety (90) days after notice from Transferee requesting Transferor to do so, then Transferee shall have the right (but
not the obligation) to pursue such Remedies against such third party. 

  

	 	(c)	Assistance and Cooperation. In the event that a Party (or its designee) pursues any Remedies under Section 7.2(b), the other Party will use reasonable efforts to assist and cooperate with the Party (or its
designee) pursuing such Remedies. Any damages or other amounts collected will be distributed as follows: first, to the Party (or its designee) that pursued Remedies to cover its costs and expenses; second, to the other Party to cover its costs and
expenses, if any, relating to the pursuit of such Remedies; and third, any remaining amount will be distributed (a) to Transferee, to the extent the Remedies relate to infringement of the Licensed Patents in the Territory within the Field, and
(b) to Transferor (or its designee), to the extent the Remedies do not relate to infringement of the Licensed Patents in the Territory or do not relate to the Field. 

 

	 	(d)	Marking. With respect to the Licensed Patents, Transferee shall ensure that the Compound or Licensed Product or the packaging thereof or materials related thereto are marked with the numbers of the applicable
Licensed Patents. 

 ARTICLE 8 

Confidentiality 
  

	8.1	Confidentiality. 

 Each Party (a “Receiving Party”) may disclose to the other Party (a
“Disclosing Party”) certain Confidential Information in connection with this Agreement. All Confidential Information shall be maintained in confidence, shall not be disclosed to any third party, and shall be protected with the same
degree of care as the Receiving Party normally uses in the protection of its own confidential and proprietary information, but in no case with any less degree than reasonable care. Notwithstanding the foregoing, Transferor may disclose any
Confidential Information of Transferee as reasonably necessary or advisable to licensors, collaboration partners or investors, or potential licensors, collaboration partners or investors, in Transferor or any of its Affiliates. The Receiving Party
shall ensure that each of its personnel holds in confidence and makes no use of the Disclosing Party’s Confidential Information for any purpose other than those expressly permitted under this Agreement or otherwise required by Law. 

 

	8.2	Exceptions. 

 The restrictions herein provided on the use of Confidential Information shall not apply
with respect to Confidential Information which the Receiving Party can prove: 
  

	 	(a)	is known by the Receiving Party at the time of receipt other than by previous receipt from the Disclosing Party; 

  
 15 

	 	(b)	is or becomes a part of the public domain without breach of this Agreement by the Receiving Party; 

  

	 	(c)	is legitimately obtained by the Receiving Party without a commitment of confidentiality from a third party; 

  

	 	(d)	is independently developed by the Receiving Party; or 

  

	 	(e)	is disclosed pursuant to judicial action or government regulations; provided that the Receiving Party notifies the Disclosing Party prior to such disclosure and cooperates with the Disclosing Party in the event that the
Disclosing Party elects to contest and avoid such disclosure. 

  

	8.3	Disclaimer. 

 Except as expressly provided herein, this Agreement will not be construed as granting or
conferring, either expressly or by implication, any rights, licenses, or relationships by the furnishing of Confidential Information. 
  

	8.4	Unauthorized Disclosure. 

 Each Party acknowledges and agrees that the Confidential Information of the
other Party constitutes proprietary information or trade secrets valuable to the other Party, and that the unauthorized use, loss, or outside disclosure of such Confidential Information will cause irreparable injury to the other Party. Each Party
shall notify the other Party immediately upon discovery of any unauthorized use, loss, or disclosure of Confidential Information and shall, at its own expense, cooperate with the other Party in every reasonable way to help regain possession of such
Confidential Information and to prevent its further unauthorized use. 
  

	8.5	Public Disclosure. 

 Except as may be required by applicable Law, no Party shall make, or cause to be
made, any press release, public announcement, or otherwise communicate with any news media, or make any academic or scientific publication or presentation in respect of the Compound, the Licensed Assets, this Agreement, or the transactions
contemplated hereby without the prior written consent of the other Party. The Parties shall cooperate as to the timing and contents of any permitted press release, public announcement, or other such communication. 

ARTICLE 9 
 Term and
Termination 
  

	9.1	Term. 

 This Agreement will commence on the Effective Date and, unless earlier terminated pursuant to
Section 9.2, shall remain in full force and effect until expiration of the last to expire of the Licensed Patents or entry of a final judgment ruling all of the Licensed Patents to be invalid or unenforceable (the Term). 

 

	9.2	Termination. 

  

	 	(a)	Mutual Termination Rights. This Agreement may be terminated by either Party: 

 (i) upon
at least ninety (90) days prior written notice (or thirty (30) days prior written notice to the other Party in the event of a payment default) for any material breach of this Agreement or the Services Agreement (including, but not limited
to, a failure to make any 

  
 16 

 
payment owing to Transferor under this Agreement or the Services Agreement, a failure of Transferee to develop the Compound and the Licensed Product and fund the Product Development in accordance
with Sections 2.4 and 6.1 and the Development Plan, or a breach of Sections 3.3 or 13.3), by the other Party that remains uncured at the end of such 90-day or 30-day
period, as applicable; 
 (ii) upon at least ten (10) days prior written notice to the other Party upon or in connection with the
occurrence of a Liquidity Event or Major Financing; 
 (iii) immediately upon written notice to the other Party pursuant to
Section 2.6(d); or 
 (iv) upon at least sixty (60) days prior written notice to the other Party following the third (3rd) anniversary of the Effective Date. 
  

	 	(b)	Transferor Termination Right. This Agreement may be terminated by Transferor immediately upon written notice to Transferee upon or in connection with the occurrence of a Major Transaction. 

For the avoidance of doubt, any termination of this Agreement under this Section 9.2 in connection with a Liquidity Event, Major
Financing, or Major Transaction may be made effective prior to the occurrence of such event or made conditional on the occurrence of such event, as specified in an applicable notice of termination. 

 

	9.3	Effect of Termination. 

 In the event of any expiration or termination of this Agreement, the Parties
will enter into good faith negotiations to terminate and unwind the license granted hereunder and wind down any ongoing development or commercialization of the Compound or Licensed Product, but failing any mutual written agreement between the
Parties to the contrary, the following will occur: 
  

	 	(a)	All license rights granted herein will immediately terminate, and Transferee shall no longer have any right under or to the Licensed Assets to use, make, have made, sell, offer for sale, or import the Compound or
Licensed Product. In addition, Transferee will have no further rights under Section 2.3, and, further, Transferee acknowledges and agrees that it will not assert in any manner any rights under any Third-Party License Agreement. Notwithstanding
the foregoing, no termination of this Agreement will be construed as a termination of any valid sublicense of any sublicensee or transferee as permitted hereunder; provided that (i) such sublicensee is at the time of such termination in
compliance with the terms and conditions of its sublicense; (ii) such sublicensee agrees to and does continue to adhere to the terms and conditions of its sublicense, and further agrees to treat Transferor as if it were Transferee thereunder;
and (iii) all accrued payment obligations to Transferor or its licensors relating to such sublicense are fully satisfied. 

  

	 	(b)	Each Party shall promptly return to the other Party (or its designee) all Confidential Information of the other Party in such Party’s possession. Without limitation of the foregoing, it is understood that upon
termination, all Licensed Assets shall solely be the Confidential Information of Transferor and shall no longer constitute the Confidential Information of Transferee. 

 

	 	(c)	Transferee shall assign to Transferor (or its designee) all of Transferee’s interest under any and all regulatory filings and Regulatory Approvals with respect to the Compound and Licensed Products.

  
 17 

	 	(d)	The following Articles and Sections will survive any expiration or termination of this Agreement: Sections 2.7, 3.4, 4.4, 5.2, 5.3; Article 8; Section 9.3; Article 10; Article 12 and Article 13. The expiration or
termination of this Agreement shall not release either of the Parties from any liability which at the time of expiration or termination has already accrued to the other Party. 

 

	 	(e)	Subject to Section 9.3(f) below, Transferor will issue to Transferee or its designees a number of shares of Common Stock of Transferor equal to the lesser of: (i) the Capital Contributions paid to Transferee
divided by $1.82, and (ii) the then fair market value of Transferee divided by the then fair market value of one share of Common Stock of Transferor, as such fair market values are reasonably determined in good faith by negotiations between
Transferee and the independent members of the Board of Directors of Transferor. Such issuance will be effected pursuant to documentation to be negotiated in good faith and mutually agreed between Transferee and Transferor; provided, that each
recipient of shares of Common Stock will join and become party to such shareholders agreements and other arrangements to which other holders of Common Stock are party. 

 

	 	(f)	In lieu of the issuance of Transferor Common Stock contemplated by Section 9.3(e) above, the Parties may mutually agree on an alternative arrangement whereby Transferor and Transferee (or Transferor and
Transferee’s limited partners) enter into one or more agreements in form and substance mutually agreed by Transferor and Transferee providing for the issuance of Transferor Common Stock contemplated by Section 9.3(e) at a later date or
upon the occurrence of certain conditions, which arrangement may involve the assumption of control of Transferee by Transferor or its designee through a corporate reorganization of Transferee, the issuance to Transferor of partnership interests in
Transferee, a merger or consolidation of Transferee with or into Transferor or its Affiliate, or otherwise (an “Alternative Arrangement”). In the event that either Party requests an Alternative Arrangement pursuant to this
Section 9.3(f) prior to the issuance of Common Stock contemplated by Section 9.3(e), the Parties shall discuss in good faith proposals for a mutually agreeable Alternative Arrangement and seek to mutually agree on documentation therefor.
During the pendency of such discussions, Transferor will not issue shares of Common Stock as contemplated by Section 9.3(e) and Transferor will have no liability for the failure to issue such shares. 

ARTICLE 10 

Indemnification 
  

	10.1	By Transferor. 

 Transferor shall indemnify, defend, and hold harmless Transferee and its officers from
and against any and all Losses arising out of or based on any breach of Transferor’s representations and warranties set forth in Article 4, except with respect to Losses for which Transferor is entitled to indemnification under
Section 10.2. 
  

	10.2	By Transferee. 

 Transferee shall indemnify, defend, and hold harmless Transferor, its Affiliates, and
its and their respective members, managers, officers, directors, shareholders, licensors, and personnel (collectively, “Indemnitees”) from and against any and all Losses arising out of or based on: (i) any breach
of Transferee’s representations and warranties set forth in Article 4; (ii) Transferee’s or its sublicensee’s unauthorized use of any Licensed Asset or any asset or right under a Third-Party License Agreement; and (iii) the
development, formulation, manufacture, clinical trial, marketing, sale, distribution or any other use by or through Transferee of the Compound or Licensed Product, including all recalls warranty claims, and product liability claims arising in
connection with the Compound or any Licensed Product manufactured, used or distributed by Transferee or its affiliates, agents, representatives or sublicensees; 

  
 18 

 
excluding, in each case, any Losses attributable to the negligence, willful misconduct or breach by Transferor of its obligations under the Services Agreement; and, excluding further, any losses
for which Transferor has an indemnification obligation pursuant to Section 10.1. 
  

	10.3	Notice and Defense of Third-Party Claims. 

 In the event of a claim by a party for indemnification under
this Article 10, such indemnified party shall give the indemnifying Party prompt notice of the claim and copies of all papers served upon or received by the indemnified party relating thereto. The indemnifying Party shall have the exclusive
right to control the defense of such claim and all negotiations for its settlement or compromise; provided that the indemnifying Party will not have the right to bind the indemnified party to any non-financial
settlement, consent, or other agreement without the prior written consent of the indemnified party, which consent shall not be unreasonably withheld or delayed. The indemnified party shall provide reasonable assistance to the indemnifying Party, at
the indemnifying Party’s expense, in connection with the defense of any such claim. The indemnified party shall have the right to participate in the defense of any such claim, at its expense. 

ARTICLE 11 

Insurance 
  

	11.1	Requirements. 

 During the clinical trials (including Phase I, Phase II, and Phase III trials as
prescribed by FDA regulations and equivalent trials under the laws and regulations of a foreign country) prior to the first commercial sale of a Licensed Product, and then at such time as any product, process, or service relating to or developed
pursuant to this Agreement is being commercially distributed or sold (other than for the purpose of obtaining Regulatory Approvals) by Transferee or any Affiliate, sublicensee, or agent of Transferee, Transferee shall be added as a named insured to
Transferor’s policies of commercial general liability insurance. 
 ARTICLE 12 

Limitations and Disclaimers 
  

	12.1	Disclaimer of Other Damages. 

 IN NO EVENT WILL EITHER PARTY BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL,
PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED THAT THE LIMITATIONS SET FORTH IN THIS SECTION 12.1
WILL NOT APPLY WITH RESPECT TO (A) A PARTY’S BREACH OF ITS OBLIGATIONS UNDER ARTICLE 9 OR SECTION 2.1 OR 2.3; (B) ANY AND ALL AMOUNTS PAID WITH RESPECT TO INDEMNIFICATION OF THIRD-PARTY CLAIMS; OR (C) A PARTY’S GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT IN ITS PERFORMANCE HEREUNDER. 
  

	12.2	Limitations of Liability. 

 IN NO EVENT WILL TRANSFEROR’S AGGREGATE LIABILITY FOR DAMAGES OF ANY
TYPE IN CONNECTION WITH THIS AGREEMENT EXCEED ONE MILLION UNITED STATES DOLLARS (US$1,000,000). 

  
 19 

 ARTICLE 13 

Miscellaneous 
  

	13.1	Notices. 

 All notices, requests, claims, demands, and other communications regarding this Agreement
shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by email, or by registered or certified mail (postage
prepaid, return receipt requested) to the respective Parties at the following addresses: 
  

			
	 If to Transferor:
  

Vaccinex, Inc.
1895 Mt. Hope Avenue
Rochester, New York 14620
  

Attention: Maurice Zauderer, Ph.D
 email:
mzauderer@vaccinex.com
	  	 If to Transferee:
  

VX3 (DE) LP
 c/o Norton Rose Fulbright Canada LLP
200 Bay
Street, Suite 3800
Royal Bank Plaza, South Tower
Toronto, Ontario
M5J 2Z4
Attention: Richard Sutin
Email: richard.sutin@nortonrosefulbright.com

		
	 With copies (which shall not 
constitute notice) to:
  

Hogan Lovells US LLP
 100 International Drive, Suite 2000

Baltimore, Maryland 21202
 Attention: Asher M. Rubin

Email: asher.rubin@hoganlovells.com
	  	 With copies to:
  

VX 3 Inc.
 c/o Norton Rose Fulbright Canada LLP
200 Bay Street,
Suite 3800
Royal Bank Plaza, South Tower
Toronto, Ontario
M5J 2Z4
Attention: Richard Sutin
Email: richard.sutin@nortonrosefulbright.com

  

	13.2	Merger. 

 This Agreement, together with the Services Agreement, constitutes the entire agreement between
the Parties with respect to the subject matter hereof, and supersedes any prior or contemporaneous agreements and understandings, whether written or oral, between the Parties with respect to such subject matter. 

 

	13.3	Assignment. 

 No Party hereto may, in whole or in part, assign its interests and/or obligations under
this Agreement to any Person (including by operation of law, judicial process, or otherwise) without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed; provided, that either Party shall have
the right to assign this Agreement without such consent to an Affiliate of such Party for such time and so long as such Person remains an Affiliate of such Party. Any assignment by an assignee permitted under this Section 13.3 to any Person who
is not an Affiliate of the original assigning Party shall require the prior written consent of the other Party. 

  
 20 

	13.4	Certain Interpretive Provisions. 

 The words “hereof,” “herein,”
“hereunder,” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “including” (and variations thereof, such as “includes”) is not limiting and means
“including without limitation.” Unless otherwise provided, references in this Agreement to “Dollars,” “dollars” or “$” are to U.S. Dollars. The captions and headings of this Agreement are for convenience of
reference only and will not affect the interpretation of this Agreement. 
  

	13.5	Independent Contractor. 

 The relationship between the Parties is and shall be that of independent
contractors. This Agreement does not establish or create a partnership or joint venture between the Parties. Neither Party shall have any right or authority to bind, or enter into any contract on behalf of, the other Party, nor shall either Party
hold itself out as having such authority. 
  

	13.6	Severability. 

 In the event that a court of competent jurisdiction shall find any provision herein
illegal, invalid, or unenforceable, that provision shall be enforced, if possible, to the greatest extent allowed by Law in accordance with the Parties’ intent as reflected by this Agreement. If that provision cannot be enforced, the remainder
of this Agreement will be enforced to the greatest extent possible, and the offending provision will be treated as though not part of this Agreement. 
  

	13.7	No Third-Party Beneficiaries. 

 Nothing in this Agreement, either express or implied, is intended to or
shall confer upon any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
  

	13.8	Amendment. 

 This Agreement may not be amended or modified except by an instrument in writing signed by
authorized representatives of Transferor and Transferee. 
  

	13.9	Governing Law and Venue. 

 This Agreement is deemed to be consummated in the State of New York, U.S.A.
The terms and provisions of this Agreement shall be construed and interpreted pursuant to the laws of the State of New York, without regard to the conflict of law rules or principles thereof (other than
Section 5-1401 of the New York General Obligations Law). The state or federal courts located in the State of New York are the agreed-upon forum for the resolution of all disputes arising hereunder, and
the parties hereto, their officers, and employees hereby (a) consent and submit to the exclusive jurisdiction and venue of the aforesaid courts for the purpose of resolving all disputes arising under or related to this Agreement and
(b) consent to service of process by registered mail, return receipt requested, or any other manner consistent with federal or New York laws. 
  

	13.10	Counterparts. 

 This Agreement may be executed in one or more counterparts, and by the respective Parties
in separate counterparts, including by facsimile or by .PDF signature, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same Agreement. 

  
 21 

	13.11	Waiver. 

 The failure of either Party to enforce at any time any of the provisions of this Agreement will
in no way be construed to be a waiver of any such provision, nor in any way affect the validity of this Agreement or any part of it or the right of either Party after any such failure to enforce each and every such provision. No waiver of any breach
of this Agreement will be held to be a waiver of any other or subsequent breach. 
  

	13.12	Further Assurances. 

 Each Party will execute and deliver such additional instruments and other documents
and use commercially reasonable efforts to take or cause to be taken all actions, and to do or cause to be done all things, necessary under applicable Law to consummate all transactions contemplated hereby. 

 

	13.13	Injunctive Relief. 

 Each Party acknowledges that monetary damages are an insufficient remedy for
(a) any actual or threatened breach by Transferee of any of its obligations arising under Section 2.1 or 2.3 or (b) any actual or threatened breach by either Party of its obligations under Article 9; that the other Party shall be
entitled, without waiving other rights or remedies, to such injunctive or equitable relief as may be deemed proper by a court of competent jurisdiction to prevent or enjoin such actual or threatened breach. 

 

	13.14	Construction. 

 This Agreement has been negotiated by the Parties and their respective counsel in good
faith and will be fairly interpreted in accordance with its terms and without any strict construction in favor of or against any Party. 
  

	13.15	Force Majeure. 

 Neither Party shall be liable to the other for failing to carry out the terms of this
Agreement where such failure is the result of a strike or other labor disturbance; acts, regulations, or laws of any government; war or civil commotion; failure of common carriers; fire; flood; earthquake; storm; or any other event beyond the
reasonable control of the affected Party. In the event of any such event that results in a Party’s failure to carry out the terms of this Agreement, the non-performing Party shall provide prompt written
notice to the other Party, and shall promptly take reasonable steps to eliminate or correct or minimize the effects thereof and to resume performance of its affected obligations as soon as practicable. Should the event continue to prevent
performance for a period of sixty (60) days or more, the Parties shall enter into good faith discussions with a view to alleviating its effects or to agreeing upon such alternative arrangements as may be fair and reasonable having regard to the
circumstances prevailing at that time. 
  

	13.16	Export. 

 Transferee acknowledges that it is subject to and agrees to abide by the United States laws and
regulations (including the “Export Administration Regulations and Arms Export Control Act,” as amended) controlling the export of technical data and other commodities. The transfer of such items may require a license from the cognizant
agency of the U.S. government or written assurances by Transferee that it shall not export such items to certain foreign countries without the prior written approval of such agency. 

(signature page follows) 

  
 22 

 IN WITNESS WHEREOF, intending to be legally bound, the Parties have caused this License Agreement to be
executed by their duly authorized representatives. 
  

			
	 VACCINEX, INC., 
 as
Transferor

		
	By:	 	 /s/ Maurice Zauderer

		 	Name: Maurice Zauderer
		 	Title: CEO
	
	 VX3 (DE) LP, as Transferee
  

By: VX 3 Inc., its General Partner

		
	By:	 	 /s/ Richard Sutin

		 	Name: Richard Sutin
		 	Title: PresidentEX-10.18

 Exhibit 10.18 

Private & Confidential 
  

					
		 	Dated                    November 6, 2017	 	
		 	 	 	

  
 VACCINEX, INC. 

and 
 VX3 (DE) LP

  
 SERVICES AGREEMENT 

 Contents 
  

							
	Section	  	 	Page	 
			
	1	  	Performance of Services	  	 	1	 
			
	2	  	Payment	  	 	1	 
			
	3	  	Term and Termination	  	 	2	 
			
	4	  	Representations, Warranties, Covenants, and Obligations Regarding the Performance of the Services	  	 	2	 
			
	5	  	Representations and Warranties of Vaccinex	  	 	3	 
			
	6	  	Representations and Warranties of LP	  	 	4	 
			
	7	  	Confidentiality	  	 	5	 
			
	8	  	Ownership and Inventions	  	 	6	 
			
	9	  	Regulatory Matters	  	 	7	 
			
	10	  	Publications	  	 	7	 
			
	11	  	Limitation of Liability	  	 	8	 
			
	12	  	Indemnification and Insurance	  	 	8	 
			
	13	  	Governing Law and Jurisdiction	  	 	9	 
			
	14	  	Waiver of Jury Trial	  	 	9	 
			
	15	  	Severability	  	 	9	 
			
	16	  	Non-Waiver of Rights	  	 	9	 
			
	17	  	Notices and Reports	  	 	9	 
			
	18	  	Entire Agreement	  	 	10	 
			
	19	  	Headings; Interpretation	  	 	10	 
			
	20	  	Successors	  	 	10	 
			
	21	  	Relationship of the Parties	  	 	10	 
			
	22	  	Assignment	  	 	11	 
			
	23	  	Force Majeure	  	 	11	 
			
	24	  	Counterparts	  	 	11	 
		
	SCHEDULE A COMPOUND	  			
		
	SCHEDULE B SERVICES	  			
		
	SCHEDULE C PAYMENTS	  			

 SERVICES AGREEMENT 

THIS SERVICES AGREEMENT (this “Agreement”) is dated November 6, 2017 and effective as of January 1, 2017 (the
“Effective Date”) and made between: 
  

	(1)	VACCINEX, INC., a Delaware corporation (“Vaccinex”); and 

  

	(2)	VX3 (DE) LP, a Delaware limited partnership (“LP”). 

 RECITALS:

  

	(A)	WHEREAS, pursuant to that certain License Agreement, dated as of the date hereof, by and between LP and Vaccinex (the “License Agreement”), LP acquired from Vaccinex certain rights
with respect to the compound known by the parties as VX15, as described on Schedule A (the “Compound”); and 

  

	(B)	WHEREAS, LP desires to engage Vaccinex to perform, and Vaccinex desires to perform, certain services with respect to the Compound, on the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1	Performance of Services. 

  

	 	(a)	Vaccinex agrees to furnish, as an independent contractor using Vaccinex’s own means and methods, services as described in Schedule B attached hereto (as such Schedule may be amended from time to time, the
“Services”). In furtherance of the foregoing, Vaccinex shall use commercially reasonable efforts to carry out the development activities described in Schedule B (as such Schedule may be amended from time to time, the
“Development Activities”) in accordance with the schedule and timeframes set forth in Schedule B. Notwithstanding the foregoing, the parties acknowledge and agree that Vaccinex does not guarantee that the Development
Activities will be performed in accordance with the schedule and timeframes set forth in Schedule B, nor that the payments set forth in Section 2(a) will be sufficient to fund all of the Development Activities. Accordingly,
Vaccinex shall not have any liability for any failure to comply with any schedules or timeframes set forth in Schedule B, nor shall Vaccinex have any liability for any failure to provide all of the Development Activities in the event that Vaccinex
exhausts the funds described in Section 2(a) or as otherwise paid to Vaccinex by LP hereunder. 

  

	 	(b)	Vaccinex shall provide to LP periodic written summary reports of the Services rendered hereunder, or otherwise as may be mutually agreed by the parties. Such results or written reports shall be in form and substance
reasonably satisfactory to LP. 

  

	2	Payment. 

  

	 	(a)	LP shall pay Vaccinex for the Services as set out in Schedule C. The payments under Schedule C shall be applied to the costs and expenses of Vaccinex in connection with the performance of the Services on or following
the Effective Date. 

  

	 	(b)	Unless otherwise agreed by Vaccinex, payments to Vaccinex hereunder shall be made by wire transfer of immediately available funds to an account or accounts designated from time to time by Vaccinex and shall be made in
U.S. dollars. 

  
 1 

	3	Term and Termination. 

  

	 	(a)	The term of this Agreement shall commence as of the Effective Date, and shall continue in full force and effect until the Licence Agreement expires or is terminated pursuant to its terms (the
“Term”), unless sooner terminated as provided herein. 

  

	 	(b)	This Agreement may be terminated in whole or in part (i) by either party upon ninety (90) days prior written notice for any material breach of this Agreement (such notice to specify the nature of the breach)
by the other party if such breach is not substantially cured within such ninety (90) day period, or (ii) by Vaccinex upon thirty (30) days prior written notice to LP in the case of non-payment
of amounts due to Vaccinex under Section 2. Both parties shall take all reasonable actions in order to mitigate any costs or expenses following receipt of the termination notice. In the event of any termination by Vaccinex pursuant to this
Section 3(b), LP shall pay to Vaccinex any outstanding amounts due and owing under this Agreement at the time of termination, any non-cancelable costs and expenses incurred in connection with the Services
prior to termination, and reasonable wind-down costs applicable to the terminated Services incurred following such termination. 

  

	 	(c)	Both parties agree that this Agreement shall be terminated, and subject to Section 3(e) below, the provisions herein shall be of no further force and effect, upon the termination of the License Agreement.

  

	 	(d)	Upon expiration or termination of the Agreement, LP shall deliver to Vaccinex copies of all data and materials provided by Vaccinex in the performance of the Services hereunder. Notwithstanding the foregoing, LP
reserves the right to retain, subject to the confidentiality provisions herein, copies of all such data and materials, to the extent reasonably necessary to satisfy regulatory requirements or to resolve disputes regarding the Services. LP agrees
that, upon termination or expiration of this Agreement, LP will deliver a letter to Vaccinex indicating its compliance with this Section 3(d). 

  

	 	(e)	Each party’s obligations under Sections 3(d), 7, 8, 9, 10, 11, 12, 13, 14, 16, 17, and 23 of this Agreement and any payment obligations triggered under this Section 3 shall survive the termination of the
Agreement. 

  

	4	Representations, Warranties, Covenants, and Obligations Regarding the Performance of the Services. 

  

	 	(a)	Vaccinex represents and warrants that its staff is professionally trained and duly qualified and has the skill, equipment (if applicable), experience and expertise to perform the Services and all such Services performed
by Vaccinex shall be performed in a manner commensurate with the care, skill, prudence and diligence customary in its industry. Vaccinex will ensure that sufficient and competent staff, experienced in providing services similar to the Services to be
provided hereunder, have charge at all times of the conduct of its obligations hereunder. 

  

	 	(b)	Vaccinex covenants that it shall perform all Services pursuant to this Agreement in material compliance with: (i) all applicable U.S. federal and state laws, statutes, rules, regulations and orders (including all
applicable approval and qualification requirements thereunder), including, without limitation, the U.S. federal Food, Drug and Cosmetic Act and the regulations promulgated pursuant thereto, (ii) all applicable Vaccinex standard operating
procedures and applicable protocols and (iii) the provisions of this Agreement. 

  

	 	(c)	 During the Term of the Agreement, Vaccinex will permit LP’s representatives that are reasonably acceptable
to Vaccinex to examine or audit the work performed hereunder 

  
 2 

	 	
and the facilities at which the work is conducted upon reasonable advance notice during regular business hours to determine that the Services are being conducted in accordance with this Agreement
and that the facilities for such Services are adequate. LP shall reimburse Vaccinex for its time and expenses, including reasonable attorneys’ fees, associated with such audits, inspections or investigations. Vaccinex shall use commercially
reasonable efforts to reconcile material deficiencies found by LP during such audit and Vaccinex will be responsible for any costs and/or expenses incurred with respect to curing such material deficiencies. 

 

	 	(d)	Vaccinex represents and warrants that it is not currently using, and, to the best of its knowledge will not use, in any capacity in the performance of this Agreement any person or entity (including Third Party Service
Providers, as defined in Section 18(b)) currently or ever debarred under 21 U.S.C. §335a or convicted of a felony for conduct relating to the regulation or handling of any drug product. Vaccinex will notify LP immediately if, during the
Term, Vaccinex or any Third Party Service Provider comes under investigation by the U.S. Food & Drug Administration (the “FDA”) for debarment or disqualification or is debarred or disqualified by the FDA.

  

	 	(e)	Vaccinex shall maintain all appropriate insurance coverage required by applicable U.S. federal and state laws, and shall produce a certificate of such insurance at LP’s request. 

 

	5	Representations and Warranties of Vaccinex. 

  

	 	(a)	Vaccinex is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 

  

	 	(b)	Vaccinex has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by
Vaccinex of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary actions required on the part of Vaccinex, and no other proceedings on the part of Vaccinex are necessary
to authorize this Agreement or to consummate the transactions contemplated hereby. 

  

	 	(c)	This Agreement will constitute valid and legally binding obligations enforceable against Vaccinex in accordance with its terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium and similar laws
affecting creditors’ rights generally and to general principles of equity. 

  

	 	(d)	The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not and will not (i) violate, conflict with or result in the breach of any provision of the certificate of
incorporation or similar organizational documents of Vaccinex, (ii) conflict with or violate any law or any governmental order applicable to Vaccinex or any of its assets, properties or businesses, or (iii) conflict with, result in any
breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension,
revocation or cancellation of, or result in the creation of any lien on any of the assets or properties of Vaccinex, pursuant to, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other
instrument or arrangement to which Vaccinex is a party except, in the case of clause (iii), to the extent that such conflicts, breaches, defaults or other matters would not reasonably be expected to have a material adverse effect on the ability of
Vaccinex to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement. 

  
 3 

	 	(e)	The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby by Vaccinex do not and will not require any consent, approval, authorization or other order of,
action by, filing with or notification to, any governmental authority which has not already been obtained, effected or provided, except with respect to which the failure to so obtain or make would not reasonably be expected to have a material
adverse effect on the business, operations, properties, financial condition, assets or liabilities, results of operations or prospects of Vaccinex or its ability to perform its obligations under this Agreement. 

 

	 	(f)	There are no actions by or against Vaccinex pending before any governmental authority or, to the knowledge of Vaccinex, threatened by or before any governmental authority. There are no pending or, to the knowledge of
Vaccinex, threatened actions to set aside, restrain, enjoin or prevent the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby by any party hereto or by any other person. Vaccinex is not
subject to any governmental order (nor, to the knowledge of Vaccinex, is there any such governmental order threatened to be imposed by any governmental authority) that could affect the legality, validity or enforceability of this Agreement or the
consummation of the transactions contemplated hereby. 

  

	 	(g)	EXCEPT AS EXPRESSLY SET FORTH IN SECTION 4 AND THIS SECTION 5, VACCINEX DISCLAIMS ANY AND ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES AND THE RESULTS THEREOF, INCLUDING BUT NOT LIMITED TO ANY
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. VACCINEX DOES NOT WARRANT THE PERFORMANCE OF THE COMPOUND TO WHICH THE SERVICES RELATE, INCLUDING ITS SAFETY,
EFFECTIVENESS, OR COMMERCIAL VIABILITY OR THE LIKELIHOOD OF SUCCESS OF ANY APPLICATION FOR MARKETING AUTHORIZATION RELATING TO ANY COMPOUND CURRENTLY IN DEVELOPMENT OR FOR WHICH MARKETING AUTHORIZATION HAS NOT YET BEEN GRANTED EITHER IN THE UNITED
STATES OR IN ANY OTHER COUNTRY, NOR DOES VACCINEX WARRANT THAT THE DEVELOPMENT PLAN DESCRIBED IN SCHEDULE B CAN BE ACHIEVED DURING THE TIMEFRAME PROVIDED THEREFOR. 

 

	6	Representations and Warranties of LP. 

  

	 	(a)	LP is a partnership duly organized, validly existing and in good standing under the laws of the State of Delaware. 

  

	 	(b)	LP has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by LP of this
Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary actions required on the part of LP, and no other proceedings on the part of LP are necessary to authorize this Agreement or
to consummate the transactions contemplated hereby. 

  

	 	(c)	This Agreement will constitute valid and legally binding obligations enforceable against LP in accordance with its terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium and similar laws
affecting creditors’ rights generally and to general principles of equity. 

  

	 	(d)	 The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not and
will not (i) violate, conflict with or result in the breach of any provision of the certificate of formation or similar organizational documents of LP, (ii) conflict with or violate any law or any governmental order applicable to LP or any
of its 

  
 4 

	 	
assets, properties or businesses, or (iii) conflict with, result in any breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a
default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any lien on any of the assets or properties of LP, pursuant to,
any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which LP is a party except, in the case of clause (iii), to the extent that such conflicts, breaches,
defaults or other matters would not reasonably be expected to have a material adverse effect on the ability of LP to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement. 

 

	 	(e)	The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby by LP do not and will not require any consent, approval, authorization or other order of, action by,
filing with or notification to, any governmental authority which has not already been obtained, effected or provided, except with respect to which the failure to so obtain or make would not reasonably be expected to have a material adverse effect on
the business, operations, properties, financial condition, assets or liabilities, results of operations or prospects of LP or its ability to perform its obligations under this Agreement. 

 

	 	(f)	There are no actions by or against LP pending before any governmental authority or, to the knowledge of LP, threatened by or before any governmental authority. There are no pending or, to the knowledge of LP, threatened
actions to set aside, restrain, enjoin or prevent the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby by any party hereto or by any other person. LP is not subject to any governmental
order (nor, to the knowledge of LP, is there any such governmental order threatened to be imposed by any governmental authority) that could affect the legality, validity or enforceability of this Agreement or the consummation of the transactions
contemplated hereby. 

  

	7	Confidentiality. 

  

	 	(a)	It is understood that during the course of this Agreement, Vaccinex and its employees may be exposed to data and information that is confidential and proprietary to LP. All such data and information (the
“LP Confidential Information”) whether written or oral, electronic, tangible or intangible, made available, disclosed or otherwise made known to Vaccinex as a result of or in connection with the Services under this
Agreement shall be considered confidential and shall be considered the sole property of LP, subject to the terms of the License Agreement. For the avoidance of doubt, Developments (as defined in Section 8) shall constitute LP Confidential
Information only with respect to the Field (as defined in the License Agreement) of the Compound to which the Development relates, and Vaccinex shall be free to use and disclose Developments outside such Field in accordance with the provisions of
Sections 7(b) and 8. In the event of a failure of LP to make any payment in accordance with any Third-Party License Agreement (as defined in the License Agreement), or in the event of any termination of the License Agreement, the Developments shall
cease to constitute LP Confidential Information in all respects 

  

	 	(b)	 It is understood that during the course of this Agreement, LP and its employees may be exposed to data and
information that is confidential and proprietary to Vaccinex. All such data and information (the “Vaccinex Confidential Information”; together with the LP Confidential Information, the
“Confidential Information”) whether written or verbal, electronic, tangible or intangible, made available, disclosed or otherwise made known to LP as a result of or in connection with the Services under this Agreement
shall be considered confidential and shall be considered the sole property of Vaccinex. For the avoidance of doubt, Developments (as defined in Section 8) shall constitute Vaccinex Confidential Information with respect to all fields other than
the Field (as defined in the 

  
 5 

	 	
License Agreement) of the Compound to which the Development relates. Also for the avoidance of doubt, Vaccinex’s Property (as defined in Section 8) shall constitute Vaccinex
Confidential Information in all respects. 

  

	 	(c)	The Confidential Information shall be used by the receiving party and its employees only for purposes of performing the receiving party’s obligations hereunder. Each party agrees that it will not reveal, publish or
otherwise disclose the Confidential Information of the other party to any third party without the prior written consent of the disclosing party; provided, however, that the parties may disclose the other party’s Confidential Information to
persons within their respective organizations and to their respective affiliates, contractors and collaborators who/which have a need to receive such Confidential Information in order to perform the receiving party’s obligations under this
Agreement and who/which are bound in writing to protect the confidentiality of such Confidential Information in a manner that is no less restrictive than the manner in which the receiving party is required to maintain Confidential Information
hereunder and Vaccinex may, as reasonably necessary or advisable, disclose Confidential Information to its investors and potential licensors, collaboration partners or investors. 

 

	 	(d)	These obligations of confidentiality and nondisclosure shall remain in effect for a period of five (5) years after the termination of this Agreement. 

 

	 	(e)	The foregoing obligations shall not apply to Confidential Information to the extent that it: (i) is already known to the receiving party at the time it is disclosed, (ii) is or becomes generally available to
the public through no wrongful act of the receiving party, (iii) is received by the receiving party from a third party without a restriction on disclosure, (iv) was developed independently of any disclosure by the disclosing party or was
known to the receiving party prior to its receipt from the disclosing party, as shown by contemporaneous written evidence, or (v) is required by law, court or administrative order to be disclosed; provided, that in the case of this clause
(v) the receiving party (x) promptly notifies the disclosing party in writing of the existence, terms and circumstances of such required disclosure, (y) consults with the disclosing party on the advisability of taking legally
available steps to resist or narrow such disclosure and (z) takes all reasonable and lawful actions to obtain confidential treatment for such disclosure. 

  

	8	Ownership and Inventions. 

  

	 	(a)	All data, reports, materials, documentation, information, inventions and/or related patents generated or derived by Vaccinex as the result of the Services performed by Vaccinex under this Agreement (collectively
referred to as the “Developments”) shall be owned by Vaccinex pursuant to the License Agreement. Vaccinex hereby acknowledges and agrees that the Developments are hereby licensed to LP for use in the Field (as defined
in the License Agreement) in the Territory (as defined in the License Agreement) during the term of the License Agreement as if such Developments were Licensed Assets (as defined in the License Agreement) under the License Agreement. In this regard,
for the avoidance of doubt and without limiting the generality of the foregoing: (i) such license will be limited in scope to using, making, having made, selling, offering for sale, and importing the Compound and Licensed Products, all solely
within the Field in the Territory; (ii) such license will initially be an exclusive license, but will be converted to a nonexclusive license in the event of any failure of LP to make any payment in accordance with this Agreement or to make any
payment in connection with any Third-Party License Agreement (as defined in the License Agreement); (iii) the prosecution, maintenance, and enforcement of all Developments will be as that set forth with respect to Licensed Assets in the License
Agreement; (iv) at the request of LP, Vaccinex shall perform any acts that LP may deem necessary or desirable, at LP’s sole expense, to evidence or confirm LP’s rights, if any, in such Developments; and (v) such license shall
automatically terminate upon the termination or expiration of this Agreement or the License Agreement 

  
 6 

	 	(b)	Notwithstanding the provisions of Section 8(a), LP acknowledges that Vaccinex possesses and may possess during the Term certain inventions, processes, know-how, trade
secrets, improvements, intellectual properties and other assets, including, but not limited to, analytical methods, procedures and techniques, procedure manuals, personnel data, financial information, computer technical expertise and software, that
have been independently developed by Vaccinex and are of general application to its business or operations (collectively, “Vaccinex’s Property”). For the avoidance of doubt, any Development that also
constitutes Vaccinex’s Property hereunder will be deemed solely to be Vaccinex’s Property under this subsection (b), and the foregoing subsection (a) will not apply with respect to the same. LP and Vaccinex agree that any of
Vaccinex’s Property or improvements thereto that are used, improved, modified or developed by Vaccinex under or during the Term are the sole and exclusive property of Vaccinex. Vaccinex hereby grants to LP a
non-exclusive, non-transferable, royalty-free license, effective during the term of the License Agreement, under Vaccinex’s Property and any improvements thereto
that are used, improved, modified or developed by Vaccinex under or during the Term, solely to the extent the same would be infringed by the exercise of LP’s rights in and to the Developments pursuant to this Section 8. 

 

	 	(c)	Vaccinex retains all rights not expressly granted to LP hereunder. 

  

	9	Regulatory Matters 

  

	 	(a)	Vaccinex or its designee, on behalf of LP, shall serve as the sponsor of any Biologics License Application (BLAs) or Investigational New Drug Applications (INDs) with FDA, or equivalent filings with FDA, or other
regulatory agencies, either within or outside of the United States. 

  

	 	(b)	The parties hereto acknowledge that Vaccinex may respond independently to any regulatory correspondence or inquiry. However, subject to the terms of the License Agreement, Vaccinex shall: (i) notify LP promptly of
any material FDA or other governmental or regulatory inspection or inquiry concerning any of the Services, including, but not limited to, inspections of investigational sites or laboratories, (ii) forward to LP copies of any material
correspondence from any regulatory or governmental agency relating to the Services, and (iii) obtain the consent of LP, which consent will not be unreasonably withheld, before referring to LP in any regulatory correspondence. 

 

	10	Publications. 

 Neither party may publish any material or manuscript relating to the
Services, Vaccinex’s work hereunder or the relationship established between Vaccinex and LP without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing,
Vaccinex shall have the right, without LP’s consent, to publish any material or manuscript (a) relating to Vaccinex’s Property, (b) the Compound, or (c) otherwise having applicability to compounds or products outside the
Field (as defined in the License Agreement). 

  
 7 

	11	Limitation of Liability. 

  

	 	(a)	EXCEPT WITH RESPECT TO ANY LIABILITY ARISING OUT OF A PARTY’S BREACH OF ITS OBLIGATIONS UNDER SECTIONS 7, 8 or 10, NEITHER PARTY NOR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, MEMBERS, MANAGERS, EMPLOYEES,
INDEPENDENT CONTRACTORS OR AGENTS SHALL HAVE ANY LIABILITY OF ANY TYPE (INCLUDING, BUT NOT LIMITED TO, CONTRACT, NEGLIGENCE AND TORT LIABILITY) FOR ANY SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, THE LOSS
OF OPPORTUNITY, LOSS OF USE OR LOSS OF REVENUE OR PROFIT IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR THE SERVICES PERFORMED HEREUNDER, EVEN IF SUCH DAMAGES MAY HAVE BEEN FORESEEABLE. 

 

	 	(b)	In no event shall the collective, aggregate liability (including, but not limited to, contract, negligence and tort liability) of Vaccinex or LP, or their respective officers, directors, partners, members, managers,
employees, independent contractors and agents under this Agreement exceed the amount of fees actually received by Vaccinex from LP under this Agreement. 

  

	12	Indemnification and Insurance. 

  

	 	(a)	To the greatest extent permitted by applicable law, LP shall indemnify, defend and hold harmless Vaccinex and its directors, officers, members, managers, employees, independent contractors and agents (each, a
“Vaccinex Indemnified Party”), from and against any and all losses, damages, liabilities, reasonable attorney fees, court costs and expenses (collectively “Vaccinex Losses”) asserted against a Vaccinex Indemnified
Party by a third party based on (i) the negligence or willful misconduct of LP in connection with its performance hereunder or (ii) the breach by LP of any of its representations, warranties or covenants set forth in this Agreement, except
in each instance to the extent such Vaccinex Losses are determined to have resulted from the gross negligence or intentional misconduct of a Vaccinex Indemnified Party. Notwithstanding the foregoing, LP shall not be obligated to indemnify, defend or
hold harmless a Vaccinex Indemnified Party from and against Vaccinex Losses if the Vaccinex Losses result from or arise out of claims made by an employee or affiliate of Vaccinex. 

 

	 	(b)	To the greatest extent permitted by applicable law, Vaccinex shall indemnify, defend and hold harmless LP and its directors, officers, members, managers, employees, independent contractors and agents (each, an
“LP Indemnified Party”), from and against any and all losses, damages, liabilities, reasonable attorney fees, court costs and expenses (collectively “LP Losses”) asserted against an LP Indemnified Party by a third
party based on (i) the negligence or willful misconduct of Vaccinex in connection with its performance hereunder or (ii) the breach by Vaccinex of any of its representations, warranties or covenants set forth in this Agreement, except in
each instance to the extent such LP Losses are determined to have resulted from the gross negligence or intentional misconduct of an LP Indemnified Party. Notwithstanding the foregoing, Vaccinex shall not be obligated to indemnify, defend or hold
harmless an LP Indemnified Party from and against LP Losses if the LP Losses result from or arise out of claims made by a partner, employee or affiliate of LP, including, for the avoidance of doubt, any claims made by direct or indirect investors in
LP or its partners. 

  

	 	(c)	 Without limiting the obligations of Vaccinex under Section 4(e), during the Term, the indicated party or
parties shall have and maintain the following insurance coverages in a commercially reasonable amount: (1) Professional Liability for Vaccinex; (2) Clinical Trials and/or Product Liability for LP; and (3) General Liability for each
party. All insurance amounts may be obtained by full, individual primary policy amount; a primary 

  
 8 

	 	
amount of less than the minimum requirement enhanced by a blanket excess umbrella policy; or a combination of either. Each party shall upon request provide the other party with a copy of its
policies of insurance or a certificate of insurance, along with any endorsements, schedules or riders thereto. The insured party shall provide the other party with at least thirty (30) days prior written notice of any material change,
cancellation or expiration of the above-required insurance. Each party will also use its commercially reasonable efforts to effect such policies of insurance to waive subrogation rights against the other party to this Agreement. 

 

	13	Governing Law and Jurisdiction. 

 This Agreement is deemed to be consummated in the State
of New York. The terms and provisions of this Agreement shall be construed and interpreted pursuant to the laws of the State of New York, without regard to the conflict of law rules or principles thereof (other than
Section 5-1401 of the New York General Obligations Law). The state or federal courts located in the State of New York are the agreed-upon forum for the resolution of all disputes arising hereunder or
related hereto, and the parties hereto, their officers, and employees hereby (a) consent and submit to the exclusive jurisdiction and venue of the aforesaid courts for the purpose of resolving all such disputes and (b) consent to service
of process by registered mail, return receipt requested, or any other manner consistent with U.S. federal or New York state laws. 
  

	14	Waiver of Jury Trial. 

 Each of the parties hereto irrevocably waives all right to trial
by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this agreement. 
  

	15	Severability. 

 In the event any portion of this Agreement shall be held illegal, void or
ineffective, the remaining portions hereof shall remain in full force and effect. If any of the terms or provisions of this Agreement are in conflict with any applicable statute or rule of law, then such term(s) or provision(s) shall be deemed
inoperative to the extent that they may conflict therewith and shall be deemed to be modified to conform with such statute or rule of law. 
  

	16	Non-Waiver of Rights. 

 No failure or delay on
the part of either party hereunder in either exercising or enforcing any right hereunder will operate as a waiver of, or impair, any such right. No single or partial exercise or enforcement of any such right will preclude any other or further
exercise or enforcement thereof or the exercise or enforcement of any other right. No waiver of any such right will have effect unless given in a signed writing. No waiver of any such right will be deemed a waiver of any other right hereunder. 

 

	17	Notices and Reports. 

 All notices shall be in writing and given personally or by prepaid
certified mail, return receipt requested, or sent by email addressed to the parties hereunder at their respective addresses as follows: 
  

			
	 If to Vaccinex:
  

Vaccinex, Inc.
1895 Mt. Hope Avenue
	  	 If to LP:
  

VX3 (DE) LP
 c/o Norton Rose Fulbright Canada LLP
200 Bay
Street, Suite 3800

  
 9 

			
	 Rochester, New York 14620
  

Attention: Maurice Zauderer, Ph.D
 email:
mzauderer@vaccinex.com
	  	 Royal Bank Plaza, South Tower

Toronto, Ontario, Canada

M5J 2Z4

Attention: Richard S. Sutin

and

		
	 With copies (which shall not 
constitute notice) to:
  

Hogan Lovells US LLP
 100 International Drive, Suite 2000

Baltimore, Maryland 21202
 Attention: Asher M. Rubin

Telephone: 410.659.2777
 Email:
asher.rubin@hoganlovells.com
	  	 VX3 Inc.
c/o Norton Rose Fulbright Canada LLP
200 Bay Street, Suite 3800
Royal Bank Plaza, South Tower

Toronto, Ontario, Canada
 M5J 2Z4

Attention: Richard S. Sutin
 Telephone: +1 416.216.4821

Email: richard.sutin@nortonrosefulbright.com

 Each notice, demand, request or communication which shall be delivered, mailed or transmitted in the manner
described above, shall be deemed sufficiently given, served, sent or received for all purposes at such time as it is delivered to the addressee (with an affidavit of personal delivery, the return receipt, facsimile confirmation, delivery receipt, or
at such time as delivery is refused by the addressee upon presentation. 
  

	18	Entire Agreement. 

 Without limiting the rights of Vaccinex under the License Agreement,
this Agreement represents the entire understanding between the parties with respect to the subject matter contained herein and supersedes all prior understandings and agreements, whether oral or written, between the parties with respect to the
Services to be performed hereunder. This Agreement may be modified only with a written instrument duly executed by each of the parties. No person has any authority to make any representation or promise on behalf of any of the parties not set forth
herein and this Agreement has not been executed in reliance upon any representations or promises except those contained herein. 
  

	19	Headings; Interpretation. 

 The headings contained in this Agreement are for convenience
of reference only and shall not affect or alter the meaning or effect of any provision hereof. References to Sections herein shall be construed as references to sections of this Agreement. 

 

	20	Successors. 

 This Agreement and all the rights, obligations, duties, representations,
warranties and covenants of each party shall inure to the benefit, and be the burden of, and shall be binding upon their respective successors (including by operation of law) and permitted assigns. 

 

	21	Relationship of the Parties. 

  

	 	(a)	In accordance with the mutual intentions of LP and Vaccinex, this Agreement establishes between them an independent contractor relationship, and all of the terms and conditions of this Agreement shall be interpreted in
light of that relationship. Nothing in this Agreement shall be construed to create any employer-employee, agency, joint venture or partnership relationship. 

  
 10 

	 	(b)	Vaccinex shall be free to engage third parties as subcontractors under this Agreement. LP shall not be responsible for providing or paying any benefits (including, but not limited to, unemployment, disability,
insurance, or medical, and any pension or profit sharing plans) of any independent contractors, subcontractors and agents (collectively, “Third Party Service Providers”) engaged by Vaccinex. As to Vaccinex or to any Third Party
Service Provider, LP will not be responsible for: (i) any U.S. federal, state or local income tax withholding, (ii) contributions to state disability funds or liability funds or similar withholdings, (iii) payment of any overtime
wages, (iv) workers compensation, or (v) compliance with any laws, rules or regulations governing employees. Vaccinex agrees that it is and will continue to be solely responsible for all matters relating to the payment of compensation to
any Third Party Service Provider and for compliance with all applicable laws, rules and regulations governing Vaccinex employees. 

  

	22	Assignment. 

 No Party hereto may, in whole or in part, assign its interests and/or
obligations under this Agreement to any Person (including by operation of law, judicial process, or otherwise) without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed; provided, that either
Party shall have the right to assign this Agreement without such consent to an Affiliate of such Party for such time and so long as such Person remains an Affiliate of such Party. Any assignment by an assignee permitted under this Section 22 to
any Person who is not an Affiliate of the original assigning Party shall require the prior written consent of the other Party. 
  

	23	Force Majeure. 

 Neither party shall be liable to the other for failing to carry out the
terms of this Agreement where such failure is the result of a strike or other labor disturbance; acts, regulations, or laws of any government; war or civil commotion; failure of common carriers; fire; flood; earthquake; storm; or any other event
beyond the reasonable control of the affected party. In the event of any such event that results in a party’s failure to carry out the terms of this Agreement, the non-performing party shall provide
prompt written notice to the other party, and shall promptly takes reasonable steps to eliminate or and correct or minimize the effects thereof and to resume performance of its affected obligations as soon as practicable. Should the event continue
to prevent performance for a period of sixty (60) days or more, the parties shall enter into good faith discussions with a view to alleviating its effects or to agreeing upon such alternative arrangements as may be fair and reasonable having
regard to the circumstances prevailing at that time. 
  

	24	Counterparts. 

 This Agreement may be executed simultaneously in one or more counterparts
(including by facsimile or by .PDF signature), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

(signature page follows) 

  
 11 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this Services
Agreement to be executed by their duly authorized representatives, as of the day and year first hereinabove set forth. 
  

			
	 VACCINEX, INC. 
  

	By:	 	 /s/ Maurice Zauderer

		 	Name:Maurice Zauderer
		 	Title: CEO
	
	 VX3 (DE) LP
  

By: VX 3 Inc., its General Partner
  

	By:	 	 /s/ Richard Sutin

		 	Name: Richard Sutin
		 	Title: President

 SCHEDULE A 

COMPOUND 
 The human monoclonal antibody
referred to by Vaccinex as of the Effective Date as “VX15,” which antibody is specific for CD100 (also known as SEMA4D). 

 SCHEDULE B 

SERVICES 
 The Services to be provided by
Vaccinex under this Agreement shall include (i) development activities with respect to VX15 in the Field in the Territory as described in or necessary for the Development Plan (as defined in the License Agreement), in accordance with the
schedule and timeframes reflected therein, (ii) any other development activities with respect to VX15 in the Field in the Territory that may be required under the License Agreement, (iii) the performance of LP’s compliance obligations
under the License Agreement, and (iv) such other activities as may be reasonably requested by LP and acceptable to Vaccinex, or as otherwise mutually agreed between the parties. 

 SCHEDULE C 

PAYMENTS 
 2017 

US$12 million less fees and less $100,000 working capital reserve. 

2018 and Thereafter 
 To be agreed.

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