Document:

Document

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 8th day of November, 2021 by and between SILICON VALLEY BANK, a California corporation (“Bank”), and CODEX DNA, INC., a Delaware corporation (“Borrower”).
Recitals
A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of March 4, 2021 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”).
B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
C.    Borrower has requested that Bank amend the Loan Agreement to revise the financial covenant and make certain other revisions to the Loan Agreement as more fully set forth herein.
D.    Bank has agreed to so amend the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
Agreement
Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.    Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.    Amendments to Loan Agreement.
2.1    Section 2.3(a) (Term Loan).  Section 2.3(a) of the Loan Agreement is hereby amended and restated in its entirety as follows:
(a)    Subject to the terms and conditions of this Agreement, Borrower may request that Bank make certain term loan advances available to Borrower in an aggregate original principal amount not to exceed Twenty Million Dollars ($20,000,000) (each such advance is referred to herein as a “Term Loan Advance” and, collectively, as the “Term Loan Advances”). The Term Loan Advances shall be available in two (2) tranches as follows: (i) the first (1st) tranche of the Term Loan Advances (“Tranche One”) shall be available to Borrower in a single advance of Fifteen Million Dollars ($15,000,000) on or about the Effective Date, and (ii) provided that Bank has determined that Borrower has achieved the Tranche Two Milestone, the second (2nd) tranche of the Term Loan Advances (“Tranche Two”) may be made available to Borrower during the Tranche Two Draw Period, in a single advance in the aggregate original 

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

principal amount not to exceed Five Million Dollars ($5,000,000). After repayment, no Term Loan Advance (or any portion thereof) may be reborrowed.
2.2    Section 6.9 (Financial Covenants).  Section 6.9(a) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:
(a)    Minimum Revenue.  Beginning with the fiscal quarter ending December 31, 2021, maintain, at all times during the Financial Covenant Testing Period, as of the last day of each quarter, unless otherwise noted, on a consolidated basis with respect to Borrower, minimum revenue (determined in accordance with GAAP) of at least the following amounts measured on a trailing three (3) month basis for the period then ended: 
						
	Trailing Three Month Period Ending:	Minimum Revenue
	December 31, 2021	$[***]
	March 31, 2022	$[***]
	June 30, 2022	$[***]
	September 30, 2022	$[***]
	December 31, 2022	$[***]

Commencing with the month ending January 31, 2023, and as of the last day of each month thereafter during Borrower’s 2023 and 2024 fiscal years, respectively, (i) the minimum revenue covenant set forth in this Section 6.9(a) (the “2023 Minimum Revenue Covenant”) shall be calculated based on Borrower’s projected performance as set forth in Borrower’s annual financial projections approved by Borrower’s Board for the 2023 fiscal year and delivered to Bank not later than January 30, 2023 (the “2023 Projections”), and shall be equal to the greater of (i) eighty percent (80%) of the projected revenues as set forth in the 2023 Projections or (ii) ten percent (10%) year-over-year growth as set forth in the 2023 Projections, and (ii) the minimum revenue covenant set forth in this Section 6.9(a) (the “2024 Minimum Revenue Covenant”) shall be calculated based on Borrower’s projected performance as set forth in Borrower’s annual financial projections approved by Borrower’s Board for the 2024 fiscal year and delivered to Bank not later than January 30, 2024 (the “2024 Projections”), and shall be equal to the greater of (i) eighty percent (80%) of the projected revenues as set forth in the 2024 Projections or (ii) ten percent (10%) year-over-year growth as set forth in the 2024 Projections.  Borrower’s failure to reach an agreement with Bank on (i) the 2023 Minimum Revenue Covenant on or before February 28, 2023 and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such 2023 Minimum Revenue Covenant mutually agreeable to Borrower and Bank on or prior to February 28, 2023, or (ii) the 2024 Minimum Revenue Covenant on or before February 29, 2024 and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such 2024 Minimum Revenue 
 

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

Covenant mutually agreeable to Borrower and Bank on or prior to February 29, 2024, shall constitute an immediate Event of Default under this Agreement.  
2.3    Section 13 (Definitions). 
(a)    The following defined terms set forth in Section 13.1 of the Loan Agreement are hereby amended by deleting them in their entirety and replacing them with the following: 
“Applicable Number” means (a) thirty (30) if the Tranche Two Milestone is not achieved, and (b) twenty-four (24) if the Tranche Two Milestone is achieved.
“Term Loan Amortization Date” is (a) July 31, 2022 if the Tranche Two Milestone is not achieved, and (b) January 1, 2023 if the Tranche Two Milestone is achieved.
“Term Loan Maturity Date” means January 1, 2025.
(b)    The following defined terms are hereby added to Section 13.1 of the Loan Agreement:
“Financial Covenant Testing Period” is the period commencing on the immediately preceding fiscal quarter period prior to the date on which Bank determines that Borrower maintains cash held at Bank in an amount equal to or less than Fifty-Five Million Dollars ($55,000,000) and continuing through the date on which Bank determines Borrower maintains cash held at Bank in an amount greater than Fifty-Five Million Dollars ($55,000,000).
“Tranche Two Draw Period” means, with respect to Tranche Two, the period of time commencing on date on which Bank has determined that Borrower has achieved the Tranche Two Milestone and continuing through the earlier to occur of (a) September 30, 2022 and (b) the occurrence of an Event of Default.
“Tranche Two Milestone” means Bank’s receipt of evidence satisfactory to Bank that Borrower’s trailing six (6) month product revenue for the period ending June 30, 2022 is at least [$***].
2.4    Exhibit B (Compliance Statement).  Exhibit B to the Loan Agreement is hereby replaced in its entirety with Exhibit B attached hereto.  From and after the date hereof, all references in the Loan Agreement to the Compliance Statement shall be deemed to refer to the Compliance Statement attached hereto as Exhibit B.
3.    Limitation of Amendments.
3.1    The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
 

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

3.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
3.3    In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of any covenant or agreement contained herein shall constitute an Event of Default and shall entitle Bank to exercise all rights and remedies provided to Bank under the terms of any of the other Loan Documents as a result of the occurrence of the same.  
4.    Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
4.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
4.3    The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, 
 

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
5.    Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
6.    Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
7.    Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto and (b) Borrower’s payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment.
[Signature page follows.]
 

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
BORROWER:
CODEX DNA, INC. 
By:__/s/ Todd Nelson__________________________
Name: Todd Nelson
Title:   CEO

BANK:
SILICON VALLEY BANK
By:_/s/ Max Lautmann_________________________
Name: Max Lautmann
Title:   Vice President 
 
			
	

[Signature Page to Second Amendment to Loan and Security Agreement]

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

EXHIBIT B
COMPLIANCE STATEMENT
TO:        SILICON VALLEY BANK                    Date:                
FROM:      CODEX DNA, INC.
Under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below.  Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.  Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.
									
	Please indicate compliance status by circling Yes/No under “Complies” column.
	
	Reporting Covenants	Required	Complies
			
	Quarterly financial statements with 
Compliance Statement	Quarterly within 45 days	Yes   No
	Annual financial statements (CPA Audited)*	FYE within 180 days	Yes   No
	10-Q, 10-K and 8-K	Within 5 days after filing with
SEC
	Yes   No
	Board approved projections	With 30 days after FYE, and as amended/updated	Yes   No
	*including FYE 2020		

												
	Financial Covenant
	Required	Actual	Complies
				
	Maintain during the Financial Covenant Testing Period:
			
	Minimum Revenue	See schedule	See schedule	Yes   No

The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Compliance Statement.
The following are the exceptions with respect to the certification above:  (If no exceptions exist, state “No exceptions to note.”)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 

     

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant treats as private and confidential

Schedule 1 to Compliance Statement
Financial Covenants of Borrower
In the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern.
Dated:    ____________________
I.    Minimum Revenue (Section 6.9(a))
Required:    During the Financial Covenant Testing Period, maintain as of the last day of each quarter, unless otherwise noted, on a consolidated basis with respect to Borrower, minimum Revenue of at least the following amounts measured on a trailing three (3) month basis for the period then ended:
						
	Trailing Three Month Period Ending:	Minimum Revenue
	December 31, 2021	$[***]
	March 31, 2022	$[***]
	June 30, 2022	$[***]
	September 30, 2022	$[***]
	December 31, 2022	$[***]

Actual: 

									
	A.	Revenue (determined in accordance with GAAP) for the applicable month ending:	$____________

Is line A equal to or greater than the required amount set forth above for such month?

              No, not in compliance with Section 6.9(a)              Yes, in compliance with Section 6.9(a)Exhibit
10.1

 

CONFIDENTIAL TREATMENT REQUESTED

 

CONFIDENTIAL PORTIONS REDACTED

 

    	 

     

    

 

		DEVELOPMENT
    COLLABORATION AGREEMENT

 

This
DEVELOPMENT COLLABORATION Agreement (this “Agreement”) is entered into on October 8, 2021 (the “Effective
Date”), by and between LIXTE BIOTECHNOLOGY HOLDINGS, INC. (“Lixte”), with its office and place of business
at 680 E Colorado Blvd., Suite 180, Pasadena, CA 91101 and STICHTING HET NEDERLANDS KANKER INSTITUUT – ANTONI VAN LEEUWENHOEK ZIEKENHUIS,
a foundation incorporated under the laws of The Netherlands, with its registered office at Plesmanlaan 121, 1066 CX Amsterdam (“NKI-AVL”
or “Institution”) and STICHTING ONCODE INSTITUTE, a foundation incorporated under the laws of The Netherlands, with
its registered office at Jaarbeursplein 6, 3521AL, Utrecht, and registered with the chamber of commerce with number 69303010 (“Oncode”).
Each of Lixte, NKI-AVL and Oncode are referred to as a “Party” and together as, the “Parties.”

 

WHEREAS,
Lixte owns and/or controls all rights in the Compound (defined below), including without limitation patents and other intellectual property
covering and relating the composition of the Compound and use thereof; and

 

WHEREAS,
NKI-AVL and Oncode have conducted certain preliminary research relating to which drug combinations with the Compound are most effective
in treatment of cancer, and the Parties desire to collaborate to conduct additional research regarding the foregoing, on the terms and
subject to the conditions set forth in this Agreement.

 

NOW
THEREFORE, in consideration of the foregoing premises, the covenants, representations and warranties set forth in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Parties agree as follows:

 

1.       Material
and Information.

 

1.1.       “Compound”
means the compound designated LB-100 and/or analogs, metabolites and/or active forms thereof; “Material” means any
Compound provided by Lixte to Institution pursuant to this Agreement, together with any progeny, mutants, derivatives or parts thereof,
and any materials that could not be made but for the use of the Material and/or Information. “Information” means data,
research results, formulas, technical data, and any other information relating to the Material or the use thereof, which is disclosed
to Institution by Lixte or its designees.

 

2.       Scope
of Work.

 

2.1.       The
Parties will collaborate in the performance of a preclinical research study in accordance with the terms of the Exhibit A (the
“Study”), which is incorporated into this Agreement by reference. The terms of Exhibit A may not be modified except
upon the mutual agreement of the Parties in an amendment executed by both Parties. From time to time, the Parties may agree to conduct
additional studies, upon execution of a mutually agreed written scope of work executed by both Parties, annexed hereto and incorporated
herein.

 

2.2.       The
Study will be conducted solely at facilities owned or controlled by Institution, and by personnel employed or retained by Institution.
Institution certifies that, to its best knowledge, its facilities, resources and personnel are adequate to perform the Study contemplated
by this Agreement. Institution agrees that all aspects of the Study will be conducted in conformity with all applicable laws. Institution
further agrees not to conduct any research activities with the Compound which are contrary to the provisions of the Study or outside
the scope of the Study.

 

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2.3.       
It is anticipated that the Study shall commence following the Effective Date, and Institution shall use reasonable efforts to complete
the Study within twenty-four (24) months of the Effective Date. The duration of the Study is as set forth in Exhibit A.

 

3.       Collaboration
With Lixte.

 

3.1.       Lixte
will supply to Institution Information and quantities of the Compound reasonably necessary to conduct the Study. Lixte will provide the
funding specified under “Budget” in Exhibit A.

 

3.2.       Lixte
will collaborate with Institution with respect to the design and implementation of the Study. Institution will provide regular reports
to Lixte on the progress of the Study.

 

3.3.       Except
as specified in Exhibit A, each Party shall bear its own costs related to the conduct of the Study and the collaboration related
thereto.

 

4.       Ownership
and Use of Compound, Material and Information.

 

4.1.       Lixte
retains all right, title and interest in and to the Compound and all Material and Information. Except for the limited rights expressly
granted herein with respect to the use of Material and Information, Recipient shall have no other rights in the Compound, or any Material
or Information, and is granted no rights in any other Lixte intellectual property rights (including any patents, trade secret, trademarks
or copyrights), whether expressly, by implication or estoppel. All rights not expressly granted herein are reserved to Lixte. Nothing
herein shall restrict Lixte’s right to use and distribute the Compound and Information, including without limitation to distribute
same to commercial or non-commercial entities.

 

4.2.       Lixte
hereby grants to Institution, during the Study Term, a limited, non-exclusive, revocable, non-sublicenseable and non-transferable right
to use the Material and Information, solely internally by Institution for the Study.

 

4.3.       Institution
acknowledges and agrees that:

 

(a)       The
Compound, Material and Information are subject to patent protection and reflect the confidential trade secrets of Lixte, and are made
available for use by Institution solely for academic or scientific research, the results of which may not be disclosed or obligated in
any way to any commercial third party;

 

(b)       Principal
Investigator shall not obtain Compound for the Study from any source other than Lixte or an authorized third party designated by Lixte;

 

(c)       Except
as expressly permitted hereunder, Institution shall not use any Material or Information, directly or indirectly, for any commercial purpose,
including filing any patent application thereon or with respect thereto, or for any research sponsored by or in collaboration with any
third party;

 

(d)       Without
limiting Institution’s rights to publish research results in accordance with Section 7.2, Institution shall not disclose
or transfer any Material or Information to any third party;

 

(e)       Since
not all of the Compound’s characteristics are known, it should be used with caution and prudence; and

 

(f)       The
Material and Information may be used for investigational use in laboratory animals and/or in vitro studies, but not for any use in humans.

 

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4.4.       If
this Agreement is terminated, if the Study is completed and Institution has unused Material, or at any time upon the request of Lixte,
Institution shall promptly return the Material and any Information to Lixte or dispose of it in a lawful manner, at Lixte’s discretion.

 

4.5.       Institution
shall restrict access to and use of the Material and Information to persons engaged in performing the Study as permitted hereunder. Institution
shall supervise all persons engaged in performing the Study and/or who have access to the Material or Information, and shall ensure that
such persons are informed of and abide by the applicable terms of this Agreement. Institution may not store or use the Material at any
facility outside the control of Institution. Institution shall comply with all applicable laws and regulations, and all written instructions
from Lixte, in the storage, handling, use, return, and disposal of the Material. Institution agrees not to transfer the Material to any
third party without the prior written permission of Lixte. Institution shall at all times be responsible for the compliance with this
Agreement by Institution’s employees, representatives and/or any other person under its control and supervision who has access
to the Material or Information. For the avoidance of doubt, no right is granted hereunder for any individual who leaves the employ of
Institution to transfer or use any Material or Confidential to with any subsequent employer or institution.

 

5.       Intellectual
Property Rights.

 

5.1.       Institution
and Oncode acknowledge and agree that the Compound, Material, and Information are valuable business property of Lixte, subject to intellectual
property rights owned by or licensed to Lixte. If the use of the Material or Information results in any Invention (defined below), Institution
and Oncode agree to disclose promptly to Lixte any such Invention in confidence before otherwise disclosing the same publicly or to any
third party, so that Lixte can determine whether such Invention should be the subject of a patent application. “Invention”
means any invention, process, substance, or improvement, whether or not patentable, based on work conducted in the Study or otherwise
invented through the use of, derived from, or which incorporates or comprises use of, any Material or Information, including without
limitation any new use or improvement to any Material and/or any substance isolated, and all intellectual property rights therein and
relating thereto.

 

5.2.       Inventorship
of an Invention shall be determined in accordance with U.S. patent law. Except as otherwise specified in this Section 5, an invention
shall be solely owned by Institution if conceived, reduced to practice or otherwise invented (“Invented”) solely by
a representative of Institution, and jointly-owned by both Institution and Lixte if invented jointly by representatives of both Institution
and Lixte, provided that any Invention that, in whole or part, comprises, or relates to or derives from the use of, the Compound
(whether invented solely by Institution or jointly with Lixte or NKI) shall be jointly-owned by both Institution and Lixte.

 

5.3.       With
respect to any Invention owned in whole or part by Institution (a “Institution Invention”), Institution and Oncode
hereby grant to Lixte: (i) a non-exclusive, royalty-free and fully paid up, worldwide, irrevocable, non-transferable (except to the successor
to Lixte’s business, whether by sale of all or substantially all of the equity or assets, by merger or otherwise) license under
its rights in an Institution Invention to make, have made, use, import and otherwise practice such Institution Invention for any purpose
relating to internal research or development activities and for any purpose related to the exploitation of the Compound and (ii) the
exclusive option to obtain an exclusive license under Institution’s rights in any such Institution Invention for all purposes (including
without limitation the commercial manufacture and sale of products and services) on reasonable commercial terms (the “Option”).
Upon Lixte’s exercise of its Option, the Parties will promptly commence good faith negotiations in an attempt to reach an exclusive
license agreement at a reasonable royalty rate satisfactory to both Parties (the approval of which is not to be unreasonably withheld,
delayed or denied by Institution) and otherwise on other standard license terms. Should Lixte fail to exercise its Option within one
(1) month, or the Parties negotiate in good faith but do not mutually agree and execute an exclusive license as set forth above within
six (6) months from exercising the Option, Institution may grant a license under its rights in any such solely-owned Institution Invention
to one or more third parties without Lixte’s consent, provided that for a period of six (6) months after the expiration of the
negotiation period with Lixte, Institution may not offer to license any solely owned or jointly-owned Institution Invention to any third
party on materially better terms than those last offered to Lixte without first offering such terms to Lixte, in which case Lixte will
have a period of thirty (30) days in which to accept or reject the offer and provide further that Lixte shall have no obligation to grant
to such third party licensee any license under the Compound or any Lixte patents. For the avoidance of doubt, in the event Lixte elects
not to exercise the Option, or if the parties enter into an exclusive license but such exclusive license expires or is terminated for
any reason, Lixte shall retain the perpetual non-exclusive license specified in subsection (i) above. Notwithstanding anything to the
contrary herein, and to the extent Institution is legally able to do so, Lixte shall solely own any Invention made through activities
in breach of this Agreement, including without limitation any use of the Compound, Material or Information outside the scope of the license
granted hereunder.

 

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5.4.       Institution
shall not file any patent application for any Invention without giving adequate prior notice to Lixte of such Invention. If notwithstanding
the foregoing, Institution files in its own name any application for patent for any Invention, it shall, and hereby does, assign to Lixte
ownership or co-ownership, for as far as applicable, in accordance with this Section 5, more specifically Section 5.2.

 

5.5.       Lixte
shall control the prosecution of all patents for any Inventions, at Lixte’s cost, with the cooperation of Institution, provided
that Institution shall control the prosecution of any Invention that is solely owned by Institution and for which Lixte declines to exercises
its licensing Option, in which case it is at the discretion of Institution whether or not to continue the prosecution or maintenance
of such patents. Lixte shall keep Institution reasonable information of the progress of such patent prosecution.

 

5.6.       Notwithstanding
anything to the contrary herein, the Parties have agreed to collaborate with respect a patent application that will cover the research
conducted by the research group of Prof. R. Bernards (“Principal Investigator”) only prior to the Effective Date and
directly relating to the subject matter of the Study, to include information and contributions by both Parties, and to file such application
as a jointly-owned Invention. Such Invention and patent application shall be subject to the terms of this Agreement, including without
limitation Section 5.3. Each Party shall execute and cause to be executed by its employees and agents all documents, and perform
all acts, including providing reasonable assistance with the filing and prosecution of any patents, necessary to effect or evidence the
ownership of any Invention as set forth in this Agreement, at the request and expense of the other Party.

 

6.       Confidentiality.

 

6.1.       Paragraphs
1 through 3 of the Reciprocal Non-Disclosure Agreement between the Parties dated ● (attached hereto as Exhibit B)
are incorporated herein by reference as if full stated herein, with the term “Lixte” substituted for “Provider”
and “Institution” substituted for “Recipient.” The Parties agree that the Compound, Material and Information
(whether disclosed in writing, orally or through visual inspection) are the Confidential Information of Lixte, and the Study Results
are the Confidential Information of both Parties, in each case including all copies of the foregoing and all summaries and notes thereof
or derived therefrom whether created by Lixte or Institution.

 

6.2.       A
recipient of Confidential Information hereunder shall use such information solely for purposes of this Agreement, and hold in confidence
and not disclose to any third party such Confidential Information during the term hereof and for a period of five (5) years from the
termination of this Agreement.

 

7.       Study
Results and Publications.

 

7.1.       Institution
shall keep Lixte reasonably informed about the progress of the Study and the research results thereof. Within sixty (60) days of completing
the Study, Institution shall provide Lixte with a copy of the data, materials and other research results obtained from the use of the
Compound or Confidential Information (“Study Data”).

 

7.2.       In
order to protect Lixte’s proprietary and/or patent rights to the Compound and Information, Institution agrees to provide Lixte
with an advance copy of any proposed publication or public disclosure (including abstracts, or presentation to a journal, editor, meeting,
seminar or other third party) that makes reference to the Compound or Information, at least thirty (30) days prior to the proposed publication
or public disclosure. If in the opinion of Lixte any such publication describes a patentable invention, Lixte shall have an opportunity
to request that Institution delay the proposed publication or public disclosure until after a U.S. patent application has been filed.
In no event shall the delay exceed sixty (60) days from the date that Institution provides Lixte with the advance copy of the proposed
publication or public disclosure that makes reference to the Compound and Information. If Lixte determines such proposed publication
or public disclosure contains any Confidential Information of Lixte, it shall notify Institution within such thirty (30) day review period
and Institution shall delete such Lixte Confidential Information before proceeding with its planned publication. If a publication results
from work using the Compound or Information, or based on any direct contribution made to the work by any Lixte scientists, Institution
agrees to acknowledge Lixte and/or give credit to Lixte scientists as scientifically appropriate.

 

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8.       Disclaimer
of Warranties, Limitation of Liability and Indemnity.

 

8.1.       Institution
acknowledges that the Compound is experimental in nature and that it is provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. LIXTE MAKES NO REPRESENTATION THAT THE USE OF THE BIOLOGICAL MATERIAL WILL
NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER PROPRIETARY RIGHT. In no event shall Lixte be liable for any use of the Compound
by Institution. To the extent permitted by Federal and State laws, Institution hereby agrees to defend, indemnify and hold Lixte harmless
from any third-party claim arising out or loss, claim, damage or liability, of whatsoever kind or nature, which may arise from Institution’s
acts in connection with this Agreement or the Institution’s use, handling or storage of the Compound, except to the extent such
liability of claim arises from the gross negligence or willful misconduct of Lixte.

 

8.2.       Institution
and Oncode assume no responsibility or liability for the nature, conduct or results of any research, testing or other work performed
hereunder. All information, results and reports are made available by Institution “as is” and Lixte understands and agrees
that such information, results and reports are experimental in nature and are made available without any representation or warranty,
express or implied, including any implied warranty of merchantability, satisfactory quality or fitness for any particular purpose or
any warranty that the use of the information, results and reports will not infringe or violate any patent or other proprietary rights
of any third party.

 

8.3.       Lixte
will indemnify NKI-AVL and Oncode, the Principal Investigator and every employee of NKI-AVL and Oncode (the Indemnified Parties) and
keep them fully and effectively indemnified from any liability, loss or damage they may suffer as a result of claims against the Indemnified
Parties arising out claims made by a third party against any of the Indemnified Parties to the extent arising as a result of Lixte’s
use of any of the results or any non-public materials, works or information received from the Indemnified Parties pursuant to the terms
of this Agreement. The indemnity in this clause will not apply to the extent that the claim arises as a result of the Indemnified Party’s
act or omission, negligence, fraud, or willful misconduct.

 

8.4.       Except
under the indemnities in provided in this Section 8, the liability of either Party to the other for any damage arising out of a breach
of this Agreement, the Study and the results, will not extend to any indirect damages or losses, or any loss of profits, loss of revenue,
loss of data, loss of contracts or opportunity even if the Party bringing the claim has advised the other of the possibility of those
losses, or if they were within the other Party’s contemplation.

 

8.5.       Except
under the indemnities in this Section 8, the aggregate liability of any Party for damages as described in Section 8.4 will not exceed
in total the Budget.

 

9.       Term
and Termination. This Agreement will commence on the Effective Date and terminate on its third anniversary, unless terminated earlier
as permitted hereunder. Either Party may terminate this Agreement upon written notice in the event that the other Party is in material
breach of this this Agreement and has failed to cure sure material breach within thirty (30) days of written notice of breach from the
other Party. Lixte may terminate this Agreement immediately upon written notice in the event of a violation of law or Section 4.3
by Institution. Termination shall terminate all rights of Institution to use the Compound, Material and Information, but shall not
relieve Institution of its obligations under this Agreement. Sections 1, 4, 5, 6, 7, 8, and 9 shall survive expiration or termination
of this Agreement for any reason.

 

    	Page 5 of 10

     

    

 

10.       Miscellaneous.

 

10.1.       Assignment.
This Agreement, and the rights and obligations hereunder, may not be assigned, transferred, delegated or subcontracted, in whole or part,
by Parties without the prior written consent of the other Parties, except that a Party may assign or transfer this agreement in its entirety
to the successor to such Party’s business, whether by sale of all or substantially all of the equity or assets, by merger (whether
or not such Party is the surviving entity of such merger), by operation of law or otherwise. Any assignment or transfer in violation
of this Section shall be null, void and without effect. This Agreement, including the indemnification provisions, shall be binding upon
and inure to the benefit of the parties hereto, their respective permitted successors, assigns, legal representatives and heirs.

 

10.2.       Governing
Law and Dispute Resolution.

 

(a)       In
case of any dispute over the interpretation or the execution of this Agreement, the Parties undertake to make every effort to settle
their dispute by amicable agreement. In the event of a dispute a party shall issue a notice describing the basis for the dispute, and
senior representatives of the Parties shall promptly meet in good faith the attempt to resolve the dispute. If the Parties are unable
to settle a dispute arising out of or in connection with this Agreement within sixty (60) days of issuance the dispute notice, then either
party may commence an action. In the case of an action commenced by Lixte the governing law shall be Dutch law and the action shall be
brought in the Netherlands courts, and in the event of an action commenced by NKI-AVL or Oncode, then the governing law shall be New
York law and the action shall be brought in the state or federal courts located in New York, New York.

 

(b)       In
the event of any bona fide disagreement or disputed claim of any kind or nature between the Parties arising out of or relating to this
Agreement or the breach, termination, enforcement, interpretation or validity thereof, the rights or obligations of the parties hereunder,
or any payments due hereunder (each, a “Dispute”), the Parties shall attempt in good faith to resolve any Dispute
promptly by negotiation between executives who have authority to settle the controversy and who are at a higher level of management than
the persons with direct responsibility for administration of this Agreement. Upon the occurrence of a Dispute, a disputing Party shall
notify the other Party in writing of such Dispute (a “Dispute Notice”). The Dispute Notice shall include a statement
of the Party’s position and a summary of arguments supporting that position, together with information reasonably necessary for
the other Party to assess and respond to the subject of the Dispute, including copies of available supporting documents. Promptly following
such Dispute Notice, the executives of both parties shall meet at a mutually acceptable time and place in good faith to attempt to resolve
such Dispute by mutual agreement. If the Dispute has not been so resolved within thirty (30) days of the Dispute Notice, either Party
may seek equitable and legal remedies under the court system.

 

10.3.       Publicity.
Neither party shall use the name of the other party (or the name of any of its divisions or affiliated companies) for promotional purposes
without the prior written consent of the party whose name is proposed to be used, except as set forth in Section 7.2. No news
release, publicity or other public announcement, either written or oral, regarding this Agreement or performance hereunder or regarding
results arising from the Study, shall be made by Institution without the prior written approval of Lixte. Institution acknowledges that
Lixte may make disclosures without prior consent to the extent required under applicable securities or other laws

 

10.4.       Notices.
All notices, consents or approvals required or permitted under this Agreement (each, a “Notice” or “notice”)
will be in writing and delivered by courier or overnight delivery service, or by certified mail, and in each instance will be deemed
given upon receipt, to the addresses listed below:

 

    	Page 6 of 10

     

    

 

If
to Institution:

 

STICHTING
HET NEDERLANDS KANKER INSTITUUT – ANTONI VAN LEEUWENHOEK ZIEKENHUIS

Attn:
Prof. Rene Bernards

Plesmanlaan
121

1066
CX Amsterdam, Netherlands

r.bernards@nki.nl

 

with
a copy to:

 

STICHTING
ONCODE INSTITUTE

Attn:
Valorization Director

Jaarbeursplein
6

3521
AL, Utrecht, Netherlands

Chris.deJonghe@oncode.nl

 

If
to Lixte:

 

LIXTE
BIOTECHNOLOGY HOLDINGS, INC.

Attn:
John Kovach, MD

680
E Colorado Blvd., Suite 180

Pasadena,
CA 91101

jkovach@lixte.com

 

with
copies to:

 

Joshua
Rawson: joshua.rawson@dechert.com

David
Ficksman: dlf@troygould.com

 

10.5.       Payments

 

(a)       In
consideration for the performance of the Study, Lixte agrees to pay Institution in accordance with the Budget set forth on Exhibit A.
The parties acknowledge that the amounts to be paid by Lixte are reasonable compensation for the work performed and that neither Institution
nor Principal Investigator has received any other compensation or other inducement in connection with this Agreement or its participation
in the Study.

 

(b)       Lixte
will make all payments directly to Institution and not to Principal Investigator. Payments shall be made quarterly, within thirty (30)
days of the issuance of a written invoice by Institution. Upon the request of Lixte, Institution will provide supporting documentation
for the payments. Institution shall be responsible for any payments required to be made to Principal Investigator.

 

10.6.       Modifications.
This Agreement may not be altered, amended or modified except by written document signed by both parties.

 

10.7.       Severability.
If any term or condition of this Agreement, the deletion of which would not adversely affect the receipt of any material benefit by either
party hereunder, shall be held illegal, invalid or unenforceable, the remaining terms and conditions of this Agreement shall not be affected
thereby and such terms and conditions shall be valid and enforceable to the fullest extent permitted by law.

 

10.8.       No
Waiver. Failure on the part of Lixte or Institution to exercise or enforce any right conferred upon it hereunder shall not be deemed
to be a waiver of any such right nor operate to bar the exercise or enforcement thereof at any time or times thereafter.

 

    	Page 7 of 10

     

    

 

10.9.       
Entire Understanding. This Agreement, including the Exhibits hereto, set forth the entire understanding between the parties and
any oral or written covenants, representations or warranties made by a Party in connection with the negotiations or otherwise with respect
to this Agreement are not binding unless expressly stated herein.

 

10.10.       Execution
and Counterpart. The Parties agree that this Agreement may be executed and delivered by facsimile, electronic mail, internet, or
any other suitable electronic means, this Agreement may be executed in counterparts, and the Parties agree that signatures delivered
by any of the aforementioned means shall be deemed to be original, valid, and binding upon the Parties.

 

[REMAINDER
OF PAGE BLANK; SIGNATURE PAGE IMMEDIATELY FOLLOWS]

 

    	Page 8 of 10

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed, by duly authorized representatives, as of the last date written
below.

 

	STICHTING
    HET NEDERLANDS KANKER INSTITUUT – ANTONI VAN LEEUWENHOEK ZIEKENHUIS (“NKI-AVL”) 	 	LIXTE
    BIOTECHNOLOGY HOLDINGS, INC. (“Lixte”).
	 	 	 	 	 
	BY:	 /s/
    Henri van Luenen	 	BY:	 /s/
    John S. Kovach
	 	 	 	 	 
	NAME:	 Henri
    van Leunen	 	NAME:	 John
    Kovach, MD
	 	 	 	 	 
	TITLE	:
    Director of Operations	 	TITLE:	 CEO
    & President
	 	 	 	 	 
	DATE:	 11
    October 2021	 	DATE:	 10/8/21
	 	 	 	 	 
	STICHTING
    ONCODE INSTITUTE (“Oncode”). 	 	 	 
	 	 	 	 	 
	BY:	 /s/
    Chris de Jonghe	 	 	 
	 	 	 	 	 
	NAME:	 Chris
    de Jonghe	 	 	 
	 	 	 	 	 
	TITLE:	 Valorization
    Director	 	 	 
	 	 	 	 	 
	DATE:	 11
    October 2021	 	 	 

 

    	Page 9 of 10

     

    

 

EXHIBIT
A

 

THE
STUDY

 

Research
Collaboration Proposal.

 

Rene
Bernards, The Netherlands Cancer Institute, Amsterdam, The Netherlands

 

Budget:

 

Duration
of Study: two (2) years. Any extension of the Study beyond two (2) years is subject to the written approval of Lixte.

 

Annual
project cost

 

	a)	Salary
    Cost. An annual payment of Euro €75,000 towards the salary cost of a post-doc.
	b)
    	Consumable
    Costs. An annual payment of Euro €40,000 for bench fees and consumables (including mouse work).
	c)
    	Infrastructure
    support. An annual payment of Euro €80,500 as overheads charged at 70% of the total project costs (salary cost + consumables).

 

    	Page 10 of 10

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