Document:

Exhibit
10.11

 

CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

License
and Royalty Agreement

 

This
License and Royalty Agreement (this “Agreement”) is entered into as of September 28, 2018 (the “Effective
Date”) by and among PerkinElmer Health Sciences, Inc., a Delaware corporation (“PHS”), Cambridge
Research & Instrumentation, Inc., a Delaware corporation (“CRI”) and VisEn Medical Inc., a Delaware corporation
(“VisEn” and, together with PHS and CRI, “Licensor”), and Akoya Biosciences, Inc., a Delaware
corporation (“Licensee”). PHS, CRI, VisEn and Licensee are each referred to herein individually as a “Party”
and collectively, as the “Parties.”

 

RECITALS

 

WHEREAS,
Licensor and their Affiliates, among other things, are engaged in the business of developing, manufacturing, marketing and selling
quantitative pathology reagents, instruments, software and contract services for detecting biomarkers and/or structural features
in non-blood ex vivo tissue samples using microscopic multiplexed imaging and instruments equipped with a liquid crystal
tunable filter (the “QPS Business”).

 

WHEREAS,
Licensor is the owner of the entire right, title, and interest in and has the right to license to Licensee the Licensed Patents
(as defined below) and Licensed Know-How (as defined below); and

 

WHEREAS,
Licensee wishes to practice the Licensed Patents and Licensed Know-How in the Field of Use (as defined below) in the Territory
(as defined below) in connection with developing, manufacturing, marketing, importing, using and selling QPS Products and Services
(as defined below) and Licensor is willing to grant to Licensee a license to and under the Licensed Patents and Licensed Know-How
on the terms and conditions set out in this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual representations, covenants and agreements hereinafter set forth, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows:

 

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

 

“Affiliate
or Affiliated” with respect to any specified Person, means a Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. “Control” (including
the terms “Controlled by” and “under common Control with”) means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of stock,
by contract or otherwise.

    

     

    

“Annual
Period” means each annual period commencing on January 1 and ending on December 31 during the Royalty Term, provided
that the first annual period shall commence on the Effective Date and end on December 31, 2018.

 

“Change
of Control” means (i) the acquisition, directly or indirectly, by any person, entity or “group” (within
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) by means of a transaction or series of related
transactions, of (a) beneficial ownership (within meaning of Rule 13d-3 under the Securities Exchange Act of 1934) of fifty percent
(50%) or more of the (x) outstanding shares of common stock of a Party or (y) combined voting power of outstanding voting securities
entitled to vote generally in the election of directors of a Party or (b) all, or substantially all, of the assets of a Party;
or (ii) any consolidation or merger of a Party or any direct or indirect subsidiary of a Party with or into any Third Party, or
any other corporate reorganization involving a Third Party, in which those persons or entities that are beneficial owners of voting
equity securities of a Party immediately prior to such consolidation, merger or reorganization (or prior to any series of related
transactions leading up to such event) beneficially own (by virtue of the retention, exchange or conversion of their equity securities
in a Party) fifty percent (50%) or less of the then-outstanding shares of common stock and combined voting power of then-outstanding
voting securities entitled to vote generally in the election of directors of the surviving entity or any parent thereof immediately
after such consolidation, merger or reorganization.

 

“Cover”,
 “Covered” or “Covering” means, with respect to a particular QPS Product and a particular
Licensed Patent, that, but for rights granted hereunder, the making, using, importing or selling of such QPS Product would infringe
a Valid Claim in such Licensed Patent.

 

“Excluded
Licensee Products and Services” means the products and services (i) being developed, marketed and/or sold by Licensee
and/or its Affiliates prior to the Effective Date and any improvements made thereto during the Royalty Term (excluding any improvements
Covered by a Licensed Patent) or (ii) acquired by Licensee or its Affiliates from a Third Party after the Effective Date (excluding
any products or services covered by any Licensor Improvement Patent) and any improvements made thereto during the Royalty Term
(excluding any improvements Covered by a Licensed Patent).

 

“Exclusive
Licensed Patent(s)” means the patents and patent applications listed in Exhibit A attached hereto together with
all patents that issue therefrom and all continuations, continuations-in-part, divisionals, extensions, substitutions, reissues,
re-examinations, and renewals claiming priority to any of the foregoing.

 

“Field
of Use” means any field other than the Licensor Field.

 

“GAAP”
means United States generally accepted accounting principles consistently applied.

 

“Governmental
Body” means any federal, state, local, municipal, foreign, or other governmental or quasi-governmental authority, including
without limitation any administrative, executive, judicial, legislative, regulatory or taxing authority of any nature in any jurisdiction.

    2

     

    

“Improvement”
means any modification, development or improvement that has utility: (i) for practicing the inventions of the Licensed Patents;
or (ii) incorporates, uses, or is derived from any Licensed Know-How.

 

“Improvement
Period” means the period commencing on the Effective Date and ending on the earlier of: (i) the three (3) year anniversary
of the Effective Date; or (ii) a Change of Control of Licensee.

 

“Knowledge
of Licensor” means the actual knowledge, upon reasonably inquiry, of Terry Lo, Peter Miller and Cliff Hoyt and the actual
knowledge of Kevin Oliver.

 

“Law”
means any federal, state, local, municipal, foreign, international, multinational, or other statute, law, order, constitution,
rule, regulation, ordinance, principle of common law, treaty or other requirement of any Governmental Body.

 

“Licensed
Know-How” means any and all technical information, trade secrets, formulas, prototypes, specifications, directions,
instructions, test protocols, procedures, results, studies, analyses, data, manufacturing data, formulation or production technology,
conceptions, ideas, innovations, discoveries, inventions, processes, methods, materials, machines, devices, formulae, equipment,
enhancements, modifications, technological developments, techniques, systems, tools, designs, drawings, plans, software, documentation,
data, programs, and other knowledge, information, skills, and materials owned or controlled by Licensor pertaining to the Licensed
Patents and necessary or useful in developing, manufacturing, marketing, importing, using and selling QPS Products and Services,
and any modifications, variations, derivative works, and improvements of or relating to any of the foregoing.

 

“Licensed
Patent(s)” means the Exclusive Licensed Patents and Non-Exclusive Licensed Patents.

 

“Licensee
Improvement Patent” means all patent applications, and all patents issuing therefrom that claim Improvements, have a
filing date or were acquired by, transferred or licensed to Licensee after the Effective Date and under which Licensee has the
right to grant the licenses outside the Field of Use granted hereunder.

 

“Licensor
Field” means reagents, instruments, software and services for: (i) analysis of samples for which a majority of the cells
were grown outside of an organism; (ii) analysis of samples that are, or are entirely inside, a macro organism; and (iii) non-microscopic
analysis of samples that were obtained from, but are no longer inside, a living organism.

 

“Licensor
Improvement Patent” means all patent applications, and all patents issuing therefrom that claim Improvements, have a
filing date or were acquired by, transferred or licensed to Licensor after the Effective Date and under which Licensor has the
right to grant the licenses inside the Field of Use granted hereunder.

 

“Losses”
means all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines,
costs, or expenses of whatever kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification
hereunder.

    3

     

    

“Net
Sales” means the gross invoice price for any QPS Products and Services sold to Third Parties by Licensee or its Sublicensees,
less the sum of the following: (i) discounts allowed in amounts customary in the trade; (ii) sales, tariff duties, custom duties
and use taxes directly imposed and with reference to particular sales; (iii) amounts allowed or credited on returns; and (iv)
net bad debt, early payment cash discounts, and transportation and insurance costs charged to Third Parties. No deductions from
Net Sales Price shall be made for commissions paid to individuals whether they are with independent sales agencies or regularly
employed by Licensee or its Affiliates and on their respective payrolls, or for cost of collections. All calculations of Net Sales
shall be in accordance with GAAP, consistently applied. For the avoidance of doubt, for the purposes of calculating Net Sales
transfers of QPS Products and Services: (X) for end use (but not resale) by an Affiliate shall be treated as sales by Licensee
at Licensee’s list price less the deductions set forth above; and (Y) for resale by a Sublicensee shall be treated as sales
at the gross invoice price charged by such Sublicensee to a Third Party less the deductions set forth above.

 

“Non-Exclusive
Licensed Patent(s)” means any and all patents and patent applications controlled by Licensor and/or its Affiliates as
of the Effective Date that are necessary for or identified by Licensee as useful to the QPS Business that are not otherwise included
in the Exclusive Licensed Patents, including without limitation, the patents and patent applications listed in Exhibit B
attached hereto together with all patents that issue therefrom and all continuations, continuations-in-part, divisionals, extensions,
substitutions, reissues, re-examinations, and renewals claiming priority to any of the foregoing.

 

“Person”
means any individual, corporation, general or limited partnership, limited liability company, joint venture, estate, trust, association,
organization, labor union, or other entity or Governmental Body.

 

“QPS
Products and Services” means all products and services (either in existence or in development) within the Field of Use,
including without limitation all products and services of the QPS Business as operated by Licensor and its Affiliates as of the
Effective Date, and any and all products and services of the QPS Business as operated by Licensee and its Sublicensees on and
after the Effective Date. For the avoidance of doubt, QPS Products and Services include any and all products and services of the
QPS Business and are not limited to products and services which use or pertain to the Licensed Patents and/or Licensed Know-How.
Notwithstanding the foregoing, QPS Products and Services shall not include any Excluded Licensee Products and Services.

 

“Representatives”
means a Party’s and its Affiliates’ employees, officers, directors, consultants, and legal advisors.

 

“Royalty
Term” means the period commencing on the Effective Date and ending on the expiration of the last Valid Claim of a Licensed
Patent listed on Exhibit A or Exhibit B attached hereto.

 

“Sublicensee”
means, with respect to any QPS Products or Services, any Licensee Affiliate or any Third Party to whom Licensee has granted a
sublicense under this Agreement, but excluding any Licensee Affiliate or any Third Party acting solely as a distributor or manufacturer.

    4

     

    

“Territory”
means worldwide.

 

“Third
Party” means any Person other than Licensor or Licensee that is not an Affiliate of Licensor or of Licensee.

 

“Valid
Claim” means a claim of an unexpired issued or granted Licensed Patent as long as the claim has not been admitted by
Licensor or otherwise caused to be invalid or unenforceable through reissue, disclaimer, or otherwise, or held invalid or unenforceable
by a Governmental Body of competent jurisdiction from whose judgment no appeal is allowed or timely taken; wherein “expiration”
and “expire,” when referring to a Valid Claim, means any expiration, revocation, invalidation, or other termination
of the Licensed Patent incorporating the Valid Claim.

 

2.            Grant.

 

2.1           Patent and Know-How License. Subject to the terms and conditions of this Agreement:

 

(a)        Licensor hereby grants to Licensee during the Term a perpetual, irrevocable, royalty-bearing, exclusive (subject to Section 6),
nontransferable (except pursuant to an assignment made in accordance with Section 16.9) and sublicensable (through multiple tiers
and only within the Field of Use), right and license under the Exclusive Licensed Patents and Licensed Know-How to make, have
made, use, offer to sell, sell, and import QPS Products and Services in the Field of Use in the Territory.

 

(b)        Licensor hereby grants to Licensee during the Term a perpetual, irrevocable, royalty-bearing, non-exclusive, nontransferable (except
pursuant to an assignment made in accordance with Section 16.9) and sublicensable (through multiple tiers and only within the
Field of Use and only in conjunction with the Exclusive Licensed Patents and in further connection with developing, manufacturing,
marketing, importing, using and selling QPS Products and Services), right and license under the Non-Exclusive Licensed Patents
to make, have made, use, offer to sell, sell, and import QPS Products and Services in the Field of Use in the Territory. The Parties
acknowledge and agree that Licensor has granted and may grant non-exclusive rights to Third Parties under the Non-Exclusive Licensed
Patents.

 

2.2           Limited
Grant. The exclusive character of the rights and licenses granted by Licensor under Section 2.1(a) are subject to Sections
5.4 and 6 and to rights retained by Licensor to practice the Exclusive Licensed Patents and use the Licensed Know-How and permit
other Persons to practice the Exclusive Licensed Patents and use the Licensed Know-How, outside of the Field of Use for any purpose.
Except for the rights and licenses granted by Licensor under this Section 2, this Agreement does not grant to Licensee or any
other Person any right, title, or interest by implication, estoppel, or otherwise. Without limitation of the foregoing, nothing
in this Agreement shall be construed as granting by implication, estoppel, or otherwise, any right, title, or interest in, to,
or under any Licensor patents other than Licensed Patents regardless of whether such other patents are dominant or subordinate
to any Licensed Patent. All rights, titles, and interests in the Licensed Patents and Licensed Know-How not specifically and expressly
granted by Licensor hereunder are hereby reserved.

    5

     

    

3.            Improvements.

 

3.1           Notice
of Licensor Improvements. Promptly after the filing date or, where applicable, the effective date of any assignment or transfer
to Licensor, of any relevant Licensor Improvement Patent during the Improvement Period, Licensor shall provide written notice
to Licensee (“Licensor Improvement Notice”) that identifies each Licensor Improvement Patent, whether such
Licensor Improvement Patent relates to an Exclusive Licensed Patent or a Non-Exclusive Licensed Patent and its filing or acquisition
date and includes a copy of each Licensor Improvement Patent.

 

3.2           License to Licensor Improvements. If Licensee wishes to include any Licensor Improvement Patent as a Licensed Patent under
this Agreement, Licensee shall provide, within thirty (30) days of receipt of the Licensor Improvement Notice, written notice
to Licensor specifying the particular Licensor Improvement Patents that Licensee wishes to include as a Licensed Patent. Immediately
upon Licensee’s notice to Licensor, each Licensor Improvement Patent identified by Licensee in the notice will be deemed
a Licensed Patent under this Agreement; provided that if such Licensor Improvement Patent relates to an Exclusive Licensed Patent
then the license grant will be exclusive and otherwise in accordance with Section 2.1(a) above and if such Licensor Improvement
Patent relates to a Non-Exclusive Licensed Patent then the license grant will be non-exclusive and otherwise in accordance with
Section 2.1(b) above.

 

3.3           Notice of Licensee Improvements. From time to time, but no more frequently than once per calendar year during the Improvement
Period, Licensor may submit a written request for Licensee to disclose any Licensee Improvement Patent. Within thirty (30) days
of such request, License shall provide written notice to Licensor (a “Licensee Improvement Notice”) that identifies
any License Improvement Patent(s) and its filing or acquisition date and includes a copy of each Improvement Patent(s).

 

3.4           License to Licensee Improvements. If Licensor wishes to obtain a license to any Licensee Improvement Patent disclosed to
Licensor, Licensor shall provide, within thirty (30) days of receipt of the Licensee Improvement Notice, written notice to Licensee
specifying the particular Licensee Improvement Patent(s) to which Licensor wishes to secure a license outside the Field of Use.
Effective immediately upon receipt of Licensor’s notice, Licensee hereby grants to Licensor and its Affiliates a non-exclusive,
worldwide, royalty free, perpetual license to any such Licensee Improvement Patent(s) to make and have made, use, offer to sell
and sell, and import any products and processes covered by such Licensee Improvement Patent(s) outside of the Field of Use.

 

4.            Technology Transfer

 

4.1           Transfer
of Know-How. Licensor shall promptly after the Effective Date, disclose the Licensed Know-How to Licensee. Without limiting
the foregoing, Licensor shall disclose and deliver to Licensee all tangible embodiments of all Licensed Know-How in its possession
and control that are useful or necessary to research, develop, make, use, sell, offer for sale or import the QPS Products and
Services, in each case to the extent not provided to Licensee prior to the Effective Date. Licensor shall make such Licensed Know-How
available in a mutually agreed upon format and where feasible in electronic form. All Licensed Know-How disclosed or required
to be disclosed pursuant to this Section 4.1 shall be deemed the Confidential Information of Licensee.

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4.2           Reasonable Assistance. Without limiting the foregoing, during the six (6) month period following the Effective Date, Licensor
will provide reasonable assistance to Licensee or its designee in connection with understanding and using the Licensed Know-How
within the scope of the license granted under Section 2. In providing Licensed Know-How under Section 4.1, Licensor shall
deliver written and electronic materials to Licensee, and during the six (6) month period following the Effective Date, reasonable
assistance from its professional staff for meetings, telephone calls, and other reasonable assistance as requested by Licensee
to enable it to understand and use such Licensed Know-How.

 

5.            Royalties.

 

5.1           Royalty.
In consideration of its license to the Licensed Patents and Licensed Know-How under this Agreement, Licensee shall pay to Licensor
a running royalty in an amount equal to the following percentages of the Net Sales of any and all QPS Products and Services sold
or delivered by or for Licensee (including by or through any Affiliate or Sublicensee) during the Royalty Term (the “Royalty”):

 

(i)            [***]% of the Net Sale Price for any and all QPS Products and Services sold or delivered from the Effective Date through December
31, 2019;

 

(ii)           [***]% of the Net Sale Price for any and all QPS Products and Services sold or delivered from January 1, 2020 through December
31, 2020;

 

(iii)         
 [***]% of the Net Sale Price for any and all QPS Products and Services sold or delivered from January 1, 2021 through December
31, 2024; and

 

(iv)         
[***]% of the Net Sale Price for any and all QPS Products and Services sold or delivered from January 1, 2025 through the end
of the Royalty Term.

 

5.2           Taxes. Licensor shall be liable for all income and other taxes (including interest) (“Taxes”) imposed
on Licensor by applicable Law with respect to any payments made by Licensee to Licensor under this Section 5 or otherwise pursuant
to this Agreement (“Agreement Payments”). If applicable Laws require the withholding of Taxes, (“Withholding
Taxes”), Licensee shall notify Licensor of any such Withholding Taxes, pay such Withholding Taxes to the applicable
Governmental Body and shall subtract the amount thereof from the Agreement Payments, and such Withholding Taxes shall be treated
for all purposes of this Agreement as having been paid to Licensor hereunder. Licensee shall submit to Licensor appropriate proof
of payment of all Withholding Taxes as well as the official receipts within a reasonable period of time. Licensee shall provide
Licensor reasonable information in its possession in order to allow Licensor to obtain the benefit of any present or future treaty
against double taxation which may apply to the Agreement Payments.

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5.3           Payment
Terms and Instructions. Licensee shall pay the Royalty for each Annual Period within ninety (90) days after the end of such
Annual Period (as applicable, the “Annual Payment Date”). Licensee shall make all payments in U.S. dollars
by wire transfer of immediately available funds to the following bank account unless otherwise instructed in writing by Licensor:

 

Bank
of America, N.A. 

100
N. Tryon Street 

Charlotte,
NC 28202 

Account
Name: Caliper Life Sciences, Inc. 

Acct
#: 4427706378 

ABA
#: 026009593 

Swift
#: BOFAUS3N

 

5.4           Annual
Payment Default. If Licensee fails to make any annual Royalty payment prior to or on the due date for such annual Royalty
payment under Section 5.3 (a “Royalty Payment Default”), the license granted pursuant to Section 2.1(a) shall
automatically convert to a non-exclusive license if Licensee fails to cure such Royalty Payment Default within thirty (30) days
of receipt of written notice from Licensor of such Royalty Payment Default. In addition to the foregoing, in the event that a
Royalty Payment Default continues for more than ninety (90) days after the date when such annual Royalty payment is due, then
Licensee shall grant Licensor a security interest in the Licensed Patents to secure Licensee’s payment obligations under
this Agreement upon written request of Licensor and enter into such agreements as reasonable required by Licensor to perfect such
security interest.

 

5.5           Late
Payments. In the event undisputed payments are not received by Licensor when due hereunder, Licensee shall pay to Licensor
interest charges that will accrue interest until paid at a rate equal to [***] ([***]%) above the U.S. Prime Rate, as reported
in the Wall Street Journal, Eastern Edition from time-to-time (or the maximum allowed by Law, if less), calculated on the number
of days such undisputed payment is overdue. If Licensee disputes any payment due hereunder, Licensee shall notify Licensor in
writing within ten (10) days of the due date of such payment and the Parties will work in good faith to resolve any such dispute
within ten (10) days of delivery of any such notice; provided that if such dispute is not resolved within such ten (10) day period
then such payment shall be considered late for purposes of this Section 5.6 and each Party may exercise its rights hereunder with
respect to such payment.

 

5.6           Royalty/Payment
Statements. On or before the due date for each annual Royalty payment to Licensor pursuant to Section 5.3 during the Royalty
Term, Licensee shall provide Licensor with a statement (a “Payment Statement”) showing: (i) the Net Sales for
all QPS Products and Services sold by Licensee and its Sublicensees during the reporting period; and (ii) the Royalty for such
Annual Period including an identification of the aggregate amount of deductions taken by Licensee in calculating the Royalty for
such Annual Period. Licensee shall at all times act in good faith (including the use of GAAP, consistently applied) when calculating
the Net Sales and related calculations hereunder and shall not intentionally or knowingly inappropriately or inaccurately apportion
amounts invoiced for the purpose or effect of circumventing or depriving Licensor of the benefit of the definition of Net Sales
and related calculations hereunder.

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6.            Records
and Audit. For a period of five (5) years from the payment date for any Annual Period, Licensee shall keep complete and accurate
records of all sales of QPS Products and Services reasonably necessary for the calculation of the payments to be made to Licensor
hereunder. Licensor, at its own expense, may at any time within five (5) years after receiving any Payment Statement from Licensee,
nominate an independent Certified Public Accountant, reasonably acceptable to Licensee, (“Auditor”) who shall
have access to Licensee’s records during Licensee’s normal business hours for the purpose of verifying all payments
made under this Agreement. The Auditor’s report shall disclose only whether the Payment Statements are correct or incorrect
and the amount of any discrepancy. Licensor shall provide to Licensee a copy of the Auditor’s audit report within sixty
(60) days of Licensor’s receipt of the report. If the report shows that payments made by Licensee are deficient, and Licensee
does not dispute such report, Licensee shall pay Licensor the undisputed deficient amount plus interest on the deficient amount,
as calculated pursuant to Section 5.5 (the “Deficiency Amount”), within fifteen (15) days after Licensee’s
receipt of the audit report. If the Deficiency Amount is more than [***] ([***]%) of the amount set forth in the applicable Payment
Statement, and Licensee does not dispute such finding, Licensee shall pay for the cost of the audit. If Licensee disputes the
findings of any audit report hereunder, Licensee shall notify Licensor in writing within ten (10) days of receipt of such audit
report and the Parties will work in good faith to resolve any such dispute within ten (10) days of delivery of any such notice;
provided that if such dispute is not resolved within such ten (10) day period then each Party may exercise its rights under Article
15 with respect to such dispute. The license granted pursuant to Section 2.1(a) shall automatically convert to a non-exclusive
license if Licensee fails to pay any undisputed Deficiency Amount (or any Deficiency Amount as finally resolved pursuant to Article
15 if Licensee disputes the findings of any audit report hereunder) within thirty (30) days of receipt of written notice from
Licensor. In addition to the foregoing, in the event that Licensee fails to pay any undisputed Deficiency Amount (or any Deficiency
Amount as finally resolved pursuant to Article 15 if Licensee disputes the findings of any audit report hereunder) within ninety
(90) days of receipt of written notice from Licensor, then Licensee shall grant Licensor a security interest in the Licensed Patents
to secure Licensee’s payment obligations under this Agreement upon written request of Licensor and enter into such agreements
as reasonably required by Licensor to perfect such security interest. The Parties agree that all applicable statutes of limitation
and time-based defenses (including, but not limited to, estoppel and laches) shall be tolled upon any request by Licensor for
an audit under this Section 6, and the Parties shall cooperate in taking any actions necessary to achieve this result.

 

7.            Patent Prosecution and Maintenance.

 

7.1           Responsibilities
and Cooperation. Subject in each case to Section 7.2, for each patent and patent application included as a Licensed Patent,
Licensor shall be responsible for, shall make all decisions concerning and bear all costs of, the preparation, filing, prosecution,
and maintenance thereof, and shall notify Licensee of any material additions or material deletions and any material changes in
the status of any Licensed Patent. In addition, Licensor shall be responsible for, shall make all decisions concerning and bear
all costs of prosecuting or defending any inter pastes review, post-grant review, covered business method patent review, opposition,
derivation, or interference proceeding in the US Patent and Trademark Office or foreign patent offices. Licensor shall use its
best efforts to keep Licensee advised of the status of all material communications, actual and prospective filings or submissions
regarding the Exclusive Licensed Patents, and shall use its best efforts to give Licensee copies of any such material communications,
filings and submissions proposed to be sent to any patent authority or judicial body, and consider in good faith Licensee’s
comments on the material communications, filings and submissions for the Exclusive Licensed Patents.

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7.2           Abandonment.
Should Licensor decide in good faith to abandon a Licensed Patent, it shall provide Licensee with written notice of such intention,
whereby Licensee shall have the option to assume responsibility for the Licensed Patent, including all further costs associated
therewith. Should Licensee inform Licensor in writing within thirty (30) days of receiving such notice that Licensee wishes to
assume responsibility, Licensor shall assign such Licensed Patent (which Licensed Patents shall be subject to any Third Party
licenses outside the Field of Use previously granted) to Licensee and thereafter such patent or patent application shall no longer
be a “Licensed Patent” for purposes of this Agreement, and Licensee shall grant Licensor and its Affiliates a fully
paid, royalty-free, non-exclusive license to make and have made, use, offer to sell and sell, and import any products and processes
covered by such patents outside of the Field of Use.

 

8.            Challenges
to Licensed Patents. Neither Licensee nor any of its Affiliates shall, directly or indirectly, institute or actively participate
as an adverse party in, or otherwise provide material support to, any legal action or administrative proceeding to invalidate
or limit the scope of any Licensed Patent claim or obtain a ruling that any Licensed Patent claim is unenforceable or not patentable.
Licensee’s failure to comply with this provision shall constitute a material breach of this Agreement. Notwithstanding the
foregoing, it shall not be a breach of this Section 8; in the event that (i) Licensee or its Affiliates are an essential party
in any patent interference proceeding before the United States Patent and Trademark Office, (ii) Licensee or its Affiliates, due
to its status as an exclusive licensee of patents other than the Licensed Patents, are named by the licensor of such other patents
as a real party in interest in such an interference, so long as Licensee or the applicable Affiliate either abstains from participation
in, or acts in good faith to settle, the interference, or (iii) any assertion by Licensee or its Affiliates relating to validity,
patentability, scope, priority, construction, non-infringement, inventorship, ownership or enforceability as a defense in any
legal proceeding, administrative proceeding or arbitration brought by Licensor or its Affiliates or licensees or assignees asserting
infringement against Licensee or its Affiliates within the Field of Use. Moreover, it shall not be a breach of this Section 8
in the event that Licensee makes arguments distinguishing the inventions claimed in patents owned or controlled by Licensee (“Licensee
Patent Rights”) from those claimed in the Licensed Patents in the ordinary course of ex parte prosecution of the Licensee
Patent Rights or in inter partes proceedings before the United States Patent and Trademark Office or other agency or tribunal
in any jurisdiction (excluding interferences or derivation proceedings), or in arbitration or litigation, wherein Licensee Patent
Rights have been challenged.

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9.            Enforcement of Licensed Patents and Licensed Know-How and Third-Party Infringement Claims.

 

9.1           Notice
of Infringement or Third-Party Claims. If: (i) either Party believes that an Exclusive Licensed Patent or Licensed Know-How
is being infringed or misappropriated by a Third Party; or (ii) if a Third Party initiates a proceeding that any Exclusive Licensed
Patent is invalid or unenforceable, the Party possessing such belief or awareness of such claims shall promptly provide written
notice to the other Party and provide it with all details of such infringement or proceeding, as applicable, that are known by
such Party. Within ten (10) business days after receiving such notice the Parties shall discuss an appropriate plan of action,
including either Party’s concerns about initiating a lawsuit or otherwise making or prosecuting a claim pursuant to Section
9.2 below.

 

9.2           Actions.

 

(a)        If any Exclusive Licensed Patent is believed to be infringed by the development, manufacture, use, offer for sale, sale or importation
of a product by a Third Party solely inside the Field of Use in any country in the Territory in which there is a Licensed Patent,
then, Licensee shall have the first right, but not the obligation, to institute, prosecute, and control any action or proceeding
with respect to such infringement of such patent, by counsel of its own choice. If Licensee does not take action in the prosecution,
prevention, or termination of any infringement pursuant to this Section 9.2 and has not commenced negotiations with the suspected
infringer for the discontinuance of said infringement within ninety (90) calendar days after receipt of notice of the existence
of an infringement, then subject to obtaining Licensee’s prior written consent (which consent shall not be unreasonably
withheld and shall in any event be deemed automatically given with respect to any Material Enforcement Action outside the Field
of Use), Licensor may thereafter institute, prosecute, and control such action.

 

(b)        If any Exclusive Licensed Patent is believed to be infringed by the development, manufacture, use, offer for sale, sale or importation
of a product by a Third Party solely inside the Licensor Field, or in both the Licensor Field and the Field of Use, in any country
in the Territory in which there is a Licensed Patent, then, Licensor shall have the first right, but not the obligation, to institute,
prosecute, and control any action or proceeding with respect to such infringement of such patent, by counsel of its own choice.
If Licensor does not take action in the prosecution, prevention, or termination of any infringement pursuant to this Section 9.2
and has not commenced negotiations with the suspected infringer for the discontinuance of said infringement within ninety (90)
calendar days after receipt of notice of the existence of an infringement, then subject to obtaining Licensor’s prior written
consent (which consent shall not be unreasonably withheld and shall in any event be deemed automatically given with respect to
any Material Enforcement Action inside the Field of Use), Licensee may thereafter institute, prosecute, and control such action.

 

9.3           Joinder;
Cooperation.

 

(a)        If a Party having the right to enforce an Exclusive Licensed Patent pursuant to Section 9.2 above (the “Enforcing Party”)
reasonably believe it is required to join the other Party (the “Non-Enforcing Party”) for standing purposes
or in order for the Enforcing Party to commence or continue any such proceeding, then the Enforcing Party shall notify the Non-Enforcing
Party of the same in writing. Such writing shall not be effective unless delivered after the expiration of the ten (10) business
day period set forth in Section 9.1.

 

(b)        If within ten (10) business days after receiving such written notice, the Non-Enforcing Party does not object in writing to being
joined to such proceeding, then the Enforcing Party shall have the right to join the Non-Enforcing Party, at the Enforcing Party’s
expense, and the Non-Enforcing Party shall be represented in such proceeding by counsel of the Non-Enforcing Party’s choice,
and the Non-Enforcing Party shall cooperate in all respects in the conduct thereof, and assist in all reasonable ways, including
having its employees testify when requested, and make available for discovery or trial exhibit relevant records, papers, information,
samples, specimens, and the like, subject to reimbursement by the Enforcing Party of any reasonable costs and expenses incurred
on an on-going basis by such Non-Enforcing Party in providing such assistance.

    11

     

    

(c)        If within ten (10) business days after receiving such written notice, the Non-Enforcing Party provides a written objection to
being joined and its reason therefor, then the Parties shall discuss and negotiate in good faith a reasonable alternative plan
of action with respect such infringing activity. If the Parties are unable to agree on an appropriate alternative plan of action,
such discussions shall be promptly escalated to a senior executive officer of each Party for resolution. If (i) the senior executives
are unable to agree to an alternative plan of action within twenty (20) business days after receiving the initial joinder request
and (ii) the Third Party infringement would likely result in actual damages to such Enforcing Party in excess of five million
US dollars ($5,000,000.00) (excluding any special damages but including any damages for lost profits or for a reasonable royalty)
as reasonably estimated by the Enforcing Party (a “Material Enforcement Action”) then the Non-Enforcing Party
shall (i) join such proceeding, at the Enforcing Party’s expense, and may elect to be represented in such proceeding by
counsel of the Non-Enforcing Party’s choice and at the Enforcing Party’s expense; and, (ii) cooperate in all respects
in the conduct thereof, and assist in all reasonable ways, including having its employees testify when requested, and make available
for discovery or trial exhibit relevant records, papers, information, samples, specimens, and the like, subject to reimbursement
by the Enforcing Party of any reasonable costs and expenses incurred on an on-going basis by such Non-Enforcing Party in providing
such assistance.

 

9.4           Recovery
and Settlement. If an Enforcing Party undertakes the enforcement or defense of any Licensed Patent such Enforcing Party may
settle any such suit, action, or other proceeding, whether by consent order, settlement, or other voluntary final disposition,
without the prior written approval of the Non-Enforcing Party, provided that such Enforcing Party shall not settle any such suit,
action, or other proceeding in a manner that adversely affects the rights of the other Non-Enforcing Party without such Non-Enforcing
Party’s prior written consent, which consent may not be unreasonably withheld, conditioned or delayed. Any recovery, damages,
or other settlement amounts derived from enforcement or defense of any Licensed Patent shall be allocated first to the Enforcing
Party and the Non-Enforcing Party for reimbursement of costs and expenses incurred by such Parties in connection with such suit,
action or other proceeding. The Enforcing Party and the Non-Enforcing Party shall negotiate in good faith and mutually agree with
respect to the allocation of the balance of any such recovery, damages, or other settlement amounts among the Enforcing Party
and the Non-Enforcing Party and agree to give due consideration with regard to whether the infringing activity was solely inside
the Field of Use, solely inside the Licensor Field, or in both the Field of Use and the Licensor Field.

    12

     

    

9.5           Section 365(n) of the Bankruptcy Code. All rights and licenses granted under or pursuant to this Agreement by Licensor
are and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or any analogous provisions
in any other country or jurisdiction, licenses of right to “intellectual property” as defined under Section 101 of
the U.S. Bankruptcy Code. The Parties agree that Licensee, as licensee of such rights under this Agreement, shall retain and may
fully exercise all of their rights and elections under the U.S. Bankruptcy Code or any analogous provisions in any other country
or jurisdiction. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against Licensor
under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction, Licensee shall be entitled to
a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual
property, which, if not already in Licensee’s possession, shall be promptly delivered to it (a) upon any such commencement
of a bankruptcy proceeding upon Licensee’s written request therefor, unless Licensor elects to continue to perform all of
its obligations under this Agreement or (b) if not delivered under clause (a) above, following the rejection of this Agreement
by or on behalf of Licensor upon written request therefor by Licensee.

 

10.          Compliance
with Laws.

 

10.1        
Regulatory Clearance. Licensee shall, at Licensee’s expense, comply with all regulations and safety standards concerning
QPS Products and Services developed, marketed and sold by or under the authority of Licensee and obtain all necessary governmental
approvals for the development, manufacture, marketing, importation, sale, and use of QPS Products and Services developed, marketed
and sold by or under the authority of Licensee, including any safety or clinical studies. Licensee shall have responsibility for
and provide suitable warning labels, packaging, and instructions as to the use of such QPS Products and Services.

 

10.2        
Export Compliance. Neither Licensee nor any of its Affiliates shall, directly or indirectly, export or re-export the QPS
Products and Services (including any associated products, items, articles, computer software, media, services, technical data,
and other information) in violation of any applicable U.S. Laws. Licensee shall include a provision similar in substance to this
Section 10.2 in its agreements with its Sublicensees, Third Party distributors, customers, and end-users requiring that these
Persons comply with all applicable U.S. Laws, including all applicable U.S. export Laws.

 

11.          Confidentiality.

 

11.1        
Confidentiality Obligations. Each Party for itself and on behalf of its Affiliates and Representatives (the “Receiving
Party”) acknowledges that in connection with this Agreement it will gain access to Confidential Information of the other
Party (the “Disclosing Party”). As a condition to being provided with Confidential Information, the Receiving
Party shall, during the Term: (a) not use the Disclosing Party’s Confidential Information other than as strictly necessary
to exercise its rights and perform its obligations under this Agreement; and (b) maintain the Disclosing Party’s Confidential
Information in strict confidence and, subject to Section 11.2, not disclose the Disclosing Party’s Confidential Information
without the Disclosing Party’s prior written consent, provided, however, the Receiving Party may disclose the Confidential
Information to its Representatives who: (i) have a need to know the Confidential Information for purposes of the Receiving Party’s
performance, or exercise of its rights concerning the Confidential Information, under this Agreement; (ii) have been apprised
of this restriction; and (iii) are themselves bound by written nondisclosure agreements at least as restrictive as those set forth
in this Section 11.1, provided further that the Receiving Party shall be responsible for ensuring its Representatives’ compliance
with, and shall be liable for any breach by its Representatives of, this Section 11.1. The Receiving Party shall use reasonable
care, at least as protective as the efforts it uses for its own confidential information, to safeguard the Disclosing Party’s
Confidential Information from use or disclosure other than as permitted hereby. Upon any expiration or other termination of this
Agreement, each Party’s obligations with respect to Confidential Information received prior to such expiration or termination
shall continue for a period of three (3) years after the date of termination; provided, however, that with respect to Confidential
Information comprising a trade secret of the Disclosing Party or its Affiliates, such obligations shall continue for as long as
such Confidential Information qualifies as a trade secret under applicable law.

    13

     

    

11.2        
Exceptions. If the Receiving Party becomes legally compelled to disclose any Confidential Information, the Receiving Party
shall: (a) provide prompt written notice to the Disclosing Party so that the Disclosing Party may seek a protective order or other
appropriate remedy or waive its rights under Section 11; and (b) disclose only the portion of Confidential Information that it
is legally required to furnish. If a protective order or other remedy is not obtained, or the Disclosing Party waives compliance
under Section 11, the Receiving Party shall, at the Disclosing Party’s expense, use reasonable efforts to obtain assurance
that confidential treatment will be afforded the Confidential Information.

 

11.3        
Confidential Information. For purposes of this Section 11, “Confidential Information” means all non-public,
confidential, or proprietary information of the Disclosing Party, or its Affiliates or Representatives, whether in oral, written,
electronic, or other form or media, whether or not such information is marked, designated, or otherwise identified as “confidential”
and includes the terms and existence of this Agreement and any information that, due to the nature of its subject matter or circumstances
surrounding its disclosure, would reasonably be understood to be confidential or proprietary, including, specifically: (i) the
Licensed Know-How; (ii) the Disclosing Party’s other unpatented inventions, ideas, methods, discoveries, know-how, trade
secrets, unpublished patent applications, invention disclosures, invention summaries, and other confidential intellectual property;
(iii) all other designs, specifications, documentation, components, source code, object code, images, icons, audiovisual components
and objects, schematics, drawings, protocols, processes, and other visual depictions, in whole or in part, of any of the foregoing;
and (iv) all notes, analyses, compilations, reports, forecasts, studies, samples, data, statistics, summaries, interpretations,
and other materials prepared by or for the Receiving Party, its Affiliates, or its Representatives that contain, are based on,
or otherwise reflect or are derived from any of the foregoing in whole or in part. Confidential Information does not include information
that a Receiving Party can demonstrate by documentation: (w) was already known to the Receiving Party without restriction on use
or disclosure prior to the receipt of such information directly or indirectly from or on behalf of the Disclosing Party; (x) was
or is independently developed by the Receiving Party without reference to or use of any Disclosing Party’s Confidential
Information; (y) was or becomes generally known by the public other than by breach of this Agreement by, or other wrongful act
of, the Receiving Party, its Affiliates, or any of its Representatives; or (z) was received by the Receiving Party from a Third
Party who was not, at the time, under any obligation to the Disclosing Party or any other Person to maintain the confidentiality
of such information. Notwithstanding anything to the contrary herein, all Confidential Information that relates to the QPS Products
and Services shall be the Confidential Information of Licensee, all Confidential Information that relates to the Licensed Patents
and/or Licensed Know-How shall be the joint Confidential Information of Licensee and Licensor in accordance with each Party’s
rights hereunder, and subsections (w), (x) or (z) shall not be applicable to Licensee with respect to Confidential Information
that relates to the QPS Products and Services or joint Confidential Information.

    14

     

    

12.          Representations
and Warranties.

 

12.1        
Mutual Representations and Warranties. Each Party represents and warrants to the other Parties that as of the Effective
Date: (a) it is duly organized, validly existing, and in good standing as a corporation or other entity as represented herein
under the Laws of its jurisdiction of organization; (b) it has, and throughout the Term shall retain, the full right, power, and
authority to enter into this Agreement and to perform its obligations hereunder; (c) the execution of this Agreement by its representative
whose signature is set forth at the end hereof has been duly authorized by all necessary action of the Party; and (d) when executed
and delivered by such Party, this Agreement shall constitute the legal, valid, and binding obligation of that Party, enforceable
against that Party in accordance with its terms.

 

12.2        
Licensor’s Representations and Warranties. Licensor represents and warrants as of the Effective Date that:

 

(a)        Licensor is the sole and exclusive owner of the Exclusive Licensed Patents;

 

(b)        Licensor has the right to grant all rights and licenses it purports to grant to Licensee with respect to the Licensed Patents;

 

(c)        Licensor has not granted any right or license to any Third Party relating to any of the Licensed Patents that conflicts or interferes
with any of the rights or licenses granted to Licensee hereunder; and

 

(d)        To the Knowledge of Licensor, the Exclusive Licensed Patents are valid and enforceable and Licensor has complied with all applicable
Laws and duties of candor with respect to the filing, prosecution and maintenance of the Exclusive Licensed Patents. Licensor
has paid all maintenance and annuity fees with respect to the Exclusive Licensed Patents due as of the Effective Date. No dispute
regarding inventorship or ownership of an Exclusive Licensed Patent has been alleged or threatened.

 

12.3        
Licensee’s Representation and Warranties. Licensee represents and warrants that it has not received any notice or
threat of any claim, suit, action, or proceeding, and has no knowledge of any information, that likely would: (a) invalidate or
render unenforceable any claim of any Licensed Patent; (b) prove that the QPS Products and Services are not covered by any claim
of any Licensed Patent; or (c) cause any claim of any Licensed Patent to fail to issue or be materially limited or restricted
as compared with its currently pending scope.

    15

     

    

12.4        
Disclaimer of Representations and Warranties. EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT OR ANY OTHER AGREEMENT BETWEEN
THE PARTIES AND/OR THEIR AFFILIATES, LICENSOR EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN, ORAL, EXPRESS,
IMPLIED, STATUTORY, OR OTHERWISE, CONCERNING THE VALIDITY, ENFORCEABILITY, AND SCOPE OF THE LICENSED PATENTS, THE ACCURACY, COMPLETENESS,
SAFETY, USEFULNESS FOR ANY PURPOSE, OR LIKELIHOOD OF SUCCESS (COMMERCIAL, REGULATORY OR OTHER) OF THE LICENSED PATENTS, LICENSED
KNOW-HOW, AND ANY OTHER TECHNICAL INFORMATION, TECHNIQUES, MATERIALS, METHODS, PRODUCTS, PROCESSES, OR PRACTICES AT ANY TIME MADE
AVAILABLE BY LICENSOR, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT,
AND WARRANTIES ARISING FROM A COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE, OR TRADE PRACTICE. WITHOUT LIMITATION TO THE FOREGOING,
EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT OR ANY OTHER AGREEMENT BETWEEN THE PARTIES AND/OR THEIR AFFILIATES LICENSOR SHALL
HAVE NO LIABILITY WHATSOEVER TO LICENSEE OR ANY OTHER PERSON FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR
NATURE, SUSTAINED BY, OR ANY DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY INCURRED BY OR IMPOSED ON LICENSEE OR
ANY OTHER PERSON, ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM (A) THE MANUFACTURE, USE, OFFER FOR SALE, SALE, OR IMPORT
OF ANY QPS PRODUCT OR SERVICE, OR THE PRACTICE OF THE LICENSED PATENTS AFTER THE EFFECTIVE DATE; (B) THE USE OF OR ANY ERRORS
OF OMISSIONS IN ANY KNOW-HOW, TECHNICAL INFORMATION, TECHNIQUES, OR PRACTICES DISCLOSED BY LICENSOR; OR (C) ANY ADVERTISING OR
OTHER PROMOTIONAL ACTIVITIES CONCERNING ANY OF THE FOREGOING.

 

12.5        
Exclusion of Special Damages. EXCEPT IN THE EVENT OF A PARTY’S (A) WILLFUL MISCONDUCT OR INTENTIONAL BREACH OR (B)
GROSS NEGLIGENCE, NEITHER LICENSOR NOR LICENSEE, NOR ANY OF THEIR RESPECTIVE AFFILIATES, LICENSEES, OR SUBLICENSEES, WILL BE LIABLE
TO THE OTHER PARTY TO THIS AGREEMENT, ITS AFFILIATES OR ANY OF THEIR LICENSEES OR SUBLICENSEES FOR ANY INJURY TO OR LOSS OF GOODWILL,
REPUTATION, BUSINESS, PRODUCTION, CONTRACTS OR OPPORTUNITIES (REGARDLESS OF HOW THESE ARE CLASSIFIED AS DAMAGES), OR FOR ANY INDIRECT,
CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, ENHANCED, SPECIAL OR PUNITIVE DAMAGES OR LOST PROFITS, REVENUES OR ROYALTIES,
LOST DATA OR COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE
AND STRICT PRODUCT LIABILITY) CONTRIBUTION OR OTHERWISE, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT
PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE. NOTWITHSTANDING THE
FOREGOING, NOTHING IN THIS SECTION 12.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT (1) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS
OF ANY PARTY UNDER SECTION 13, OR (2) DAMAGES AVAILABLE FOR A PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER ARTICLE
11.

    16

     

    

13.          Indemnification.

 

13.1        
Indemnification. Each Party shall indemnify, defend, and hold harmless the other Party and its Affiliates, and each of
their respective Representatives, successors, and assigns (“Indemnitees”) against all Losses arising out of
or resulting from any claim, suit, action, or other proceeding brought by a Third Party that is not otherwise an Indemnitee (“Claims”)
related to or arising out of or resulting from: (i) a Party’s breach of any representation, warranty, covenant, or obligation
under this Agreement; (ii) the negligence or willful misconduct of a Party, its Affiliates or their respective Representatives
with respect to this Agreement; or (iii) a Party’s use of the Licensed Patents or Licensed Know-How, except, in each case,
to the extent any such Losses or Claims (x) result from the negligence or willful misconduct of an Indemnitee of the other Party
with respect to this Agreement, (y) arise from the breach by the other Party of any representation or warranty or obligation under
this Agreement or any other agreement by and between the Parties or their Affiliates and/or (z) are subject to indemnification
hereunder by the other Party.

 

13.2        
Indemnification Procedure. A Person entitled to indemnification under this Section 13 (an “Indemnified Party”)
shall give prompt written notification to the Person from whom indemnification is sought (the “Indemnifying Party”)
of the commencement of any action, suit or proceeding relating to a Claim for which indemnification may be sought or, if earlier,
upon the assertion of any such Claim (it being understood and agreed, however, that the failure by an Indemnified Party to give
notice of a Claim as provided in this Section 13.2 shall not relieve the Indemnifying Party of its indemnification obligation
under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of such failure
to give notice). Within twenty (20) days after delivery of such notification, the Indemnifying Party may, upon written notice
thereof to the Indemnified Party, assume control of the defense of such Claim with counsel reasonably satisfactory to the Indemnified
Party. If the Indemnifying Party does not assume control of such defense, the Indemnified Party shall control such defense and,
without limiting the Indemnifying Party’s indemnification obligations, the Indemnifying Party shall reimburse the Indemnified
Party for all reasonable costs and expenses, including attorney fees, incurred by the Indemnified Party in defending itself within
forty-five (45) days after receipt of any invoice therefor from the Indemnified Party. The Party not controlling such defense
may participate therein at its own expense; provided that if the Indemnifying Party assumes control of such defense and the Indemnified
Party in good faith concludes, based on advice from counsel, that the Indemnifying Party and the Indemnified Party have conflicting
interests with respect to such action, suit, proceeding or Claim, the Indemnifying Party shall be responsible for the reasonable
fees and expenses of one counsel to the Indemnified Party in connection therewith. The Party controlling such defense shall keep
the other Party advised of the status of such action, suit, proceeding or Claim and the defense thereof and shall consider recommendations
made by the other Party with respect thereto. The Indemnified Party shall not agree to any settlement of such action, suit, proceeding
or Claim without the prior written consent of the Indemnifying Party, which shall not be unreasonably withheld, delayed or conditioned.
The Indemnifying Party shall not agree to any settlement of such action, suit, proceeding or claim or consent to any judgment
in respect thereof that does not include a complete and unconditional release of the Indemnified Party from all liability with
respect thereto, that imposes any liability or obligation on the Indemnified Party or that acknowledges fault by the Indemnified
Party without the prior written consent of the Indemnified Party.

    17

     

    

14.          Term and Termination.

 

14.1        
Term. This Agreement shall commence on the Effective Date and remain in force until the expiration of the Royalty Term
(the “Term”). Upon expiration of the Term, Licensee’s rights and licenses with respect to the QPS Products
and Services shall survive as fully-paid up, royalty-free, rights and licenses.

 

14.2        
No Termination or Impairment. For the avoidance of doubt, no Party shall have any right to terminate this Agreement for
any reason prior to the expiration of the Royalty Term. Each Party will not, by amendment of its organizational or other governing
documents or through reorganization, consolidation, merger, dissolution, sale of assets or other voluntary action, avoid or seek
to avoid the timely observance or performance of any of the terms of this Agreement, but will at all times in good faith perform
its obligations under this Agreement.

 

14.3        
Survival. The rights and obligations of the Parties set forth in this Section 14.3 (Survival) and Section 1 (Definitions),
Section 8 (Challenges to Licensed Patents), Section 9 (Enforcement), Section 11(Confidentiality), Section 12.5 (Exclusion of Special
Damages), Section 13 (Indemnification), Section 15 (Dispute Resolution), and Section 16 (Miscellaneous), and any right, obligation,
or required performance of the Parties in this Agreement which by its express terms or nature and context is intended to survive
the Term of this Agreement, shall survive the Term of this Agreement.

 

15.          Dispute
Resolution.

 

15.1        
Agreement to Resolve Disputes. Except as otherwise specifically provided in this Agreement, the provisions of this Section
15 shall apply to any dispute, controversy or claim between the Parties arising under this Agreement, including in connection
with or related to any right, duty or obligation arising hereunder or the relationship of the Parties hereunder (a “Dispute”).

 

15.2        
Negotiated Resolution. The Parties hereby agree to act in good faith and use reasonable efforts to resolve expeditiously
any Dispute that may arise from time to time on a mutually acceptable, negotiated basis. In furtherance of the foregoing, the
Parties agree to the following procedure:

 

(a)        At the request of any Party from time to time in a written notice to the other Parties, the Parties agree to convene a committee
comprised of one or more executive officers designated by Licensor and Licensee. Such officers will meet within ten (10) Business
Days of such notice and attempt in good faith to resolve the Dispute.

 

(b)        If the committee is unable to resolve the Dispute within fifteen (15) Business Days of its initial meeting, then any Party, by
giving notice to the other Parties, may request that the Dispute be referred for resolution to the President (or similar officer)
of Licensee and PHS, respectively. The Presidents shall meet within fifteen (15) Business Days thereafter and shall attempt in
good faith to resolve the Dispute. The Parties agree that these dispute resolution procedures will toll the applicable statute
of limitations during the time period consumed in complying with this Section 15.2.

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15.3        
Arbitration. Any Dispute not resolved through the procedures set forth in Section 15.2 above, shall at the request of Licensor
or Licensee be determined by binding arbitration. Any arbitration to be conducted in connection with this Agreement shall be administered
by the American Arbitration Association (“AAA”) in accordance with the provisions of this Section 15 and the
Commercial Arbitration Rules of the AAA (the “AAA Rules”) in effect as of the commencement of the applicable
arbitration proceeding, except to the extent the then-current AAA Rules are inconsistent with the provision of this Section 15.3,
in which case the terms hereof shall control. Such arbitration shall be subject to the following additional provisions:

 

(a)        Any arbitration pursuant to this Section 15 shall be conducted in the State of Delaware, unless otherwise agreed by the Parties.

 

(b)        The arbitration shall be conducted by one (1) arbitrator in accordance with the AAA Rules for Expedited Procedures, which arbitrator
shall be selected in accordance with the AAA Rules for Expedited Procedures, and which arbitrator shall have had at least ten
years’ experience in intellectual property licensing transactions and contract disputes.

 

(c)        In connection with any arbitration proceeding: (i) no arbitrator shall have been employed or engaged by any Party hereto; (ii)
the arbitrator shall be neutral and independent of the Parties to this Agreement; and (iii) no arbitrator shall be affiliated
with any Party’s auditors.

 

(d)        The Parties will cooperate in the exchange of documents relevant to any Dispute. Deposition or interrogatory discovery may be
conducted only by agreement of the Parties and/or if ordered by the arbitrator. In considering a request for such deposition or
interrogatory discovery, the arbitrator shall take into account that the Parties are seeking to avoid protracted discovery in
connection with any arbitration proceeding hereunder.

 

(e)        The award of the arbitrator shall be accompanied by a statement of the reasons upon which the award is based. The arbitrator shall
apply law governing this Agreement in rendering his or her decision. The arbitrator shall not have the power to modify this Agreement.
The arbitrator will have no authority to award punitive or other monetary damages not measured by the prevailing party’s
actual damages, except as may be required by statute. The arbitrator shall not award consequential damages in any arbitration
initiated herein. The fees and costs of the arbitrator shall be borne equally by the Parties. Each Party will be responsible for
its own attorney’s fees and other costs and expenses, provided that the arbitrator shall be permitted to award the prevailing
Party the payment of its reasonable attorneys’ fees and court costs from the non-prevailing Party. The decision of the arbitrator
shall be binding on the Parties and judgment thereon may be entered in any court, whether federal or state, having jurisdiction
over the Parties.

 

15.4        
Limited Court Actions. Notwithstanding anything herein to the contrary, a Party shall have the right to initiate a suit,
action or other proceeding to (i) toll any statute of limitations or (ii) seek injunctive relief or other equitable remedy if,
in such Party’s reasonable discretion, such suit, action or other proceeding is deemed necessary to avoid irreparable damage
or preserve the status quo. The institution of any suit, action or other proceeding in accordance with this Section 15.4 does
not excuse the Party’s obligation to participate in good faith in the other dispute procedures in this Section 15.

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16.          Miscellaneous.

 

16.1        
Force Majeure. No Party shall be in default hereunder by reason of any failure or delay in the performance of its obligations
hereunder, except for Licensee’s payment obligations, where such failure or delay is due to any cause beyond its reasonable
control, including strikes, labor disputes, civil disturbances, riot, rebellion, invasion, epidemic, hostilities, war, terrorist
attack, embargo, natural disaster, acts of God, flood, fire, sabotage, or any other circumstances or causes beyond such Party’s
reasonable control.

 

16.2        
Further Assurances. Each Party shall, and shall cause their respective Affiliates to, upon the reasonable request, and
at the sole cost and expense of the other Parties, promptly execute such documents and take such further actions as may be necessary
to give full effect to the terms of this Agreement.

 

16.3        
Independent Contractors. The relationship between the Parties is that of independent contractors. Nothing contained in
this Agreement shall be construed as creating any agency, partnership, joint venture, or other form of joint enterprise, employment,
or fiduciary relationship between the Parties, and no Party shall have authority to contract for or bind the other Parties in
any manner whatsoever.

 

16.4        
No Public Statements. No Party shall issue or release any announcement, statement, press release, or other publicity or
marketing materials relating to this Agreement or, unless expressly permitted under this Agreement, otherwise use any other Party’s
trademarks, service marks, trade names, logos, domain names, or other indicia of source, association, or sponsorship, in each
case, without the prior written consent of the other Parties. Notwithstanding the foregoing, Licensor and its Affiliates shall
have the right to make such disclosure as it deems necessary or advisable under applicable securities laws, in which event Licensor
shall provide Licensee with a copy of such disclosure.

 

16.5        
Notices. All notices, consents, waivers and deliveries under this Agreement must be in writing and will be deemed to have
been duly given when: (i) delivered by hand (against receipt); (ii) when received by the addressee, if sent by a nationally recognized
overnight delivery service (receipt requested); or (iii) five (5) days after being sent registered or certified mail, return receipt
requested, in each case to the appropriate addresses for each Party set forth below (or to such other addresses as a Party may
hereafter designate by similar notice in accordance with this Section 16.5 to the other Party); provided, that, if a Party refuses
to accept delivery, such notice, consent, waiver or other communication shall be deemed to have been given on the date of such
refusal of delivery:

 

If
to Licensor:

 

PerkinElmer
Health Sciences, Inc. 

do
PerkinElmer, Inc. 

940
Winter Street 

Waltham,
MA 02451 

Attention:
General Counsel

    20

     

    

with
a copy to:

 

Nelson
Mullins Riley & Scarborough LLP 

One
Post Office Square 

Boston,
MA 02109 

Attention:
Brian T. Moore

 

If
to Licensee:

 

Akoya
Biosciences, Inc. 

1505
O’Brien Drive, Suite A-1 

Menlo
Park, CA 94025 

Attention:
Brian McKelligon

 

with
a copy to:

 

Telegraph
Hill Partners 

360
Post Street, Suite 601 

San
Francisco, CA 94108 

Attention:
Robert G. Shepler

 

and:

 

Orrick,
Herrington & Sutcliffe LLP 

405
Howard Street 

San
Francisco, CA 94105 

Attention:
John F. Seegal, Esq.

 

16.6        
Interpretation. For purposes of this Agreement: (i) the words “include,” “includes,” and “including”
shall be deemed to be followed by the words “without limitation”; (ii) the word “or” is not exclusive;
and (iii) the words “herein,” “hereof,” “hereby,” “hereto,” and “hereunder”
refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections and Exhibits refer
to the Sections of and Exhibits attached to this Agreement; (y) to an agreement, instrument, or other document means such agreement,
instrument or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions
thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and
any regulations promulgated thereunder.

 

16.7        
Headings. The captions, titles and headings used in this Agreement are for convenience of reference only, shall not be
deemed part of this Agreement and shall not affect its construction or interpretation.

 

16.8        
Entire Agreement. This Agreement, together with all Exhibits and any other documents incorporated herein by reference,
constitutes the sole and entire agreement of the Parties to this Agreement with respect to the subject matter contained herein,
and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject
matter.

    21

     

    

16.9        
Assignment. Except as provided in this Section 16.9, this Agreement may not be assigned or otherwise transferred, nor may
any right or obligation hereunder be assigned or transferred, by a Party without the prior written consent of the other Parties;
provided, however, that, with prior written notice but without such consent, a Party may assign this Agreement and its rights
and obligations hereunder (a) in connection with the transfer or sale of all or substantially all of its assets related to the
QPS Products and Services that are the subject matter of this Agreement (including in the case of Licensor a transfer or sale
of all or substantially all of the Exclusive Licensed Patents), (b) to an Affiliate, or (c) or in the event of a Change of Control
of such Party. Any attempted assignment or transfer not in accordance with this Section 16.9 shall be void. Any permitted assignee
shall assume all assigned obligations of its assignor under this Agreement. This Agreement is binding upon the permitted successors
and assigns of the Parties.

 

16.10      
No Third Party Beneficiaries. This Agreement is for the sole benefit of the Parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit, or remedy of any nature whatsoever, under or by reason of this Agreement.

 

16.11      
Amendment; Modification; Waiver. This Agreement may only be amended, modified, or supplemented by an agreement in writing
signed by each Party hereto. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth
in writing and signed by the waiving Party. Except as otherwise set forth in this Agreement, no failure to exercise, or delay
in exercising, any rights, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof.,
nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power, or privilege.

 

16.12      
Construction. The Parties have participated jointly in the drafting of this Agreement, and each Party was represented by
counsel in the negotiation of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring
any Party by virtue of the authorship of any of the provisions of this Agreement.

 

16.13     
Severability. Any term of this Agreement which would be invalid or unenforceable as written shall be deemed limited in
scope and/or duration to the extent necessary to render it enforceable. The determination of any court that any provision is invalid
or unenforceable shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity
of the offending term or provision in any other situation or in any other jurisdiction.

 

16.14      
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE
WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

    22

     

    

16.15      
Consent to Jurisdiction. Subject to Section 15 above, any suit, action or other proceeding brought with respect to this
Agreement must be brought in any court of competent jurisdiction in the State of Delaware and, by execution and delivery of this
Agreement, each Party: (i) accepts, generally and unconditionally, the exclusive jurisdiction of such courts and any related appellate
court, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement; and (ii) irrevocably
waives any objection it may now or hereafter have as to the venue of any such suit, action or other proceeding brought in such
a court or that such court is an inconvenient forum. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH
THEY ARE PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT.

 

16.16      
Equitable Relief. Each Party acknowledges that a breach by any other Party of this Agreement may cause the non-breaching
Party irreparable harm, for which an award of damages would not be adequate compensation and, in the event of such a breach or
threatened breach, the non-breaching Party shall be entitled to seek equitable relief, including in the form of a restraining
order, orders for preliminary or permanent injunction, specific performance, and any other relief that may be available from any
court, and the Parties hereby waive any requirement for the securing or posting of any bond or the showing of actual monetary
damages in connection with such relief. These remedies shall not be deemed to be exclusive but shall be in addition to all other
remedies available under this Agreement at law or in equity, subject to any express exclusions or limitations in this Agreement
to the contrary.

 

16.17      
Attorneys’ Fees. In the event that any action, suit, or other legal or administrative proceeding, including under
Section 15 above, is instituted or commenced by any Party hereto against the other Parties arising out of or related to this Agreement,
the prevailing Parties shall be entitled to recover its reasonable attorneys’ fees and court costs from the non-prevailing
Parties.

 

16.18      
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and
all of which, taken together, shall constitute one and the same instrument. Original signatures hereto may be delivered by facsimile
or by electronic transmission in .PDF or .TIF format which shall be deemed originals.

 

[SIGNATURE
PAGE FOLLOWS]

    23

     

    

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

 

	PerkinElmer Health Sciences, Inc.	 	Cambridge Research & Instrumentation, Inc.
	 	 	 	 	 	 	 
	By:	/s/ Joel S. Goldberg	 	By:	/s/ Joel S. Goldberg
	 	Name:	Joel S. Goldberg	 	 	Name:	Joel S. Goldberg
	 	Title:	President	 	 	Title:	Vice President
	 	 	 	 	 	 	 
	VisEn Medical Inc.	 	 	 	 
	 	 	 	 	 	 	 
	By:	/s/ John L. Healy	 	 	 	 
	 	Name:	John L. Healy	 	 	 	 
	 	Title:	Secretary and Vice President	 	 	 	 
	 	 	 	 	 	 	 
	Akoya Biosciences, Inc.	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Name:	 	 	 	 	 
	 	Title:	 	 	 	 	 

 

[Signature Page
to License and Royalty Agreement] 

    

     

    

Exhibit
A

 

Exclusive
Licensed Patents

 

Cambridge
Research & Instrumentation, Inc.

 

[***] 

[***] 

[***] 

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

    25

     

    

Exhibit
B

 

Non-Exclusive
Licensed Patents

 

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

    26Exhibit
10.12

 

CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED

TRANSITION
SERVICES AGREEMENT

 

This
Transition Services Agreement (together with the Service Schedules attached hereto, this “TSA”) is made as
of September 28, 2018 (the “Effective Date”) by and between PerkinElmer Health Sciences, Inc., a Delaware corporation
(“Service Provider”), and Akoya Biosciences, Inc., a Delaware corporation (the “Service Recipient”).
Service Provider and Service Recipient are each referred to herein individually as a “Party” and collectively,
as the “Parties.”

 

RECITALS

 

WHEREAS,
Service Provider, Caliper Life Sciences, Inc., a Delaware corporation, and Service Recipient are parties to that certain Asset
Purchase Agreement dated as of the Effective Date (the “Asset Purchase Agreement”) pursuant to which Seller
has agreed to sell and assign to Buyer, and Buyer has agreed to purchase and assume from Seller, substantially all the assets,
and certain specified liabilities, with respect to the QPS Business (as defined in the Asset Purchase Agreement), all as more
particularly described in, and subject to the terms of, the Asset Purchase Agreement;

 

WHEREAS,
prior to the Closing (as defined in the Asset Purchase Agreement), the QPS Business received certain services from Service Provider
and certain of its Affiliates; and

 

WHEREAS,
Service Recipient desires that certain of these services constituting the Services (as defined below) continue to be provided
to the QPS Business after the Closing upon the terms and conditions set forth in this TSA.

 

WHEREAS,
such Services are critical to the continuance of the QPS Business after the Closing, and but for the agreements, covenants and
benefits of such Services after the Closing upon the terms and conditions set forth in this TSA, Service Recipient would not have
consummated the Closing under the Asset Purchase Agreement.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained in this TSA, and intending to be legally bound, and
for other good and valuable consideration, the receipt and sufficiency which is hereby acknowledged, the Parties hereto hereby
agree as follows:

 

SECTION
1.    Definitions Incorporated.
All capitalized terms used but not otherwise defined in this TSA have the meaning ascribed to them in the Asset Purchase Agreement.

 

SECTION
2.    Additional Definitions.
Unless the context otherwise requires, the following terms, in their singular or plural forms, used in this TSA shall have the
meanings set forth below:

 

2.1        
 “EU Privacy Laws” means the General Data Protection Regulation 2016/679 (“GDPR”) and any
law, statute, declaration, decree, directive, legislative enactment, order, ordinance, regulation, rule or other binding instrument
of any EU member state where the Parties have a presence which implements the GDPR and the e-Privacy Directive 2002/58/EC, including
for the avoidance of doubt the UK Data Protection Act 2018 and the Privacy and Electronic Communications Regulations, (in each
case as amended, consolidated, re-enacted or replaced from time to time);

     

     

    

2.2        
 “Services” means the services to be provided by Service Provider or an Affiliate of Service Provider to Service
Recipient (or an Affiliate of Service Recipient that has a need to receive or utilize the Services for their intended purposes),
as described in a Service Schedule.

 

2.3        
 “Service Schedule(s)” means the Schedules of Services attached hereto as Annex B, and any such
schedule that after the date hereof: (a) amends, restates or supplements such schedule, (b) references this TSA; (c) is signed
by each Party; (d) identifies the specific Services to be provided and the prices to be paid by Service Recipient for such Services;
and (e) identifies and sets forth any terms and conditions that are unique to the Services described therein.

 

Other
terms are used as defined elsewhere herein.

 

SECTION
3.    Services Provided.

 

3.1        
Agreement to Provide Services. Pursuant to the terms and conditions of this TSA and the Service Schedules, Service Provider
shall provide, or shall cause one or more of its Affiliates to provide, the Services described in each Service Schedule to Service
Recipient or, as directed by Service Recipient, to any of Service Recipient’s Affiliates. Unless otherwise agreed by the
Parties in a Service Schedule, each Service will be performed in the location where such Service was performed prior to the Closing.
Neither Service Provider nor any of its Affiliates will be required to render any Services in a particular location that would
necessitate that Service Provider or any of its Affiliates qualify to do business in any location or jurisdiction other than the
current locations and jurisdictions where Service Provider or any such Affiliate, as applicable, does business as of the Effective
Date. Service Recipient shall not resell any of the Services to any Person whatsoever and shall not permit the receipt or use
of the Services by any Person other than in connection with the conduct of the QPS Business after the Closing. Service Provider
acknowledges that the Services are intended for the purposes of providing for the orderly transition of the operation of the QPS
Business and the Purchased Assets to the Service Recipient. For the avoidance of doubt, except as set forth in a Service Schedule,
neither Service Provider nor any of its Affiliates shall be obligated to provide any other services to Service Recipient or any
of its Affiliates.

 

3.2        
Transition Manager and Functional Leads; Resolution of Disputes.

 

3.2.1           
Transition Manager. Each of Service Provider and Service Recipient has named a transition manager (the “Transition
Managers”) for purposes of managing and overseeing the performance of the obligations of the Parties under this TSA,
each as identified on Annex A attached hereto. The Transition Managers shall be the initial points of contact with respect
to the day-to-day provision of the Services hereunder, including attempting to resolve any issues that may arise during the performance
of the Services before any such dispute may be escalated to the Executive Leadership (as defined below) in accordance with the
terms of Section 3.2.3 hereof. The Transition Managers may delegate authority to other Service Provider and Service Recipient
personnel (including the Functional Leads (as defined below)) to act as initial points of contact with respect to certain Services
or categories of Services as appropriate. To the extent a Party desires to replace its Transition Manager, such Party shall provide
prior written notice of any such replacement; it being understood and agreed that Service Provider and Service Recipient shall
take all commercially reasonable actions to ensure a qualified representative is promptly appointed to fill such role.

    2 

     

    

3.2.2           
Functional Leads. Service Provider has identified on Annex A attached hereto employees of Service Provider or its
Affiliates with the knowledge, experience and expertise in the respective functional areas of the QPS Business necessary to effectuate
the transition of people, processes, data, systems and as other aspects of the QPS Business (the “Functional Leads”).
Service Provider will provide to Service Recipient reasonable access to the Functional Leads on an on-going, as needed basis during
the Term of this TSA. The Functional Leads will liaise with Service Provider’s Transition Manager and in consultation with
Service Recipient’s Transition Manager and during the Term of the TSA be available to the Transition Managers to meet and
discuss relevant transition work-streams. The Functional Leads will be notified of their responsibilities hereunder promptly following
the Effective Date. To the extent Service Provider desires to replace a Functional Lead, Service Provider shall provide prior
written notice of any such replacement; it being understood and agreed that Service Provider shall take all commercially reasonable
actions to ensure a qualified representative is promptly appointed to fill such role.

 

3.2.3           
Disputes. In the event of any material dispute between the Parties relating to the Services or this TSA that is not resolved
by the Transition Managers, any Transition Manager may escalate the dispute to the Service Provider’s senior management
designee, who shall initially be Arvind Sundar-Raj an, and Service Recipient’s executive leadership designee, who shall
initially be Alex Herzick (collectively, the “Executive Leadership”), by delivery of a written notice of escalation
with reference to this Section 3.2.3. If the Executive Leadership is unable to resolve the dispute within thirty (30)
days of the dispute being escalated to them, then each Party shall be free to pursue such remedies as may be available to such
Party on the terms and subject to the provisions of this TSA. The failure of the Transition Managers or the Executive Leadership
to resolve a dispute pursuant to this Section 3.2.3 shall not relieve a Party hereto of its obligations hereunder
that are not the subject of the dispute.

 

SECTION
4.    Compensation.

 

4.1        
Compensation for Services. Subject to the terms and conditions in this TSA, the compensation to be paid by Service Recipient
to Service Provider for each Service during the Transition Term shall be the prices and rates set forth in the applicable Service
Schedule for such Service. Except as otherwise set forth in a Service Schedule, for any Service where the price for the Services
is expressed as a specified dollar amount per month, if such Services are provided for only a portion of the month, the Services
will be deemed provided for a full month for purposes of determining the fees under this TSA, except that in the month of the
Effective Termination Date of such Service, such fees shall be prorated as of the Effective Termination Date for such Service.

 

4.2        
Costs and Expenses. Unless otherwise set forth on a Service Schedule, the prices for the Services set forth in the Service
Schedules as of the Effective Date are exclusive of any reasonable expenses related to travel (including long-distance and local
transportation, accommodation and meal expenses and other incidental, out of pocket expenses) by Service Provider’s or its
Affiliates’ personnel in connection with performing the Services;; provided, however, that to the extent any such expense
exceeds $[***], the prior written approval of Service Recipient shall be required. Unless otherwise agreed to and set forth on
a Service Schedule, as amended, modified or updated after the date hereof, any (a) third party consultant and service provider
fees incurred in connection with the Services; and (b) other out-of-pocket, third party costs for assets or services acquired
to provide the Services (all of foregoing in (a) and (b) to be charged by Service Provider to Service Recipient on a straight
pass-through basis) shall require the prior written consent of Service Recipient.

    3 

     

    

4.3        
Taxes.

 

4.3.1           
The prices set forth in the Service Schedules are exclusive of taxes. Service Recipient will pay and be liable for any and all
sales, service, value added, or similar taxes imposed on, sustained, incurred, levied and measured by: (a) the cost, value or
price of Services provided by Service Provider under this TSA; or (b) Service Provider’s cost in acquiring property or services
used or consumed by Service Provider in providing Services under this TSA (collectively, the “Sales and Service Taxes”);
provided, however, Service Recipient shall not be obligated to pay such Sales and Service Taxes if and to the extent
that Service Recipient has provided Service Provider any valid exemption certificates or other applicable documentation reasonably
satisfactory to Service Provider that would eliminate or reduce the obligation to collect or pay such Sales and Service Taxes.
Such Sales and Service Taxes will be payable by Service Recipient to Service Provider in accordance with Section 4.4
or as otherwise mutually agreed in writing by the Parties and under the terms of the applicable Legal Requirement that governs
the relevant Sales and Service Taxes.

 

4.3.2           
Each of Service Provider and Service Recipient shall pay and be responsible for all other taxes applicable to each of them, including
taxes based on their own respective capital, corporate franchise, income or profits or assets and all applicable taxes relating
to their respective employees.

 

4.3.3           
Payments for Services or other amounts under this TSA shall be made net of any required withholding taxes and the amount deducted
for withholding taxes shall be treated as paid to Service Provider for all purposes of this TSA. Notwithstanding the foregoing,
if Service Provider reasonably believes that a reduced rate of withholding applies or Service Provider is exempt from withholding,
then Service Provider will notify Service Recipient and Service Recipient will apply such reduced rate of withholding or no withholding
at such time as Service Provider provides Service Recipient with evidence reasonably satisfactory to Service Recipient that a
reduced rate of or no withholding is required (and that all necessary administrative provisions or requirements have been completed),
including rulings or certificates from, or other correspondence with taxing authorities and tax opinions rendered by qualified
persons, to the extent reasonably requested by Service Recipient. Service Recipient shall timely remit any amounts withheld to
the appropriate taxing authority and shall provide Service Provider with a receipt or other documentation evidencing such payment,
including the amount paid and the applicable taxing authority to which payment was made. Service Recipient shall not be required
in any circumstances to pursue any refund of taxes withheld and paid over to a taxing authority; provided, however,
that: (a) Service Recipient will, at Service Provider’s reasonable request and at Service Provider’s expense, assist
Service Provider in Service Provider’s pursuit of such refund of taxes; and (b) in the event that Service Recipient receives
a refund of any amounts previously withheld from payments to Service Provider and remitted, Service Recipient shall promptly surrender
such refund to Service Provider.

    4 

     

    

4.3.4           
Each of Service Provider and Service Recipient shall promptly notify the other of any deficiency claim or similar notice by a
taxing authority with respect to Sales and Service Taxes or withholding taxes payable under this TSA, and shall provide the other
with such information as reasonably requested from time to time, and shall fully cooperate with the Service Provider or Service
Recipient, as applicable, in connection with: (a) the reporting of any Sales and Service Taxes or withholding taxes payable pursuant
to this TSA; (b) any audit relating to Sales and Service Taxes or withholding taxes pursuant to this TSA; and (c) any assessment,
refund, claim or proceeding relating to such Sales and Service Taxes or withholding taxes.

 

4.4      
Terms of Payment. Service Provider will invoice Service Recipient for each Service at the prices and rates set forth in
the applicable Service Schedule within thirty (30) days following the end of each calendar month for Services provided in the
prior month or on such other invoicing schedule as is set forth in a Service Schedule. The monthly invoice issued by Service Provider
and delivered to Service Recipient following the end of each calendar month after Closing shall include amounts, such as Sales
and Service Taxes and/or other costs and expenses incurred in such month, that are payable in addition to the prices for the Services.
Payment in full shall be made by Service Recipient by wire transfer in immediately available funds (or such other means as the
Parties may mutually agree in writing) within thirty (30) days after receipt of an invoice. Amounts not being paid on or before
the date required to be paid hereunder shall constitute a material breach of this TSA and shall accrue interest until paid at
a rate equal to two percent (2%) above the U.S. Prime Rate, as reported in the Wall Street Journal, Eastern Edition from time-to-time
(or the maximum allowed by applicable Legal Requirement, if less), pro-rated for the actual number of days elapsed, accrued from
the date such payment was due hereunder until the date of the actual receipt of payment by Service Provider or its designee. In
addition, Service Provider may suspend performance of the Services in the event that Service Recipient fails to timely pay undisputed
amounts within ten (10) days after receipt of written notice of non-payment from Service Provider; it being understood and agreed
that such right to suspend services arises only in connection with undisputed amounts, and to the extent Service Recipient disputes
any invoice or portion thereof, the failure to timely pay the disputed amount shall in no event trigger the right of suspension
hereunder. All amounts due for Services rendered pursuant to this TSA shall be billed and paid in United States dollars or the
applicable currency for such Services set forth on the applicable Service Schedule.

 

SECTION
5.    Term and Termination.

 

5.1      
Term for Services Provided. Unless a shorter period is otherwise set forth in a Service Schedule or the Parties mutually
agree to a longer period in accordance with the terms hereof, Service Provider (or its Affiliates) shall provide each of the Services
for a period commencing on the Effective Date and ending on the 12-month anniversary of the Effective Date (the “Transition
Term”). The term of any Services may be extended by mutual agreement of the Parties in writing (through a written amendment
to this TSA entered into by a duly authorized representative of each Party) with respect to one or more of the Services beyond
the Transition Term or earlier expiration date for any such Service as set forth in the applicable Service Schedule; provided,
however, that such extension shall only apply to the applicable Service for which the Transition Term is extended. For
the avoidance of doubt and subject to the foregoing sentence, in no event will Service Provider or any of its Affiliates be required
to provide a Service described in a Service Schedule: (a) beyond the shorter specified term for such Service if the applicable
Service Schedule provides for a term for such Service that is shorter than the Transition Term: or (b) if there is no such shorter
term specified, beyond the Transition Term. The Parties acknowledge and agree that it is their objective to have all Services
described in each Service Schedule and all related transition activities completed as soon as commercially practicable.

    5 

     

    

5.2        
Term of TSA. Unless otherwise expressly agreed to by the Parties by amendment of this Section 5.2 in accordance with
Section 12.4 hereof, the term of this TSA (the “Term”) shall be for a period commencing at 12:01 a.m.
Eastern Time on the Effective Date and ending at 11:59 p.m. Eastern Time on the 12-month anniversary of the Effective Date (the
 “Expiry Date”).

 

5.3        
Termination of Individual Services by Service Recipient for Convenience. Service Recipient may, at any time after the Effective
Date, terminate any individual Service provided under this TSA on a Service-by-Service basis upon written notice to Service Provider
identifying the particular Service (or location) to be terminated and the effective date of termination, which date shall not
be later than the end of the applicable expiration date or Service term for such Service set forth in the applicable Service Schedule
or earlier than thirty (30) days after Service Provider’s receipt of such notice of termination (or such shorter notice
period as set forth in a Service Schedule), unless Service Provider otherwise agrees in writing (the “Effective Termination
Date”). Notwithstanding the foregoing, Service Recipient shall not be able to terminate any individual Service if Service
Provider reasonably demonstrates to the reasonable satisfaction of Service Recipient that any non-terminated Services are dependent
upon the provision of the Services that Service Recipient is seeking to terminate. To the extent Service Provider or any of its
Affiliates has incurred any out-of-pocket expenses for third party services, equipment, licenses, assets or other resources that
are reimbursable by Service Recipient hereunder and Service Provider is committed to pay any such expenses in whole or in part
notwithstanding the early termination of the Services to which they relate, then Service Recipient shall reimburse Service Provider
for such expenses notwithstanding such early termination; provided, however, that Service Provider shall use reasonable
efforts to mitigate and minimize such expenses post-termination. Once Service Recipient has terminated any of the Services, Service
Provider shall have no obligation to resume provision of such Services pursuant to this TSA.

 

5.4        
Termination of Agreement. This TSA shall terminate on the earliest to occur of: (a) the Expiry Date; (b) the date on which
the provision of all Services have been completed or terminated or been canceled pursuant to Section 5.3; and (c)
the date on which this TSA is terminated pursuant to Section 5.5.

 

5.5        
Termination for Cause. If either Party materially breaches any of its obligations under this TSA and such Party does not
cure such breach within thirty (30) days after receiving written notice thereof from the non-breaching Party (which notice shall
reference this Section 5.5), the non-breaching Party may terminate this TSA, in whole or in part (with respect to the Services
to which the breach relates), immediately by providing written notice of termination to the Party in breach. Notwithstanding the
foregoing, if Service Recipient fails to pay any amounts for Services provided hereunder when due, and Service Recipient fails
to cure its failure to pay such undisputed amounts within ten (10) days of receipt of written notice thereof from Service Provider,
Service Provider may terminate this TSA, including the provision of Services pursuant hereto, immediately by providing written
notice of termination to Service Recipient. Further, this TSA may be terminated, effective immediately upon written notice, by
Service Provider, on the one hand, or by Service Recipient, on the other hand, if the other Party files, or has filed against
it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law or makes or seeks to make a general
assignment for the benefit of its creditors or applies for or consents to the appointment of a trustee, receiver or custodian
for it or a substantial part of its property.

    6 

     

    

5.6        
Effect of Termination; Survival. In the event of the expiration or any termination of this TSA, Service Provider shall
be entitled to all amounts due for the provision of Services rendered prior to the date of expiration or termination and such
amounts will be determined in accordance with the prices set forth in the applicable Service Schedule(s) and will be paid by Service
Recipient in accordance with the terms in this TSA. The following Sections shall survive the termination or expiration of this
TSA: Section 1 and Section 2 (in each case as necessary to interpret any surviving provision hereunder),
Section 4 (solely with respect to amounts accrued prior to the termination or expiration of this TSA), this Section 5.6,
Section 6.10, Section 8.3, Section 9, Section 11, and Section 12.

 

SECTION
6.    Certain Covenants.

 

6.1        
Reasonable Care. Service Provider shall perform, or cause to be performed, the Services under this TSA: (a) in accordance
with the service and quality levels specified in the applicable Service Schedule; or (b) if no service and quality levels are
provided in a Service Schedule with respect to a particular Service or aspect of a Service, with the same degree of care as used
by Service Provider or its Affiliates in its own affairs, including in the conduct of the QPS Business in the ordinary course
of business prior to the Closing. Unless otherwise specified in a Service Schedule or otherwise mutually agreed by the Parties
in writing, Services will be performed during Service Provider’s or its Affiliates’ normal business hours (consistent
with past practices).

 

    7 

     

    

6.2        
Data Protection. In operating the QPS Business, Service Provider and/or Service Provider’s Affiliates in the European
Economic Area (“EEA”) have collected, processed and used personal data about (a) Transferred Employees, and
(b) customers and vendors of the QPS Business; and (a) and (b) being jointly referred to as “Personal Data”),
and the Personal Data has been acquired by Service Recipient and its Affiliates pursuant to the Asset Purchase Agreement. During
the Transition Term, Service Provider and the Service Provider’s subcontractors (“Subcontractors”) shall
act as a commissioned data processor for Service Recipient with respect to the Personal Data, including by: (i) hosting the Personal
Data on its IT systems; (ii) at the direction of Service Recipient, granting access to the Personal Data to the Service Recipient
and other individuals and/or entities if and to the extent so instructed by Service Recipient in writing (“Designees”);
(iii) processing the Personal Data for and on behalf of Service Recipient in accordance with its instructions, including with
regard to transfers to countries outside the EEA and ensuring that its personnel (and those of its Subcontractors) authorized
to process the Personal Data have committed themselves to confidentiality or are under an appropriate statutory obligation of
confidentiality; (iv) implementing appropriate technical and organizational security measures; (v) taking into account the nature
of the processing, assist the Service Recipient by appropriate technical and organizational measures, insofar as this is possible,
for the fulfilment of the Service Recipient’s obligation to respond to requests for exercising the data subject’s
rights under the EU Privacy Laws; (vi) promptly notify the Service Recipient in writing upon becoming aware of any improper, unauthorized,
or unlawful access to, use of, or disclosure of, or any other event which affects the availability, integrity or confidentiality
of Personal Data which is processed by the Service Recipient under this TSA; (vi) assisting Service Recipient in ensuring compliance
with the obligations to (a) implement appropriate technical and organizational security measures; (b) notify (if required) Personal
Data breaches to EU data protection regulators (“Regulators”) and/or individuals; and (b) conduct data
protection impact assessments; (vii) at the choice of the Service Recipient, delete or return all the Personal Data to the Service
Recipient after the end of the provision of services relating to processing, and delete existing copies of the Personal Data unless
European Union or Member State law requires storage of the Personal Data; (viii) make available to the Service Recipient all information
necessary to demonstrate compliance with the obligations laid down in this Section 6.2 and EU Privacy Laws, and allow for
and contribute to audits, including inspections, conducted by the Service Recipient or another auditor mandated by the Service
Recipient; and Service Recipient acknowledges that Service Provider will process data in and transfer Personal Data outside the
EEA. Notwithstanding anything herein to the contrary, Service Provider and its Affiliates shall not be obligated to comply with
instructions of Service Recipient to the extent such instructions conflict with the design and/or operation of Service Provider’s
IT systems and processes, provided that Service Provider’s IT systems and processes are in compliance with EU Privacy Laws,
and nothing in this TSA shall limit Service Provider’s or Service Provider’s Affiliates’ ability to process
or use personal data of customers and vendors in the operation of their respective businesses. Where Service Provider engages
a Subcontractor for carrying out specific processing activities on behalf of the Service Recipient and that Subcontractor fails
to fulfil its obligations, Service Provider shall remain fully liable under the EU Privacy Laws to Service Recipient for the performance
of that Subcontractor’s obligations. Each Party shall ensure compliance with its respective obligations hereunder and under
applicable Legal Requirements and EU Privacy Laws as well as with any orders made by competent regulatory authorities with respect
to the protection of Personal Data. Service Recipient shall use commercially reasonable efforts to ensure that any Designees accessing
Personal Data on behalf of Service Recipient comply with all applicable Legal Requirements. For the avoidance of doubt, in no
event shall Service Provider and its Affiliates be liable for any violation of applicable Legal Requirements by any such Designee
in connection with the processing and use of Personal Data by such Designee. Service Recipient will accede to, and where necessary
cause any such Designee to accede to, the existing controller-to-controller model contract between Service Provider and Service
Provider’s Affiliates in accordance with Commission Decision 2004/915/EC and use commercially reasonable efforts to enter
into any other data transfer agreements necessary for a lawful transfer of Personal Data as contemplated hereunder (including
the lawful granting of access) prior to such data transfers taking place.

 

6.3        
Import/Export.

 

6.3.1           
Service Recipient acknowledges that the import, export, sale and distribution of QPS Business products and related technical information
may be subject to any U.S. and non-U.S. laws and regulations relating to export controls, sanctions, and imports, including without
limitation those regulations maintained by the U.S. Treasury Department’s Office of Foreign Assets Control, U.S. Department
of Homeland Security, the U.S. Export Administration Regulations (“EAR”) maintained by the U.S. Department
of Commerce, and similar Legal Requirements to the full extent applicable in all countries (collectively “Trade Laws”).
Service Recipient shall, to the extent that Service Recipient would be within its rights in doing so, provide to Service Provider
any documentation in Service Recipient’s possession to the extent that supply of the documentation to Service Provider is
legally necessary or reasonably useful to enable Service Provider to comply with the Trade Laws. With respect to all transactions
of the QPS Business for which Service Provider will provide Services pursuant to this TSA, Service Provider shall not be liable
to Service Recipient for a violation by the QPS Business of any Trade Laws; except to the extent that Service Provider causes
Service Recipient to commit such violation.

    8 

     

    

6.3.2           
Service Provider shall provide support to Service Recipient with regard to QPS Business exports, including supply of requested
information and documentation. If for any given export Service Recipient is the Principal Party in Interest and where designated
by Service Recipient, Service Provider shall directly or through an authorized freight forwarder transmit required Electronic
Export Information via the Automated Export System (“AES”) to the U.S. Bureau of Census for such export transactions
on Service Recipient’s behalf, and for this limited purpose Service Provider shall act as Service Recipient’s true
and lawful agent; provided that Service Provider’s obligation to do so shall be limited to the extent that Service Recipient
fails to provide Service Provider with accurate information that Service Provider does not have and that is necessary to complete
such AES filings on a timely basis. In such circumstances, Service Recipient shall indemnify Service Provider for any liability
that Service Provider incurs due to Service Recipient’s supply to Service Provider of such information that is inaccurate.

 

6.3.3           
Service Provider shall provide support to Service Recipient with regard to QPS Business imports, including supply of requested
information and documentation. If requested to do so by Service Recipient, Service Provider shall perform the function of Importer
of Record in a country in which Service Provider is so permitted to function on behalf of Service Recipient under local law; provided
that Service Provider’s obligation to do so shall be limited to the extent that Service Recipient fails to provide Service
Provider with accurate information that Service Provider does not have and that is necessary to submit complete import/entry declarations.
Service Provider will be relying on the accuracy of such information in the transactions in which Service Provider functions as
the Importer of Record. To the extent that funds are not provided by the QPS Business customer or another source, Service Recipient
shall be responsible for paying (or reimbursing to Service Provider, for transactions for which Service Provider performs the
function of Importer of Record) all duties, taxes, levies and fees payable to governmental entities that are applicable to such
import transactions. In addition, to the extent that Service Provider functions as the Importer of Record and, as is required
by law, pays any Value Added Taxes (VAT), Goods and Services Taxes (GST) or similar taxes upon importation that are creditable
upon the resale of the imported articles in-country, Service Recipient shall reimburse Service Provider for the full amount of
such taxes actually paid by Service Provider to the extent that such funds are not provided by the QPS Business customer or another
source.

 

6.3.4           
Service Provider shall use commercially reasonable means to supply Service Recipient on a timely basis with documentation required
to complete the export and/or importation process. Any performance obligation arising under this TSA of the Service Provider is
contingent upon the prior receipt by Service Recipient and/or its Affiliates of government authorizations to the extent that any
such authorization is legally required to perform and provided Service Provider has reasonably cooperated with Service Recipient
with respect to pursuing the authorization. To such extent, Service Provider shall not be liable for any breach, non-performance,
or delay in performance resulting from the failure by Service Recipient or its Affiliates to obtain any such authorization.

    9 

     

    

6.3.5           
Notwithstanding the terms of Section 10 of this TSA, Service Recipient agrees to reimburse Service Provider for reasonable
out-of-pocket expenses actually incurred by Service Provider for responding to any government-initiated review, investigation
or audit related to export and/or import transactions of the QPS Business for which Service Provider provides Services under this
TSA. Also notwithstanding the terms of Section 10 of this TSA, Service Recipient shall be liable for any surcharges,
penalties or damages assessed or incurred for violations of export, sanctions and/or import-related laws and regulations applicable
to transactions of the QPS Business for which Service Provider will provide Services under this TSA, except for violations caused
solely by the acts or omissions of Service Provider.

 

6.3.6           
Notwithstanding the foregoing, Service Provider shall not be required to undertake or perform any obligation set forth in this
Section 6.3 if Service Provider (or one of its Affiliates) did not undertake or perform the applicable activity prior
to Closing and Service Provider shall not be responsible for undertaking or performing any such obligation to a greater degree
and extent than, or for incurring any expenses in connection therewith greater than, that undertaken, performed or incurred prior
to Closing.

 

6.4        
No Violation of Laws. Neither Service Provider nor its Affiliates (nor third party service providers) shall be required
to provide all or any part of any particular Service or Services to the extent that providing such Service or Services would require
Service Provider or its Affiliates to violate any applicable Legal Requirements; provided, however, if upon advice of counsel
Service Provider determines that certain Services or Services would require Service Provider or its Affiliate to violate applicable
Legal Requirements, Service Provider shall promptly provide notice thereof (which notice shall include reasonable detail and basis
for Service Provider and its counsel’s determination), and upon delivery of notice, Service Provider and Service Recipient
shall cooperate in good faith and use all commercially reasonable efforts to agree upon an alternative approach to deliver to
Service Recipient substantially similar or comparable Services that would not violate any Legal Requirement.

 

6.5        
Cooperation. It is understood that it will require significant efforts of all Parties to implement this TSA and to ensure
performance hereunder at the agreed upon level and on the agreed upon timeframe (subject to all the terms and conditions of this
TSA). The Parties will cooperate (acting in good faith) to affect a smooth and orderly transition of the QPS Business by the performance
of the Services provided hereunder from Service Provider and its Affiliates to Service Recipient and its Affiliates. Such cooperation
shall include the provision of reasonable access to the other Party’s personnel and records as shall be reasonably necessary
to facilitate the transition of the QPS Business. To the extent a failure of Service Recipient to act in accordance with this
Section 6.5 prevents or materially inhibits the provision of a Service hereunder, Service Provider shall deliver notice thereof
to Service Recipient (which notice shall contain an appropriate level of specificity), cooperate with Service Recipient in rectifying
any such failure to the extent such cooperation of Service Provider is necessary and provide to Service Recipient thirty (30)
days from receipt of such notice the opportunity to cure any such failure; whereupon, if the failure continues beyond such thirty
(30) day cure period, Service Provider or its Affiliates shall be relieved of its obligation to provide such Service to the extent
affected, until the failure has ceased, provided that, the foregoing shall in no way relieve any other obligation of Service Provider
hereunder.

    10 

     

    

6.6        
Means of Providing Services.

 

6.6.1           
Service Provider shall provide each Service in accordance with the terms of the corresponding Service Schedule; provided that,
except where a Service Schedule expressly identifies specific means and resources for use in connection with the Services, Service
Provider shall in good faith determine the means and resources used to provide the Services consistent with the standards of reasonable
care set forth in Section 6.1 hereof Without limiting the foregoing, Service Provider or its Affiliates may elect to modify
or replace at any time: (a) its policies and procedures; (b) any Affiliates and/or third parties that provide any Services; (c)
the location from which any Service is provided; or (d) the intellectual property rights, information technology, products and
services used to provide the Services; provided that, in each case, any such modification or replacement shall not adversely
affect the Services or the quality thereof in any material respect.

 

6.6.2           
Service Recipient acknowledges that Service Provider may be providing similar services, and/or services that involve the same
resources as those used to provide the Services, to its internal organizations, Affiliates and to third parties, and the provision
of such similar services shall in no way be deemed to be a breach of Service Provider’s obligations hereunder. Service Provider
acknowledges that its provision of such services to its internal organizations, its Affiliates and to third parties shall in no
way diminish or otherwise materially affect Service Provider’s obligations to Service Recipient under this TSA.

 

6.6.3           
Subject to Section 6.1 and any limitations with respect to outages specified in any Service Schedule, Service Provider
or its Affiliates may suspend the provision of the Services (or any part thereof), from time to time, to enable the performance
of routine or emergency maintenance to the assets used in connection with the provision of the Services that are required to provide
the Services; provided that: (a) Service Provider shall use commercially reasonable efforts to perform such routine maintenance
outside of the normal business hours of Service Recipient and in accordance with the terms of the applicable Service Schedule;
(b) Service Provider shall provide Service Recipient with reasonable prior notice of such suspension and the anticipated duration
of the suspension, in each case to the extent practicable; and (c) Service Provider shall use commercially reasonable efforts
to carry out the applicable maintenance and resume the provision of the relevant Services as soon as reasonably practicable.

 

6.7        
Authorized Service Providers. Service Provider represents and warrants that, as of the Effective Date, the prices set forth
in the Service Schedules are inclusive of all third party costs for assets or services necessary to deliver such Services to Service
Recipient in accordance with this Agreement. Except as otherwise specified in a Service Schedule with respect to the Services
under such Service Schedule, Service Provider or any of its Affiliates may, as it deems necessary or appropriate in providing
the Services: (a) use the personnel of Service Provider or its Affiliates (it being understood that such personnel can perform
the Services on behalf of Service Provider or its Affiliates on a full-time or part-time basis, as determined by Service Provider
or its Affiliates in accordance with the obligations under this TSA relating to the provision of the Services); or (b) employ
the services of third parties who are in the business of providing such Services; provided, however, regardless of whether
the Service Provider or its Affiliates employs employees or engages third parties to perform the Services on behalf of Service
Provider, as related to Service Recipient, Service Provider affirms that it is and remains ultimately responsible or such Services
rendered hereunder. In performing the Services, employees and representatives of Service Provider and its Affiliates shall, as
between the Parties, be under the direction, control and supervision of Service Provider or its Affiliates (and not Service Recipient)
and, as between the Parties, Service Provider or its Affiliates shall have the sole right and obligation to exercise all authority
and control with respect to the employment (including termination of employment), assignment and compensation of such employees
and representatives. Service Recipient acknowledges and agrees that it has no right hereunder to require that Service Provider
or its Affiliates perform the Services hereunder with specifically identified employees or third parties and that the assignment
of employees or third parties to perform such Services shall be determined in the sole discretion of Service Provider.

    11 

     

    

6.8        
Relationship of the Parties. Nothing contained in this TSA shall be construed as creating a partnership, joint venture,
agency, trust or other association of any kind among or between the Parties, each Party being individually responsible only for
its obligations as set forth in this TSA. Service Provider and its Affiliates shall provide the Services hereunder in the capacity
of an independent contractor and not as an employee, agent or joint venture counterparty of Service Recipient. Without limiting
the foregoing, neither Party shall have any power or authority to bind the other Party to any contract, undertaking or other engagement
with any third party.

 

6.9        
Treatment of Employees.

 

6.9.1           
Employees of Service Recipient involved in the receipt of the Services shall remain as the employees of Service Recipient and
Service Recipient shall be solely responsible for the payment and provision of all wages, bonuses, commissions and employee benefit
plans, programs or arrangements relating to such employees, and the withholding and payment of all applicable taxes relating to
such employees.

 

6.9.2           
Employees of Service Provider and its Affiliates involved in the provision and administration of the Services shall remain as
the employees of Service Provider and its Affiliates and Service Provider and its Affiliates shall be solely responsible for the
payment and provision of all wages, bonuses, commissions and employee benefit plans, programs or arrangements relating to such
employees, and the withholding and payment of all applicable taxes relating to such employees.

 

6.10      
Non-Solicitation of Employees. For a period of three (3) years from and after the Effective Date, Service Recipient shall
not, and it shall cause its Affiliates not to, without the express written consent of Service Provider, directly or indirectly,
solicit any employees of the Service Provider or its Affiliates involved in providing or receiving the Services (other than the
Business Employees), in each case, to: (a) leave the employment of Service Provider or its Affiliates; or (b) violate the terms
of their employment contracts, or any employment arrangements, with Service Provider or its Affiliates, in all such cases in order
to become an employee of Service Recipient or any of its Affiliates; provided, however, that nothing in this Section 6.10
shall restrict or preclude Service Recipient or its Affiliates from making generalized searches for and hiring employees by
the use of advertisements in the media (including trade media) or by engaging search firms that are not instructed to solicit
any employees of Service Provider or its Affiliates to engage in searches.

    12 

     

    

6.11     
No Violation of Third Party Agreements. Service Provider represents and warrants to the best of its knowledge that the
provision of the Services set forth on the Service Schedules does not violate any third party agreement and no third party consent,
authorization or approval is required or necessary for Service Provider or its Affiliates to provide the Services set forth on
the Service Schedules. If after the date hereof the Parties agree to amend, modify or update the Services Schedules, and Service
Provider reasonably believes that the provision of any Services set forth on such amended, modified or updated Services Schedules
will result in a violation of any third party agreement or that a third party’s consent, authorization or approval is necessary
to provide the Services, then Service Provider will promptly notify Service Recipient and then (i) the Parties shall cooperate
in good faith to procure for Service Recipient, at Service Recipient’s cost and expense, any applicable licenses, enter
into any appropriate agreement or obtain the necessary consent, authorization or approval in order to allow the Services to be
provided in accordance with the terms set forth herein, or (ii) Service Recipient may elect to abandon or terminate the Services
requested on any such amended, modified or updated Services Schedules. All costs incurred as a result of the cooperation of the
Parties pursuant to the immediately preceding sentence shall be borne by Service Recipient.

 

6.12     
Information Provided by Service Recipient. Service Recipient will provide (or will cause to be provided) to Service Provider
complete and accurate data and information to the extent necessary for Service Provider or its Affiliates to provide the Services.
Service Provider and its Affiliates may rely on the completeness and accuracy of such data and information in connection with
the provision of the Services to Service Recipient. Neither Service Provider nor its Affiliates will be liable or responsible
for any failure to provide a Service in compliance with this TSA as a result of such data or information provided by Service Recipient
being incomplete or inaccurate and Service Recipient will be responsible and liable therefor; provided, however, to the extent
Service Provider becomes aware that the data and information furnished by Service Recipient is either incomplete or inaccurate,
Service Provider shall or shall cause its Affiliate to promptly notify Service Recipient of any such issues with the data and
information.

 

SECTION
7.    Force Majeure. Neither
Party nor any of its Affiliates (nor any Person acting on its or their behalf) shall bear any responsibility or liability for
any losses arising out of any delay, inability to perform or interruption of its performance of obligations under this TSA due
to any acts or omissions of the other Party or for events beyond the reasonable control of such Party or its Affiliates (or any
Person acting on its or their behalf), including acts of God, acts of governmental authority, acts of the public enemy or due
to terrorism, war, riot, flood, civil commotion, insurrection, labor difficulty, severe or adverse weather conditions, lack of
or shortage of electrical power, malfunctions of equipment or software programs, or any other cause beyond the reasonable control
of such Party or its Affiliates or its or their third party service providers whose performance is affected by any of the foregoing
(hereinafter referred to as a “Force Majeure Event”). In such event, the obligations hereunder of such Party
in providing the impacted Service or performing its obligations under this TSA, and the obligations of Service Recipient to pay
for any such Service, shall be postponed for such time as its performance is suspended or delayed on account thereof but only
to the extent that the Force Majeure Event prevents such Party or its Affiliates from performing its duties and obligations hereunder
or makes such performance commercially unreasonable. During the duration of the Force Majeure Event, the affected Party shall
use all commercially reasonable efforts to avoid or remove such Force Majeure Event and shall use all commercially reasonable
efforts to resume its performance under this TSA with the least practicable delay. Any deadline or time for performance which
falls due during or subsequent to the occurrence of a Force Majeure Event shall be automatically extended for a period of time
equal to the period of such Force Majeure Event, and the term of the impacted Service shall be correspondingly extended.

    13 

     

    

SECTION
8.    Representations and Warranties.

 

8.1           
Authorization. Each Party represents and warrants that: (a) it has the requisite power and authority to execute and deliver
this TSA and to perform the obligations hereunder, specifically, in the case of Service Provider, to perform the Services; (b)
all corporate action on the part of such Party necessary to approve or to authorize the execution and delivery of this TSA and
the performance of the Services and the other transactions contemplated hereby to be performed by it has been duly taken; and
(c) this TSA is a valid and binding obligation of such Party, enforceable in accordance with its terms, subject to the effect
of principles of equity and the applicable bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting
creditors’ rights generally and other customary qualifications.

 

8.2           
Compliance with Laws. Subject to the terms of Section 6.3.1, each Party represents and warrants that it shall
perform its obligations under this TSA in a manner that complies with all applicable Legal Requirements in effect as of the Effective
Date. In the event of a change in Legal Requirements after the Effective Date, the terms in Section 6.3.1 shall apply.

 

8.3           
DISCLAIMER. EXCEPT AS EXPRESSLY SET FORTH HEREIN OR THE ASSET PURCHASE AGREEMENT, SERVICE PROVIDER MAKES NO REPRESENTATIONS
OR WARRANTIES IN RESPECT OF THE SERVICES OR ANY ITEMS TO BE DELIVERED OR PROVIDED TO SERVICE RECIPIENT OF ANY KIND, NATURE OR
DESCRIPTION, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OR ARISING FROM A COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE, OR TRADE PRACTICE, AND SERVICE PROVIDER HEREBY DISCLAIMS THE
SAME.

 

SECTION
9.    Indemnification.

 

9.1           
Service Provider shall defend, indemnify and hold harmless Service Recipient and its Affiliates, and its and their respective
shareholders, directors, partners, officers, employees and agents, against any third-party claims arising from or relating to
material breach by Service Provider of its obligations under this TSA. The foregoing indemnification obligations shall not apply
in each case to the extent any claim is a direct result of: (a) the gross negligence or willful misconduct of Service Recipient
or any of its Affiliates; (b) a breach by Service Recipient of a representation, warranty, covenant or obligation hereunder; or
(c) any matter for which Service Recipient is obligated to indemnify Service Provider pursuant to Section 9.2 below.
If Service Recipient receives notice or knowledge of a claim as described in this Section 9.1, it shall promptly notify
Service Provider in writing and give’ Service Provider all necessary information and assistance, and the exclusive authority
to evaluate and settle such claim; provided, however, Service Provider may not settle such claim in a manner that
would have an adverse impact on the business of Service Recipient without receiving Service Recipient’s prior written consent.

    14 

     

    

9.2           
Service Recipient shall defend, indemnify and hold harmless Service Provider and its Affiliates, and its and their respective
shareholders, directors, partners, officers, employees and agents, against any third-party claims arising from or relating to
material breach by Service Recipient of its obligations under this TSA. The foregoing indemnification obligations shall not apply
in each case to the extent any claim is a direct result of: (a) the gross negligence or willful misconduct of Service Provider,
any of its Affiliates or any third party service provider; (ii) a breach by Service Provider of a representation, warranty, covenant
or obligation hereunder; or (iii) any matter for which Service Provider is obligated to indemnify Service Recipient pursuant
to Section 9.1 above. If Service Provider receives notice or knowledge of a claim as described in this Section 9.2,
it shall promptly notify Service Recipient in writing and give Service Recipient all necessary information and assistance, and
the exclusive authority to evaluate and settle such claim; provided, however, Service Recipient may not settle such
claim in a manner that would have an adverse impact on the business of Service Provider without receiving Service Provider’s
prior written consent.

 

SECTION
10. Limitation on Liability.

 

10.1        
EXCLUSION OF CERTAIN DAMAGES. TO THE FULLEST EXTENT PERMITTED BY LAW, NO PARTY SHALL BE LIABLE TO OR OTHERWISE RESPONSIBLE
TO ANY OTHER PARTY HERETO, ANY AFFILIATE OF ANY OTHER PARTY HERETO OR ANY OTHER PERSON FOR ANY INJURY TO OR LOSS OF GOODWILL,
REPUTATION, BUSINESS, PRODUCTION, REVENUES, PROFITS, ANTICIPATED PROFITS, CONTRACTS, OR OPPORTUNITIES (REGARDLESS OF HOW THESE
ARE CLASSIFIED AS DAMAGES) OR FOR ANY INCIDENTAL, SPECIAL, CONSEQUENTIAL, INDIRECT, EXEMPLARY, ENHANCED OR PUNITIVE DAMAGES THAT
ARISE OUT OF OR RELATE TO THIS TSA OR THE PERFORMANCE OR BREACH HEREOF, WHETHER SUCH DAMAGES OR OTHER RELIEF ARE SOUGHT BASED
ON BREACH OF CONTRACT, NEGLIGENCE, STRICT LIABILITY OR ANY OTHER LEGAL OR EQUITABLE THEORY AND WHETHER OR NOT THE PARTY WAS AWARE
OR ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.
THE FOREGOING SHALL NOT APPLY TO (A) DAMAGES RESULTING FROM A PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (B) TO
THE EXTENT ANY SUCH DAMAGES ARE PAID TO A THIRD PARTY IN CONNECTION WITH A THIRD PARTY CLAIM WHICH IS SUBJECT TO THE PARTIES’
INDEMNIFICATION OBLIGATIONS HEREUNDER.

 

10.2        
LIMITATION OF LIABILITY. IN NO EVENT WILL THE TOTAL, CUMULATIVE, AGGREGATE LIABILITY OF SERVICE PROVIDER, WHETHER BASED
UPON AN ACTION OR CLAIM IN CONTRACT, TORT (INCLUDING NEGLIGENCE), WARRANTY, MISREPRESENTATION, EQUITY OR OTHERWISE, EXCEED THE
AMOUNTS PAID OR PAYABLE BY SERVICE RECIPIENT TO SERVICE PROVIDER FOR THE SERVICES PROVIDED DURING THE TERM OF THIS TSA. THE FOREGOING
SHALL NOT APPLY TO SERVICE PROVIDER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR TO THE EXTENT ANY SUCH DAMAGES ARE PAID
TO A THIRD PARTY (WHO IS NOT AN AFFILIATE OF SERVICE RECIPIENT) IN CONNECTION WITH A THIRD PARTY CLAIM.

    15 

     

    

SECTION
11. Confidentiality.

 

11.1        
Duty of Confidentiality. With respect to any non-public information disclosed by a Party (or its Affiliates or representatives)
(the “Disclosing Party”) to the other Party (or its Affiliates or representatives) (the “Receiving
Party”) for the purpose of this TSA or otherwise accessible to such Receiving Party during the performance hereunder
which non-public information is either marked or otherwise identified as confidential or proprietary or would reasonably be considered
confidential or proprietary in light of the nature of the information (collectively, the “Confidential Information”),
the Receiving Party agrees that it will keep such Confidential Information confidential, using at least the same degree of care
used to protect its own confidential or proprietary information, but not less than reasonable care, to prevent the disclosure
or accessibility to others of the Disclosing Party’s Confidential Information and the Receiving Party will use the Disclosing
Party’s Confidential Information only for the purpose of performing its obligations under this TSA. The Receiving Party
shall limit dissemination of and access to the Disclosing Party’s Confidential Information to only such of its Affiliates,
advisers, employees, agents or contractors (including, in the case of Service Provider, any third party engaged to provide the
Services hereunder) or consultants who have a need to know for the purpose of performing such Party’s obligations under
this TSA, provided that any third party to which Confidential Information is provided by a Receiving Party is subject to
confidentiality obligations with respect to such Confidential Information at least as protective as the obligations set forth
herein.

 

11.2        
Exclusions. Specifically excluded from the foregoing obligations is any and all information that the Receiving Party can
show: (a) is already known to the Receiving Party at the time of disclosure and is not subject to a confidentiality obligation
or thereafter is independently developed by the Receiving Party without breach of this TSA; (b) is already in the public domain
at the time of disclosure, or thereafter becomes publicly known other than as the result of a breach by the Receiving Party of
its obligations under this TSA; or (c) is rightfully received from a third party without breach of this TSA.

 

11.3        
Required Disclosures. If, upon advice of counsel, any Disclosing Party Confidential Information must be produced by the
Receiving Party as a matter of law, then the Receiving Party shall promptly notify the Disclosing Party and, insofar as is permissible
and reasonably practicable without placing the Receiving Party under penalty of law, give the Disclosing Party an opportunity
to appear and to object to such production before producing the requested information.

 

11.4        
Return of Confidential Information. Upon the termination or expiration of this TSA, each Party, as a Receiving Party, shall,
at the option and written request of the other Party, as a Disclosing Party, return to such Disclosing Party all Confidential
Information of such Disclosing Party or destroy such Confidential Information and provide a written certification of destruction
with respect thereto to such Disclosing Party.

    16 

     

    

SECTION
12. Miscellaneous.

 

12.1        
No Public Statements. Unless expressly permitted under this TSA or any Service Schedule, neither Party shall issue or release
any announcement, statement, press release, or other publicity or marketing materials relating to this TSA or otherwise use the
other Party’s trademarks, service marks, trade names, logos, domain names, or other indicia of source, association, or sponsorship,
in each case, without the prior written consent of the other Party. Notwithstanding the foregoing, Service Provider and its Affiliates
and Service Recipient and its Affiliates shall have the right to make such disclosure as it deems necessary or advisable under
applicable securities laws, in which event Service Provider or Service Recipient, as the case may be, shall provide the other
Party with a copy of such disclosure.

 

12.2        
Notices. All notices, consents, waivers and deliveries under this TSA must be in writing and will be deemed to have been
duly given when: (i) delivered by hand (against receipt); (ii) when received by the addressee, if sent by a nationally recognized
overnight delivery service (receipt requested); or (iii) five (5) days after being sent registered or certified mail, return receipt
requested, in each case to the appropriate addresses for each Party set forth below (or to such other addresses as a Party may
hereafter designate by similar notice in accordance with this Section 12.2 to the other Party)); provided, that, if
a Party refuses to accept delivery, such notice, consent, waiver or other communication shall be deemed to have been given on
the date of such refusal of delivery:

 

	If
        to Service Provider:
	PerkinElmer
        Health Sciences, Inc.

        PerkinElmer,
        Inc.

        940
        Winter Street

        Waltham,
        MA 02451

        Attention:
        General Counsel

	 	 
	with
        a copy to:
	Nelson
        Mullins Riley & Scarborough LLP

        One
        Post Office Square

        Boston,
        MA 02109

        Attention:
        Brian T. Moore

	 	 
	If
        to Service Recipient:
	Akoya
        Biosciences, Inc.

        1505
        O’Brien Drive, Suite A-1

        Menlo
        Park, CA 94025

        Attention:
        Brian McKelligon

	 	 
	with
    a copy to:	Telegraph
        Hill Partners

        360
        Post Street, Suite 601

        San
        Francisco, CA 94108

        Attention:
        Robert G. Shepler

	 	 
	 	and

         

        Orrick,
        Herrington & Sutcliffe LLP

        405
        Howard Street

        San
        Francisco, CA 94105

        Attention:
        John F. Seegal, Esq.

    17 

     

    

12.3        
Entire Agreement. Except for those matters provided for in the Asset Purchase Agreement or the other agreements contemplated
therein, this TSA (including the Service Schedules) sets forth the entire agreement of the Parties with respect to its subject
matter. The Service Schedules to this TSA shall be deemed incorporated in this TSA and shall form a part of it.

 

12.4        
Amendments and Waivers. No amendment or waiver of any provision of this TSA shall be valid unless in writing and signed
by the Parties hereto. No waiver by any Party of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty
or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

12.5        
Severability. Any term of this Agreement which would be invalid or unenforceable as written shall be deemed limited in
scope and/or duration to the extent necessary to render it enforceable. The determination of any court that any provision is invalid
or unenforceable shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity
of the offending term or provision in any other situation or in any other jurisdiction.

 

12.6        
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE
WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

 

12.7        
Consent to Jurisdiction. Any action, suit, or other legal proceeding brought with respect to this Agreement must be brought
in any court of competent jurisdiction in the State of Delaware and, by execution and delivery of this Agreement, each Party:
(i) accepts, generally and unconditionally, the exclusive jurisdiction of such courts and any related appellate court, and irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Agreement; and (ii) irrevocably waives any objection
it may now or hereafter have as to the venue of any such suit, action or proceeding brought in such a court or that such court
is an inconvenient forum. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE PARTIES INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT.

 

12.8        
Interpretation. Unless otherwise indicated to the contrary in this TSA by the context or use thereof: (a) the words, “herein,”
 “hereto,” “hereof’ and words of similar import refer to this TSA as a whole and not to any particular
Section or paragraph hereof; (b) words importing the masculine gender shall also include the feminine and neutral genders,
and vice versa; (c) the word “including” (and its correlatives) means “including without limitation”;
(d) all statements of or references to dollar amounts in this TSA are to the lawful currency of the United States of America;
(e) to an agreement, instrument, or other document means such agreement, instrument or other document as amended, supplemented,
and modified from time to time to the extent permitted by the provisions thereof; and (f) to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder.

 

12.9        
Construction. The Parties have participated jointly in the drafting of this TSA, and each Party was represented by counsel
in the negotiation of this TSA. In the event an ambiguity or question of intent or interpretation arises, this TSA shall be construed
as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue
of the authorship of any of the provisions of this TSA. The Parties agree that any language from prior drafts of this TSA, to
the extent not included in the definitive version of this TSA executed by the Parties hereto, shall not be deemed to reflect the
intention of any Party hereto with respect to the transactions contemplated hereby.

    18 

     

    

12.10    
Counterpart Execution. This TSA may be executed in counterparts with the same effect as if the Parties had signed the same
document. Such counterparts shall be construed together and shall constitute one and the same instrument, notwithstanding that
the Parties are not signatories to the original or the same instrument, or that signature pages from different counterparts are
combined. The signature of any Party to one counterpart shall be deemed to be a signature to and may be appended to any other
counterpart.

 

12.11    
Successors and Assigns. Neither Service Recipient nor Service Provider shall assign or otherwise transfer this TSA, whether
voluntarily, involuntarily, by operation of law, or otherwise, without the other Party’s prior written consent, which consent
may be given or withheld in its sole discretion. For purposes of the preceding sentence, and without limiting its generality,
any merger, consolidation, or reorganization involving a Party (regardless of whether such Party is a surviving or disappearing
entity) shall be deemed to be an assignment or transfer of this TSA for which the other Party’s prior written consent is
required. Any purported assignment or transfer in violation of this Section 12.11 is void.

 

12.12    
Attorneys’ Fees. In the event that any action, suit, or other legal or administrative proceeding is instituted or
commenced by either Party hereto against the other Party arising out of or related to this Agreement, the prevailing party shall
be entitled to recover its reasonable attorneys’ fees and court costs from the non-prevailing party.

 

12.13    
No Third Party Rights. The provisions of this TSA are intended to bind the Parties to each other and are not intended and
do not create rights or obligations in any other Person, including any employee of the QPS Business, the Service Recipient or
Service Provider, and no Person is intended to be or is a third party beneficiary of any of the provisions of this TSA. Notwithstanding
the foregoing, the Persons that are indemnified pursuant to Section 9 shall be third party beneficiaries for purposes
of Section 9.

 

12.14    
Asset Purchase Agreement. The Parties hereby acknowledge and agree that nothing in this TSA (including any breach hereof)
shall affect any obligation of any Party under the Asset Purchase Agreement.

 

[SIGNATURE
PAGES FOLLOW]

    19 

     

    

IN
WITNESS WHEREOF, the Parties have executed and delivered this TSA as of the Effective Date.

 

	 	SERVICE
    PROVIDER:
	 	PERKINELMER
    HEALTH SCIENCES, INC.
	 	 	 
	 	By:	/s/
    Joel S. Goldberg
	 	Name:
    Joel S. Goldberg
	 	Title:
     President
	 	 	 
	 	SERVICE
    RECEIPIENT:
	 	AKOYA
    BIOSCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Transition Services Agreement]

     

     

    

ANNEX
A

TRANSITION MANAGER

 

Service
Provider Transition Manager: To be assigned within one (1) week of the Closing Date

 

Service
Recipient Transition Manager: Seth Benson

FUNCTIONAL
LEADS

 

	Function	 	Functional
        Lead

        Name
        and Contact Information

	Instrument
    Manufacturing	 	Anthony
        Catalano

        Phone
        No.: (617) 350-9075

        Email:
        Anthony.Catalano@perkinelmer.corn

	Reagent
    Manufacturing	 	Linda
        Meehan

        Phone
        No.:

        Email:
        Linda.Meehan@perkinelmer.com

	Hopkinton
    Office and Facility Management	 	Anthony
        Catalano

        Phone
        No.: (617) 350-9075

        Email:
        Anthony.Catalano@perkinelmer.corn

	IT
    Services (Systems and Network 

    Administration)	 	Pierre
        Domaine

        Phone
        No.: (774) 278-2608

        Email:
        Pierre.Domain@perkinelmer.com

	Commercial
    Operations	 	Eric
        Lally

        Phone
        No.: (508) 589-7458

        Email:
        Eric.Lally@perkinelmer.com

	Distribution
    (US)	 	Arvind
    Sundar-Rajan (Interim)* 

    Phone No.: (781) 663-5808 

    Email: Arvind.Sundar- 

    Rajan@perkinelmer.com
	Distribution
    (EMEA)	 	Arvind
    Sundar-Rajan (Interim)* 

    Phone No.: (781) 663-5808 

    Email: Arvind.Sundar- 

    Rajan@perkinelmer.corn
	Distribution
    (APAC)	 	Arvind
    Sundar-Rajan (Interim)* 

    Phone No.: (781) 663-5808 

    Email: Arvind.Sundar- 

    Rajan@perkinelmer.com

 

*Parties
agree that the interim Functional Lead will be replaced with the permanent Functional Lead within one week following the Effective
Date.

    A-1 

     

    

ANNEX
B

SERVICE SCHEDULES

 

See
Attached

    B-1 

     

    

CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND 

REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM 

THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

FIRST
AMENDMENT TO THE TRANSITION SERVICES AGREEMENT

 

This
First Amendment (the “Amendment”), effective as of September 27, 2019 (the “Amendment Effective Date”),
by and between PerkinElmer Health Sciences, Inc., a Delaware corporation (“PKI”), and Akoya Biosciences, Inc.,
a Delaware corporation (the “Akoya”), amends that certain Transition Services Agreement between PKI and Akoya
dated September 28, 2018 (the “TSA”).

 

The
Parties hereby agree as follows:

 

		1.	Definitions.
                                         Capitalized terms used but not otherwise defined in this Amendment shall have the
                                         meanings ascribed to them in the TSA.

 

		2.	General
                                         Extension of Term. Section 5.2 of the TSA is hereby amended by deleting the phrase
                                         “12-month anniversary” therein and replacing it with “15-month anniversary.”

 

		3.	Lab
                                         and Office Space. The Service Schedule entitled “Project Vega: Transition Services
                                         Agreement” (“Master Service Schedule”) is hereby amended by
                                         deleting the phrase “12 months” in each of rows RE-01 and RE-02 therein (in
                                         each case, under the column entitled “Duration”) and replacing it,
                                         in each case, with “through October 31, 2019.”

 

		4.	APAC
                                         Distribution.

 

		a.	The
                                         Master Service Schedule is hereby amended by deleting the phrase “12 months; cancellable
                                         with 15 days’ notice” in row EMP-09 therein (under the column entitled “Duration”)
                                         and replacing it with “15 months, with no right of cancellation.”

 

		b.	In
                                         the Service Schedule entitled “Service Schedule for Interim Distribution Services”
                                         (the “Distribution Agreement”), the section entitled “Maximum
                                         Period for the Provision of the Services” is hereby amended by deleting the phrase
                                         “APAC: twelve months” therein and replacing it with “APAC: fifteen
                                         months.”

 

		c.	Akoya
                                         and PKI shall work together in good faith to agree upon a process and pricing for Akoya
                                         to supply service parts to PKI or its customers in the APAC region for the purpose of
                                         enabling PKI to perform the activities described in row SER-03 of the Master Service
                                         Schedule after the termination of Services under the Service Schedule entitled “Service
                                         Schedule for Interim Contract Manufacturer Agreement (CMA) Services: Instruments and
                                         Service Parts” (“Instrument CMA”).

    1 

     

    

CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND 

REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM 

THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

		d.	Akoya
                                         shall pay PKI a royalty equal to [***]% of Akoya APAC Net Sales. “Akoya APAC
                                         Net Sales” means, for any period, the amount actually received by Akoya in
                                         such period for any sale of QPS Products (as defined in the Distribution Agreement) that
                                         is (x) made by Akoya to PKI or its Affiliate under the Distribution Agreement for distribution
                                         in the APAC region and (y) recognized by Akoya during the Royalty Period, less deductions
                                         for (i) returns, refunds or credits given or made, (ii) taxes, excises, duties or other
                                         charges imposed by any Governmental Body and included in such amount actually received
                                         by Akoya, and (iii) freight or other shipping charges included in such amount actually
                                         received by Akoya. “Royalty Period” means the period commencing on
                                         the September 28, 2019 and ending on the termination of Services for the APAC region
                                         under the Distribution Agreement. Such royalty shall be paid on a quarterly basis, in
                                         each case within thirty (30) days after the end of the quarter in which the applicable
                                         Akoya APAC Net Sales are actually received by Akoya.

 

		e.	From
                                         the date of termination of Services under the Instrument CMA until the date of termination
                                         of Services under the Distribution Agreement (or such earlier date as determined by Akoya
                                         in its sole discretion, or such later date as reasonably requested by Akoya and acceptable
                                         to PKI), PKI shall store at its Hopkinton Distribution Center, on behalf of Akoya, in
                                         a manner consistent with PKI’s practices and service levels under the Instrument
                                         CMA, such quantities of finished goods QPS Instruments (as defined in the Instrument
                                         CMA) intended for distribution in the APAC region as reasonably requested by Akoya, in
                                         exchange for a total storage fee of $[***] per month, which fee shall be (i) appropriately
                                         prorated for the last month of storage and (ii) invoiced and paid in accordance with
                                         Section 4.4 of the TSA.

 

		5.	Instrument
                                         CMA. In the Instrument CMA:

 

		a.	the
                                         section entitled “Planned Exit Strategy” is hereby amended by deleting the
                                         third bullet point therein and replacing it with the following:

 

“Upon
termination of the Services under this Service Schedule, all QPS Instrument-related Inventory, including all raw materials, work
in process (WIP), replacement parts, excess and obsolete inventory, supplies and finished goods QPS Instruments inventory, and
all Service Parts, in the possession or control of PerkinElmer, and not already owned by Akoya, will be purchased by Akoya at
a purchase price equal to (i) in the case of any finished goods QPS Instruments or Service Parts, the applicable price set forth
in Exhibit B, and (ii) in the case of any raw materials, works in process (WIP), replacement parts, excess and obsolete inventory,
or supplies, at PerkinElmer’s standard costs for such items as established and reflected in PerkinElmer’s system.”;

 

		6.	Reagents
                                         CMA. In the Service Schedule entitled “Service Schedule for Interim Contract
                                         Manufacturer Agreement (CMA) Services: Reagents” (“Reagents CMA”):

 

		a.	the
                                         section entitled “Service Term” is hereby amended by deleting the phrase
                                         “One (1) year from effective date of this Service Schedule” to “From
                                         the effective date of this Service Schedule to December 31, 2019”;

    2 

     

    
CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND 

REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM 

THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

		b.	adding
                                         the following immediately after the “QPS Reagents Finished Goods Inventory Sale
                                         For each Distribution Region then not utilizing PerkinElmer distribution” subsection:

 

“Last
Time Buy QPS Reagents

 

o       
At any time, and from time to time, prior to or on December 13, 2019, Akoya may place orders for delivery of reagents listed in
Exhibit D (“Last Time Buy QPS Reagents”), specifying the applicable products, quantities, delivery dates and
destination. PerkinElmer shall accept and fulfill any purchase order that is consistent with the quantity of the applicable Last
Time Buy QPS Reagent(s) set forth in Exhibit D.

o       
Together with any delivery of Last Time Buy QPS Reagents, unless posted to PerkinElmer’s external web site, PerkinElmer
shall provide Akoya with its standard documentation for such Last Time Buy QPS Reagents, including a certificate of analysis if
available.

o       
Last Time Buy QPS Reagents shall be sold to Akoya in accordance with the pricing set forth in Exhibit D.”;

 

		c.	the
                                         section entitled “Product Warranty” is hereby amended by inserting the following
                                         at the end of such section: “For clarity, for any Last Time Buy QPS Reagents, the
                                         product warranty includes a warranty that such Last Time Buy QPS Reagents conform to
                                         their applicable specifications upon delivery.”;

 

		d.	the
                                         section entitled “Planned Exit Strategy” is hereby amended by deleting the
                                         fourth bullet point therein and replacing it with the following:

 

“Upon
termination of the Services under this Service Schedule, all QPS Reagents-related Inventory, including all raw materials, work
in process (WIP), replacement parts, excess and obsolete inventory, supplies and finished goods QPS Reagents inventory, in the
possession or control of PerkinElmer, and not already owned by Akoya, will be purchased by Akoya at a purchase price equal to
(i) in the case of any finished goods QPS Reagents, the applicable price set forth in Exhibit C, and (ii) in the case of any raw
materials, works in process (WIP), replacement parts, excess and obsolete inventory, or supplies, at PerkinElmer’s standard
costs for such items as established and reflected in PerkinElmer’s system. All such remaining inventory shall be shipped
to Akoya on or before December 31, 2019, or at such other date as may be mutually agreed upon by both parties, to Akoya’s
designated facility in Carlsbad, CA.”;

 

		e.	a
                                         new Exhibit D is hereby added in the form of Attachment 1 to this Amendment;

 

		7.	Relationship
                                         to TSA.

 

		a.	The
                                         amendments and other terms set forth herein shall be effective from and after the Amendment
                                         Effective Date. Except as expressly provided herein, nothing in this Amendment shall
                                         affect any rights or obligations accrued under the TSA as of the Amendment Effective
                                         Date.

 

		b.	Except
                                         as expressly provided herein, the TSA shall remain unmodified and in full force and effect.

    3 

     

    
CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND 

REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM 

THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

		c.	In
                                         the event of a conflict between the terms and conditions of this Amendment and the terms
                                         and conditions of the TSA, the terms and conditions of this Amendment shall govern and
                                         control.

 

		8.	Entire
                                         Agreement. The TSA, as amended by this Amendment, sets forth the entire agreement
                                         of the Parties with respect to its subject matter.

 

		9.	Counterpart
                                         Execution. This Amendment may be executed in counterparts with the same effect as
                                         if the Parties had signed the same document. Such counterparts shall be construed together
                                         and shall constitute one and the same instrument, notwithstanding that the Parties are
                                         not signatories to the original or the same instrument, or that signature pages from
                                         different counterparts are combined. The signature of any Party to one counterpart shall
                                         be deemed to be a signature to and may be appended to any other counterpart.

 

[SIGNATURE
PAGE FOLLOWS]

    4 

     

    
CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND 

REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM 

THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the Amendment Effective Date by the proper and duly authorized
persons.

 

	 	PERKINELMER
    HEALTH SCIENCES, INC.
	 	 
	 	By: 	/s/ Joel Goldberg
	 	Name:
    Joel Goldberg
	 	Title:
    President
	 	 
	 	AKOYA
    BIOSCIENCES, INC.
	 	 
	 	By: 	/s/Terry Lo
	 	Name:
    Terry Lo
	 	Title:
    President

 

[Signature
Page to First Amendment to Transition Services Agreement]

     

     

    
CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND 

REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM 

THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY
IF DISCLOSED.

 

Attachment
1

 

Exhibit
D to Reagents CMA

 

Last
Time Buy QPS Reagents Quantity and Pricing

 

[***]

 

	FP1135	 	 	 	1,035	 	 	 	5.95	 	 	 	6,158.25	 
	FP1168	 	 	 	700	 	 	 	20.10	 	 	 	14,070.00	 
	FP1169	 	 	 	60	 	 	 	228.40	 	 	 	13,704.00	 
	FP1170	 	 	 	550	 	 	 	30.00	 	 	 	16,500.00	 
	FP1171	 	 	 	310	 	 	 	55.30	 	 	 	17,143.00	 
	FP1441	 	 	 	82	 	 	 	42.35	 	 	 	3,472.70	 
	FP1470	 	 	 	60	 	 	 	107.45	 	 	 	6,447.00	 
	FP1484	 	 	 	90	 	 	 	83.00	 	 	 	7,470.00	 
	FP1486	 	 	 	52	 	 	 	123.25	 	 	 	6,409.00	 
	NEF710	 	 	 	4	 	 	 	85.70	 	 	 	342.80	 
	NEF802001EA	 	 	 	1	 	 	 	401.85	 	 	 	401.85	 
	NEF803001EA	 	 	 	1	 	 	 	211.10	 	 	 	211.10	 
	NEF812001EA	 	 	 	8	 	 	 	401.85	 	 	 	3,214.80	 
	NEF812E001EA	 	 	 	1	 	 	 	162.65	 	 	 	121.99	 
	NEF813001EA	 	 	 	1	 	 	 	211.10	 	 	 	211.10	 
	NEF814001EA	 	 	 	1	 	 	 	759.80	 	 	 	759.80	 
	NEF822001EA	 	 	 	7	 	 	 	401.85	 	 	 	2,812.95	 
	NEF822E001EA	 	 	 	1	 	 	 	162.60	 	 	 	162.60	 
	NEF823001EA	 	 	 	1	 	 	 	211.10	 	 	 	211.10	 
	NEF832001EA	 	 	 	4	 	 	 	707.95	 	 	 	2,831.80	 
	NEF833001EA	 	 	 	1	 	 	 	795.75	 	 	 	795.75	 
	NEL721001EA	 	 	 	3	 	 	 	673.70	 	 	 	2,021.10	 
	NEL750001EA	 	 	 	20	 	 	 	83.15	 	 	 	1,663.00	 
	NEL751001EA	 	 	 	4	 	 	 	550.10	 	 	 	2,200.40	 
	N EL937	 	 	 	14	 	 	 	174.10	 	 	 	2,437.40	 
	NEL938001EA	 	 	 	1	 	 	 	271.15	 	 	 	271.15	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	242,962.89	 

    6

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