Document:

EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

  

			
	 CYTOPHERX, INC.
  

WARRANT TO PURCHASE PREFERRED STOCK

	No. [•]	  	[•]

 THIS CERTIFIES THAT, for
value received, [•], with its principal office at [•], or assigns (the “Holder”), is entitled to subscribe for and purchase from CYTOPHERX,
INC., a Delaware corporation, with its principal office at 401 West Morgan Road, Ann Arbor, MI 48108 (the “Company”) Exercise Shares at the Exercise Price (each as
defined below and each subject to adjustment as provided herein). This Warrant is being issued as one of a series of warrants (the “Warrants”) pursuant to the terms of the Note and Warrant Purchase Agreement,
dated [•], as amended, by and among the Company and the Purchasers named therein (the “Purchase Agreement”). Unless indicated otherwise, the aggregate number of Exercise Shares that Holder may purchase by
exercising this warrant is equal to (a) one hundred percent (100%), multiplied by (B) such Holder’s Supplemental Warrant Coverage Amount (as defined in the Purchase Agreement), divided by (C) the Conversion Price (as defined in
the Supplemental Notes), subject to adjustment pursuant to the terms hereof, including but not limited to adjustments pursuant to Section 5 below. The “Supplemental Warrant Coverage Amount” applicable to this Warrant shall be the
Supplemental Warrant Coverage Amount set forth for the Supplemental Closing in the Schedule of Purchasers attached to the Fourth Amendment to the Purchase Agreement. 

1. DEFINITIONS. Capitalized terms used but not defined herein shall have the
meanings set forth in the Purchase Agreement. As used herein, the following terms shall have the following respective meanings: 
 (a)
“Exercise Period” shall mean the period commencing with the earlier of (x) the date the Supplemental Notes convert into Equity Securities, and (y) the date the Supplemental Notes are actually fully
repaid, and ending seven (7) years later. 
 (b) “Exercise Price” shall mean (i) the
Conversion Price per Exercise Share if the corresponding Supplemental Note is converted into Equity Securities, and (ii) the Series C Original Issue Price (as defined in the Company’s Amended and Restated Certificate of Incorporation as in
effect from time to time (the “Restated Charter”)), subject (if applicable) to adjustment pursuant to Section 5 below. 

(c) “Exercise Shares” shall mean shares of the Company’s Preferred Stock issuable upon exercise of
this Warrant. The series of Preferred Stock issuable pursuant to this Warrant shall be (i) the same series of Preferred Stock as issued upon conversion of the corresponding Supplemental Note if such Supplemental Note is converted, and
(ii) Series C Preferred Stock of the Company, if the Supplemental Note is not converted. 

 2. EXERCISE OF
WARRANT. 
 2.1 Cash Exercise. The rights represented by this Warrant may be exercised in whole or
in part at any time during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing to the Holder): 

(a) An executed Notice of Exercise in the form attached hereto; 

(b) Payment of the Exercise Price either (i) in cash or by check, or (ii) by cancellation of indebtedness; and 

(c) This Warrant. 

2.2 Net Issue Exercise. Notwithstanding any provisions of this Warrant to the contrary, if the fair market value of one Exercise Share
is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the
portion thereof being cancelled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company shall issue to the Holder a number of Exercise Shares computed
using the following formula: 
  

					
	X	  	=	  	Y (A-B)
		  		  	A

 Where X = the number of Exercise Shares to be issued to the Holder 

 

					
		 	Y =	  	the number of Exercise Shares purchasable under the Warrant or, if only a portion of the Warrant is being exercised, that portion of the Warrant being cancelled (at the date of such calculation)
		 	A =	  	the fair market value of one Exercise Share (at the date of such calculation)
		 	B =	  	Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, the fair market value of one Exercise Share shall be determined by the
Company’s Board of Directors in good faith; provided, however, that in the event that this Warrant is exercised pursuant to this Section 2.2 in connection with the Company’s initial public offering of its Common Stock, the fair market
value per share shall be the product of (i) the per share offering price to the public of the Company’s initial public offering, and (ii) the number of shares of Common Stock into which each Exercise Share is convertible at the time
of such exercise. 

  
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 2.3 Exercise Processes. Upon the exercise of the rights represented by this Warrant,
a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after
the rights represented by this Warrant shall have been so exercised. In the event that this Warrant is being exercised for less than all of the then-current number of Exercise Shares purchasable hereunder, the Company shall, concurrently with the
issuance by the Company of the number of Exercise Shares for which this Warrant is then being exercised, issue a new Warrant exercisable for the remaining number of Exercise Shares purchasable hereunder. The person in whose name any certificate or
certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made,
irrespective of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 
 3.
COVENANTS OF THE COMPANY. 
 3.1 Covenants as to
Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from pre-emptive rights, a sufficient number of shares of the series of equity securities comprising the Exercise Shares to provide for the exercise of the rights represented by this Warrant. If at any time during the
Exercise Period the number of authorized but unissued shares of such series of the Company’s equity securities shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its
counsel, be necessary to increase its authorized but unissued shares of such series of the Company’s equity securities to such number of shares as shall be sufficient for such purposes. 

3.2 Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of securities for
the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, the Company shall mail to the Holder, at least ten (10) days prior to the date specified herein, a notice specifying the date on
which any such record is to be taken for the purpose of such dividend or distribution. 
 4. REPRESENTATIONS
OF HOLDER. 
 4.1 Acquisition of Warrant for Personal Account. The Holder
represents and warrants that it is acquiring the Warrant and the Exercise Shares solely for its account for investment and not with a view to or for sale or distribution of said Warrant or Exercise Shares or any part thereof. The Holder also
represents that the entire legal and beneficial interests of the Warrant and Exercise Shares the Holder is acquiring is being acquired for, and will be held for, its account only. 

  
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 4.2 Securities Are Not Registered. 

(a) The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act of 1933, as
amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. The Holder realizes that the basis for the exemption may not be present if, notwithstanding its
representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the
securities. The Holder has no such present intention. 
 (b) The Holder recognizes that the Warrant and the Exercise Shares must be
held indefinitely unless they are subsequently registered under the Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to register the Warrant or the Exercise Shares of the Company, or
to comply with any exemption from such registration, except as provided in the Rights Agreement. 
 (c) The Holder is aware that
neither the Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain current
public information about the Company, the resale following the required holding period under Rule 144 and the number of shares being sold during any three month period not exceeding specified limitations, Holder is aware that the conditions for
resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in the foreseeable future. 

4.3 Disposition of Warrant and Exercise Shares. 

(a) The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares in any event unless and
until: 
 (i) The Company shall have received a letter secured by the Holder from the Securities and Exchange Commission stating
that no action will be recommended to the Commission with respect to the proposed disposition; 
 (ii) There is then in effect a
registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or 

(iii) The Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, for the Holder to the
effect that such disposition will not require registration of such Warrant or Exercise Shares under the Act or any applicable state securities laws. The Company agrees that it will not require an opinion of counsel with respect to
(A) transactions under Rule 144 of the Securities Act of 1933, as amended, except in unusual circumstances, or (B) transfers of this Warrant (or any portion hereof) to any Affiliate (as defined in the Rights Agreement). 

  
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 (b) The Holder understands and agrees that all certificates evidencing the shares to
be issued to the Holder may bear the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 4.4 Accredited Investor Status. The Holder is an “accredited investor”
as defined in Regulation D promulgated under the Act. 
 4.5 Additional Restrictions on Transfer. Notwithstanding anything in
this Warrant to the contrary, in no event shall the Holder be entitled to transfer this Warrant (in whole or in part or any interest herein) without also assigning the Holder’s rights and obligations under the Agreement, including without
limitation the Holder’s rights and obligations pursuant to Section 2(b) of the Agreement, and it shall be a condition to any such transfer that the transferee agree in writing to be bound by the Agreement as if such transferee were a
Purchaser under the Agreement. 
 5. ADJUSTMENT OF EXERCISE PRICE
AND NUMBER OF EXERCISE SHARES. 
 5.1 Changes in
Securities. In the event of changes in the series of equity securities of the Company comprising the Exercise Shares by reason of stock dividends, splits, recapitalizations, reclassifications, combinations or exchanges of shares, separations,
reorganizations, liquidations, or the like, the number and class of Exercise Shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same
aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. For
purposes of this Section 5, the “Aggregate Exercise Price” shall mean the aggregate Exercise Price payable in connection with the exercise in full of this Warrant. The form of this Warrant need not be changed
because of any adjustment in the number of Exercise Shares subject to this Warrant. 
 5.2 Automatic Conversion. Upon the automatic
conversion of all outstanding shares of the series of equity securities comprising the Exercise Shares, this Warrant shall become exercisable for that number of shares of Common Stock of the Company into which the Exercise Shares would then be
convertible, so long as such shares, if this Warrant had been exercised prior to such offering, would have been converted into shares of the Company’s Common Stock pursuant to the Restated Charter. In such case, all references to
“Exercise Shares” shall mean shares of the Company’s Common Stock issuable upon exercise of this Warrant, as appropriate. 

  
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 5.3 Reorganization. In the event of, at any time during the Exercise Period, any
Deemed Liquidation (as defined in the Restated Charter (an “Organic Change”)), then, as a condition of such Organic Change, lawful and adequate provisions shall be made by the Company whereby the Holder
hereof shall thereafter have the right to purchase and receive (in lieu of the Exercise Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares of stock, securities or
other assets or property as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Exercise Shares equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby, and the Exercise Price shall be appropriately adjusted so that the Aggregate Exercise Price after such Organic Change shall be equal to the Aggregate Exercise Price immediately prior to such Organic Change.

 6. FRACTIONAL SHARES. No fractional shares shall be issued upon
the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) to be issued upon exercise of this Warrant shall be aggregated for purposes of determining whether the exercise would result
in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum
in cash equal to the product resulting from multiplying the then current fair market value of one Exercise Share by such fraction. 
 7.
NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. 

8. TRANSFER OF WARRANT. Subject to applicable laws,
the restrictions on transfer set forth on the first page of this Warrant, in Sections 4.3 and 4.5 of this Warrant or otherwise in this Warrant, and any restrictions applicable to the transfer of shares set forth in the Company’s bylaws, as they
may be amended from time to time, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated
by Holder. The transferee shall sign an investment letter in form and substance satisfactory to the Company. 
 9.
LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may,
on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

10. AMENDMENT. Any term of this Warrant may be amended or waived with the written consent of the
Company and Holders of at least sixty-six and two-thirds percent (66-2/3%) in interest (based upon the number of Exercise Shares
issuable upon exercise) of the outstanding Warrants provided that all Warrants are similarly amended or waived (without regard to economic effect). Upon the effectuation of such amendment or waiver in conformance with this Section 10, the
Company shall promptly give written notice thereof to the record holders of the Warrants who have not previously consented thereto in writing. 

  
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 11. NOTICES, ETC. All notices
required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex, electronic mail or facsimile if sent during normal
business hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address set forth on the signature page hereto and to the Holder at the addresses set forth on
the Schedule of Purchasers attached to the Purchase Agreement or at such other addresses as the Company or Holder may designate by ten (10) days’ advance written notice to the other parties hereto. 

12. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement
to all of the terms and conditions contained herein. 
 13. GOVERNING LAW. This
Warrant and all rights, obligations and liabilities hereunder shall be governed by and construed under the laws of the State of Delaware as applied to agreements among Delaware residents, made and to be performed entirely within the State of
Delaware without giving effect to conflicts of laws principles. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed by its duly authorized officer as of [•]. 
  

					
	COMPANY:
	
	CYTOPHERX, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

			
	ACCEPTED AND AGREED:
	
	HOLDER:
		
	[•]	 	
		
	By:	 	  

		
	Its:	 	  

 [WARRANT SIGNATURE PAGE] 

 NOTICE OF EXERCISE 

TO: CYTOPHERX, INC. 
 (1) ☐
The undersigned hereby elects to purchase __________ shares of __________ (the “Exercise Shares”) of Cytopherx, Inc, (the “Company”) pursuant to the terms of the attached Warrant, and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 ☐ The undersigned hereby
elects to purchase __________ shares of __________ (the “Exercise Shares”) of CytoPheryx, Inc. (the “Company”) pursuant to the terms of the net exercise provisions set forth in
Section 2.2 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if any. 
 (2) Please issue a
certificate or certificates representing said Exercise Shares in the name of the undersigned or in such other name as is specified below: 
  

					
		 	  
	 	
		 	(Name)	 	
			
		 	  
	 	
		 	  
	 	
		 	(Address)	 	

 (3) The undersigned represents that (i) the aforesaid Exercise Shares are being acquired for the
account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is
aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the undersigned is
experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own
interests; (iv) the undersigned understands that Exercise Shares issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a
specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered
under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid Exercise Shares may not be
sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the
availability of current information to the public about the Company and the Company has not made such information available and has no present plans to do so; and (vi) the undersigned agrees not to make any disposition of all or any part of the
aforesaid shares of Exercise Shares unless and until there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with

  
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said registration statement, or, if reasonably requested by the Company, the undersigned has provided the Company with an opinion of counsel satisfactory to the Company (unless the Warrant
provides no opinion is necessary for such transfer), stating that such registration is not required. 
  

					
	  
	 		 	  

	(Date)	 		 	(Signature)
		 		 	  

		 		 	(Print name)
		 		 	

  
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 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form 

and supply required information. Do not use this 

form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to 
  

			
	 Name:
	 	  

	(Please Print)
		
	 Address:
	 	  

	(Please Print)

	
	 Dated: ________________, 20____

	
	 Holder’s

	 Signature:
                                         
                           

	
	 Holder’s

	 Address:
                                         
                             

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 3EX-10.13

 Exhibit 10.13 

LICENSE AGREEMENT 
 University of
Michigan File 3718 
 This Agreement is effective as of October 16, 2007 (the “Effective Date”), between Nephrion (“LICENSEE”)
having the address in Article 13 below, and the Regents of the University of Michigan, a constitutional corporation of the State of Michigan (“MICHIGAN”). LICENSEE and MICHIGAN agree as follows: 

ARTICLE 1 – DEFINITIONS 
 1.1
“FIELD OF USE” means medical devices for use in human therapeutics. 
 1.2 “FIRST COMMERCIAL SALE” means the first sale, rental, or lease
of any LICENSED PRODUCT or first commercial use of any LICENSED PROCESS by LICENSEE or a SUBLICENSEE, other than sale of a LICENSED PRODUCT or use of a LICENSED PROCESS for use in trials, such as field trials or clinical trials, being conducted to
obtain FDA or other governmental approvals to market LICENSED PRODUCTS or otherwise commercially use LICENSED PROCESSES. 
 1.3 “LICENSED
PROCESS(ES)” means any process or method that, but for this Agreement, comprises an infringement (including contributory or inducement) of an issued, unexpired claim or a pending claim contained in the PATENT RIGHTS or uses a LICENSED PRODUCT.

 1.4 “LICENSED PRODUCT(S)” means any product that, but for this Agreement: (a) comprises an infringement (including contributory or
inducement) of an issued, unexpired claim or a pending claim contained in the PATENT RIGHTS in the country in which any such product or product part is made, used, imported, offered for sale or sold; or (b) is manufactured by using a LICENSED
PROCESS or is employed to practice a LICENSED PROCESS. 
 1.5 “NET SALES” means the amounts received, on sales, rental or lease, however
characterized, by LICENSEE and/or SUBLICENSEES of LICENSED PRODUCTS and uses or licenses of LICENSED PROCESSES, less the following deductions (but only to the extent such sums are otherwise included in NET SALES and are not obtained in view of other
consideration received by LICENSEE): 
 (a) cash discounts actually granted to customers in such invoices for sales or lease of LICENSED
PRODUCTS; 
 (b) sales, tariff duties and/or use taxes separately stated in such bills or invoices with reference to particular sales and
actually paid by LICENSEE to a governmental unit; 
 (c) actual freight expenses between LICENSEE and customers, to the extent such expenses
are not charged to or reimbursed by customers; or 
 (d) amounts actually refunded or credited on returns. 

 Where LICENSEE receives any consideration other than cash for such transactions, fair market cash value for
such consideration, to be agreed upon by the parties hereto, shall be included in NET SALES. 
 1.6 “PATENT RIGHTS” means MICHIGAN’S legal
rights under the patent laws of the United States or relevant foreign countries for all of the following: 
 (a) the following United States
and foreign patent(s) and/or patent application(s), and divisionals, continuations (except continuations-in-part), and foreign counterparts of the same: U.S. Serial
No. 60/969,394 “Selective Cytophoretic Device and Related Methods thereof” (filed 8/31/07); and 
 (b) United States and
foreign patents issued from the applications listed in subparagraph 1.6(a) above, including any reissued or reexamined patents based upon the same. 
 1.7
“ROYALTY PERIOD(S)” means the six-month periods ending on the last days of June and December each year. 

1.8 “SUBLICENSEE(S)” means any person or entity sublicensed, or granted an option for a sublicense, by LICENSEE under this Agreement. 

1.9 “TERRITORY” means worldwide. 

ARTICLE 2 – GRANT OF LICENSE 
 2.1
MICHIGAN hereby grants to LICENSEE an exclusive license under the PATENT RIGHTS, with the right to grant sublicenses, both subject to the terms and conditions of this Agreement, in the FIELD OF USE and the TERRITORY to make, have made, import, use,
market, offer for sale and sell LICENSED PRODUCTS and to practice LICENSED PROCESSES. 
 2.2 Without limiting any other rights it may have, MICHIGAN
specifically reserves the right to practice the PATENT RIGHTS for research, public service, internal (including clinical) and/or educational purposes, and the right to grant the same limited rights to other
non-profit research institutions. 
 2.3 This Agreement shall extend until expiration of the last to expire of the
PATENT RIGHTS, unless sooner terminated as provided in another specific article of this Agreement. 
 2.4 In accordance with 37 CFR 401.14, LICENSEE agrees
to substantially manufacture or have manufactured in the United States all Products to be used or sold in the United States. At LICENSEE’ s request, MICHIGAN will apply for a waiver of the U.S. manufacturing requirement. LICENSEE shall
cooperate with MICHIGAN and provide all requested information in support of such waiver application.” 

  
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 2.5 The licenses granted in this Agreement are subject to any rights required to be granted under prior
research or sponsorship agreements, or retained by the U.S. government, for example in accordance with Chapter 18 or Title 35 of U.S.C. 200-212 and the regulations thereunder (37 CFR Part 401), when
applicable. LICENSEE agrees to comply in all respects, and shall provide MICHIGAN with all reasonably requested information and cooperation for MICHIGAN to comply with applicable provisions of the same and any requirements of any contracts between
MICHIGAN and any agency of the U.S. government that provided funding for the subject matter covered by the PATENT RIGHTS. 
 ARTICLE 3
– CONSIDERATION 
 3.1 LICENSEE shall pay royalties to MICHIGAN until the expiration date of the last to expire of PATENT RIGHTS or until this
Agreement is terminated. Royalties shall include: 
 (a) A License Issue Fee equal to Ten Thousand Dollars ($10,000). Such License Issue Fee
shall be nonrefundable and is due fourteen days (14) from the complete execution of this Agreement. LICENSEE will pay further fees in the form of reimbursement of certain costs pursuant to Article 7 hereof. 

(b) Running Royalties equal to one and one percent (1.0%) of NET SALES. If LICENSEE or any SUBLICENSEE makes any NET SALES to any party
affiliated with LICENSEE, or in any way directly or indirectly related to or under the common control with LICENSEE, at a price less than the regular price charged to other parties, the Running Royalties payable to MICHIGAN shall be computed on the
basis of the regular price charged to other parties. 
 (c) Non-Sales Based Sublicense Royalties as a
percentage of any revenue not based on NET SALES that LICENSEE receives from SUBLICENSEES or assignees in consideration for rights under the PATENT RIGHTS (e.g., license issue fees, maintenance fees, milestone payments, or other payments for the use
of the PATENT RIGHTS not determined by NET SALES, and expressly not including funding for research and development projects and similar payments), payable as follows: 

10% if the Sublicense is entered into prior to the earliest of 510K, CE Mark or Health Canada approval; and 

8% thereafter. 
 (d) Reimbursement
of patent costs incurred by MICHIGAN of $12,525.18 as of October 10, 2007. 
 (e) LICENSEE shall pay to MICHIGAN minimum annual
royalties (“Annual Fee”). This Annual Fee is accrued on June 30 of the years specified below, and is payable with the semi-annual report for the ROYALTY PERIOD in which the Annual Fee accrues. LICENSEE may credit all Annual Fees paid
through June 30, 2010 in full against all royalties otherwise due MICHIGAN under subparagraphs (b) and (c) above, and for Annual Fees for years beginning after June 30, 2010, may credit each such Annual Fee against all royalties
otherwise due MICHIGAN under subparagraphs (b) and (c) above for the prior July 1 through June 30 period on which the Annual Fee accrues. The Annual Fees are: 

(1) In 2008-2009: $10,000; 

  
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 (2) In 2010-2011: $25,000; 

(3) In 2012 and in each year thereafter during the term of this Agreement: $35,000. Should this Agreement terminate or expire other than on a
June 30, the Annual Fee for such portion of a year shall be determined by multiplying the amount set forth above for the given year by a fraction, the numerator of which shall be the number of days since the prior June 30 during which the
Agreement is in effect and the denominator of which shall be three hundred and sixty-five. 
 3.2 LICENSEE shall be responsible for the payment of all taxes,
duties, levies, and other charges imposed by any taxing authority with respect to the royalties payable to MICHIGAN under this agreement. Should LICENSEE be required under any law or regulation of any government entity or authority to withhold or
deduct any portion of the payments on royalties due to MICHIGAN, then the sum payable to MICHIGAN shall be increased by the amount necessary to yield to MICHIGAN an amount equal to the sum it would have received had no withholdings or deductions
been made. MICHIGAN shall cooperate reasonably with LICENSEE in the event LICENSEE elects to assert, at its own expense, MICHIGAN’s exemption from any such tax or deduction. 

3.3 LICENSEE is not obligated to pay multiple royalties if any LICENSED PRODUCT or LICENSED PROCESS is covered by more than one claim of PATENT RIGHTS or the
same LICENSED PRODUCT is covered by claims in two or more countries. 
 3.4 Royalty payments shall be made to “The Regents of the University of
Michigan” in United States dollars. Payments drawn directly on a U.S. bank may be made by either check to the address in Article 13 or by wire transfer. Any payment drawn on a foreign bank or foreign branch of a U.S. bank shall be made only by
wire transfer. Wire transfers shall be made in accordance with the following or any other instructions as may be specified by MICHIGAN: ABA/Routing No. 072000805; Beneficiary Account No. 5401125777; Swift Code MICHUS33; Beneficiary
Account: The Regents of the University of Michigan EFT Depository Account; LaSalle Bank, Troy, Michigan USA 48084. In computing royalties, LICENSEE shall convert any revenues it receives in foreign currency into its equivalent in United States
dollars at the most recent exchange rate published in the Wall Street Journal on the last business day of the ROYALTY PERIOD during which such payments are received by LICENSEE, or at such other exchange rate as the parties may agree to in writing.

 3.5 Royalty payments shall be made on a semi-annual basis within 45 days following submission of the reports required by Article 4. All amounts due under
this Agreement, including amounts due for the payment of patent expenses, shall, if overdue, be subject to a charge of interest compounded monthly until payment, at a per annum rate of five percent (5%) above the prime rate in effect at the JP
Morgan Chase Bank, N.A. or its successor bank on the due date (or at the highest allowed rate if a lower rate is required by law) or $250, whichever is greater. The payment of such interest shall not foreclose MICHIGAN from exercising any other
rights it may have resulting from any late payment. LICENSEE shall reimburse MICHIGAN for the costs, including reasonable attorney fees, for expenses paid in order to collect any amounts overdue more than 120 days. 

  
 4 

 3.6 In further consideration of the license hereby granted, LICENSEE agrees that MICHIGAN shall be entitled
to an equity interest in LICENSEE on the following basis. Within thirty (30) days of the Effective Date, LICENSEE shall transfer to MICHIGAN 19,872 shares of NEPHRION common stock (which represents one percent (1.0%) of the
“fully-diluted” equity of LICENSEE as of the date hereof), provided that MICHIGAN agrees to be bound by LICENSEE’s Voting Rights Agreement and Right of First Refusal and Co-Sale Agreement which
are binding on all other holders of LICENSEE’s common stock. For purposes of this Section 3.6, “fully diluted” means the sum of (a) the number of all shares of capital stock or other equity interest of LICENSEE issued and
outstanding, (b) the number of shares of capital stock or other equity interest subject to, or reserved in respect of, any outstanding right to acquire capital stock or other equity interest in LICENSEE, and (c) all shares of capital stock
or other equity or profits interest reserved in respect of any plan or other arrangement for the issuance of capital stock or other equity or profits interest or rights to acquire the same limitation, any stock option, restricted stock or profits
interest place as of date thereof. 
 ARTICLE 4 – REPORT 

4.1 Until the FIRST COMMERCIAL SALE, LICENSE ha provide to MICHIGAN a written annual report on or before July each year. The annual report shall include:
reports of progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and sales during the preceding twelve (12) months, and plans for the coming year. LICENSEE also shall report to MICHIGAN the date of
first sale or lease of LICENSED PRODUCTS (or results of “LICENSED PROCESSES) in each country within thirty (30) days of occurrence. 
 4.2 After
FIRST COMMERCIAL SALE, LICENSEE shall provide semi-annual reports to MICHIGAN. By each July 30 and January 31 (i.e., within one month after each ROYALTY PERIOD closes, including the close of the ROYALTY PERIOD immediately following any
termination of this Agreement , LICENSEE shall report to MICHIGAN for that ROYALTY PERIOD: 
 (a) number of LICENSED PRODUCTS sold, leased,
or distributed, however characterized, by LICENSEE and each SUBLICENSEE. 
 (b) NET SALES, by LICENSEE and all SUBLICENSEES. 

(c) accounting for all LICENSED PROCESSES used, sold, or licensed, however characterized, by LICENSEE and all SUBLICENSEES included in NET
SALES, excluding the deductions therefor. 
 (d) deductions applicable as provided in the definition for NET SALES above. 

  
 5 

 (e) royalties due on additional payments from SUBLICENSEES under Paragraph 3.1 above,
including supporting figures. 
 (f) foreign currency conversion rate and calculations (if applicable) and total royalties due. 

(g) names, addresses, and U.S.P.T.O. Entity Status (as discussed in Paragraph 4.5) of all SUBLICENSEES having a sublicense or option therefor
any time during the particular ROYALTY PERIOD. 
 (h) for each sublicense or amendment thereto completed in the particular ROYALTY PERIOD
(including agreements under which LICENSEE will have LICENSED PRODUCTS made by a third party), the date of each agreement and amendment, the territory of the sublicense, the scope of the sublicense, and the nature, timing and amounts of all fees and
royalties to be paid thereunder. 
 (i) any milestone (under Article 3 or Article 5) that has been achieved, and any milestone that was due
during the ROYALTY PERIOD but not achieved, specifying each milestone and whether or not it was achieved. 
 LICENSEE shall include the amount of all
payments due, and the various calculations used to arrive at those amounts, including the quantity, description (nomenclature and type designation as described in Paragraph 4.3 below), country of manufacture and country of sale or use of LICENSED
PRODUCTS and LICENSED PROCESSES. LICENSEE shall direct its authorized representative to certify that reports required hereunder are correct to the best of LICENSEE’s knowledge and information. Failure to provide reports as required under this
Article 4 shall be a material breach of this Agreement. 
 If no payment is due, LICENSEE shall so report to MICHIGAN that no payment is due. 

4.3 LICENSEE shall promptly establish and consistently employ a system of specific nomenclature and type designations for LICENSED PRODUCTS and LICENSED
PROCESSES to permit identification and segregation of various types where necessary. LICENSEE shall consistently employ, and shall require SUBLICENSEES to consistently employ, the system when rendering invoices thereon and shall inform MICHIGAN, or
its auditors, when requested, as to the details concerning such nomenclature system, all additions thereto and changes therein. 
 4.4 LICENSEE shall keep,
and shall require SUBLICENSEES to keep, true and accurate records containing data reasonably required for the computation and verification of payments due under this Agreement. LICENSEE shall, and it shall require all SUBLICENSEES and those making
LICENSED PRODUCTS to,: (a) open such records for inspection upon reasonable notice during business hours, and no more than once per year, by either MICHIGAN auditor(s) or an independent certified accountant selected by MICHIGAN, for the purpose of
verifying the amount of payments due; and (b) retain such records for six (6) years from date of origination. 

  
 6 

 The terms of this Article shall survive any termination of this Agreement. MICHIGAN is responsible for all
expenses of such inspection, except that if any inspection reveals an underpayment greater than five percent (5%) of royalties due MICHIGAN, then LICENSEE shall pay all expenses of that inspection and the amount of the underpayment and interest to
MICHIGAN within twenty-one (21) days of written notice thereof. LICENSEE shall also reimburse MICHIGAN for reasonable expenses required to collect the amount underpaid. 

4.5 So that MICHIGAN may pay the proper U.S. Patent and Trademark Office fees relating to the PATENT RIGHTS, if LICENSEE, any company related to LICENSEE or
SUBLICENSEE (including optionees) does not qualify as a “Small Entity” under U.S. patent laws, LICENSEE shall notify MICHIGAN immediately. The parties understand that the changes to LICENSEE’s, SUBLICENSEE’s, or optionees’
businesses that might affect entity status include: acquisitions, mergers, hiring of a total of more than 500 total employees, sublicense agreements, and sublicense options. 

ARTICLE 5 – DILIGENCE 
 5.1 LICENSEE
shall use commercially reasonable efforts to bring a full scope of LICENSED PRODUCTS to market or one or more LICENSED PROCESSES to commercial use through a thorough, vigorous and diligent program for exploiting the PATENT RIGHTS and to continue
active, diligent marketing efforts throughout the life of this Agreement. LICENSEE has the responsibility to do all that is necessary to obtain and retain any governmental approvals to manufacture and/or sell LICENSED PRODUCTS and/or use LICENSED
PROCESSES for all relevant activities of LICENSEE and SUBLICENSEES. 
 5.2 As part of the diligence required by Paragraph 5.1, LICENSEE agrees to reach the
following commercialization and research and development milestones for the LICENSED PRODUCTS and LICENSED PROCESSES (together the “MILESTONES”) by the following dates: 

 

			
	 1)  Initiate Preclinical Animal Trials
	  	12 months from Effective Date
		
	 2)  Initiate Phase I clinical Trial
	  	24 months from Effective Date
		
	 3)  FIRST COMMERCIAL
	  	48 months from Effective Date

 For the purposes of this Agreement, initiation of a clinical trial shall mean that date upon which the first patient or
subject is treated with a LICENSED PRODUCT under a protocol approved by an appropriate drug regulatory agency with a therapeutic agent or process that has been manufactured according to Good Manufacturing Practices (GMP) guidelines provided by the
relevant regulatory agency. 
 5.3 LICENSEE must achieve each MILESTONE on or before the deadline dates indicated and MICHIGAN shall have reasonable
discretion to determine the validity of a MILESTONE being reached. LICENSEE shall notify MICHIGAN within ten (10) days after each such deadline as to whether or not such MILESTONE was met. If LICENSEE fails to meet any MILESTONE under this
Article by the date of any MILESTONE deadline, LICENSEE will be deemed to be in material breach of this Agreement, and MICHIGAN may terminate the Agreement effective on thirty (30) days notice, unless LICENSEE achieves the MILESTONE within this
thirty day period. Notwithstanding, MICHIGAN may terminate this Agreement immediately if LICENSEE fails to achieve a MILESTONE by the indicated date and does not provide the notice to MICHIGAN referred to above. 

  
 7 

 ARTICLE 6 – SUBLICENSING 

6.1 LICENSEE shall notify MICHIGAN in writing of every sublicense agreement and each amendment thereto within thirty (30) days after their execution, and
indicate the name of the SUBLICENSEE and its number of employees, the territory of the sublicense, the scope of the sublicense, and the nature, timing and amounts of all fees and royalties to be paid thereunder. Upon request, LICENSEE shall provide
MICHIGAN with a copy of sublicense agreements. 
 6.2 LICENSEE shall not receive from SUBLICENSEES anything of value other than cash payments in
consideration for any sublicense under this Agreement, without the express prior written permission of MICHIGAN. 
 6.3 Each sublicense granted by LICENSEE
under this Agreement shall provide for its termination upon termination of this Agreement. Each sublicense shall terminate upon termination of this Agreement unless LICENSEE has previously assigned its rights under the sublicense to MICHIGAN and
MICHIGAN has agreed at its sole discretion in writing to such assignment. 
 6.4 LICENSEE shall require that all sublicenses: 

(1) be consistent with the terms and conditions of this Agreement; 

(2) contain the SUBLICENSEE’S acknowledgment of the disclaimer of warranty and limitation on MICHIGAN’s liability, as provided by
Article 9 below; and 
 (3) contain provisions under which the SUBLICENSEE accepts duties at least equivalent to those accepted by the
LICENSEE in the following Paragraphs: 4.4 (duty to keep records); 4.5 (duty regarding Patent Office fees); 9.4 (duty to avoid improper representations or responsibilities); 10.1 (duty to defend, hold harmless, and indemnify MICHIGAN); 10.3 (duty to
maintain insurance); 14.5 (duty to properly mark LICENSED PRODUCTS with patent notices); 14.7 (duty to restrict the use of MICHIGAN’s name); 14.8 (duty to control exports). 

ARTICLE 7 – PATENT APPLICATIONS AND MAINTENANCE 

7.1 MICHIGAN will control the filing, prosecution, and maintenance of any PATENT RIGHTS, provided MICHIGAN will consult LICENSEE on the filing, prosecution,
and maintenance of PATENT RIGHTS under this agreement and keep LICENSEE fully informed with respect thereto. MICHIGAN and LICENSEE agree to use reasonable efforts to work effectively and cost efficiently with respect to a mutually agreed
intellectual property strategy. LICENSEE, with full consideration for any obligations that MICHIGAN may have to third parties such as the US Government, shall have the right, through counsel of its choice and at its expense, to prepare the initial
draft of all patent applications worldwide (including without 

  
 8 

 
limitation provisionals, non provisionals, continuations, divisions, continuations in part, PCT applications, national phase applications, reissues and reexaminations) for the PATENT RIGHTS to
assist MICHIGAN in the prosecution thereof before the US PTO and patent offices worldwide. LICENSEE’ s counsel shall submit a draft of each proposed patent application to MICHIGAN’s counsel for a
pre-filing review. Following such review, the final form of the patent application shall be agreed to in good faith to the extent reasonably possible by LICENSEE and MICHIGAN prior to submission to the
applicable patent office, and neither party shall unreasonably withhold or delay its approval to the submission of such application. Following such agreement, the applicable filings shall be made by MICHIGAN’s counsel. MICHIGAN shall receive
correspondence from patent offices worldwide, and shall make available to LICENSEE all such documents as soon as feasible after receipt. LICENSEE agrees to hold such information confidential and to use the information provided by MICHIGAN only for
the purpose of advancing MICHIGAN’s PATENT RIGHTS. 
 7.2 For those cases where the patent application is submitted to the US PTO in substantially the
same form as prepared by LICENSEE’S counsel, MICHIGAN agrees that MICHIGAN’s counsel’s review of such patent application and the filing thereof will cost no more than $2,500 (not including USPTO filing fees) and that the total fees of
MICHIGAN’s counsel in conducting such review, filing the initial application and managing the patent prosecution process up to receiving a final office action shall not exceed $10,000. Such $10,000 cap shall not include charges for
MICHIGAN’s counsel’s preparing Missing Parts Responses, Restriction Requirement Response, Response to First Office Action, and any potential Examiner Interviews. For work following a final office action (including an Appeal or a Request
for Continued Examination), LICENSEE and MICHIGAN shall negotiate in good faith the appropriate strategy and reimbursement rate for MICHIGAN counsel’s review. 

7.3 Subject to 7.2 above, LICENSEE shall reimburse MICHIGAN for all fees and costs relating to the activities described in this Article. Such reimbursement
shall be made within thirty (30) days of receipt of MICHIGAN’s invoice and shall be subject to the interest and other requirements specified in Paragraph 3.5 above. 

ARTICLE 8 – ENFORCEMENT 
 8.1 Each
party shall promptly advise the other in writing o y known acts of potential infringement of the PATENT RIGHTS by another party. LICENSEE has the first option to police the PATENT RIGHTS against infringement by other parties within the TERRITORY and
the FIELD OF USE, but LICENSEE shall notify MICHIGAN in writing thirty (30) days before filing any suit. LICENSEE shall not file any suit with a diligent investigation of the merits of such suit by its counsel, including with respect to PATENT
RIGHTS. This right to police includes defending any action; for declaratory judgment of noninfringement or invalidity; and prosecuting, defending or settling all infringement and declaratory judgment actions at its expense and through counsel of its
selection, except that LICENSEE shall make any such settlement only with the advice and consent of MICHIGAN. If LICENSEE has a reasonable basis for policing the patents, MICHIGAN shall provide reasonable assistance to LICENSEE with respect to such
actions, but only if LICENSEE reimburses MICHIGAN for out-of-pocket expenses incurred in connection with any such assistance rendered at LICENSEE’S request or

  
 9 

 
reasonably required by MICHIGAN and if LICENSEE notifies MICHIGAN in writing thirty (30) days before filing any suit. MICHIGAN retains the right to participate, with counsel of its own
choosing and at its own expense, in any action under this Paragraph. LICENSEE shall defend, indemnify and hold harmless MICHIGAN with respect to any counterclaims asserted by an alleged infringer reasonably related to the enforcement of the PATENT
RIGHTS under this Paragraph, including but not limited to antitrust counterclaims and claims for recovery of attorney fees. 
 If a declaratory judgment
action alleging invalidity or unenforceability of any of the PATENT 
 RIGHTS is brought against LICENSEE or MICHIGAN, then MICHIGAN, at its sole option, has
the right to intervene and assume control over the defense of such action, and LICENSEE shall provide reasonable cooperation in the defense of such action. If a third party files such action as the result of acts of LICENSEE or SUBLICENSEES, then
LICENSEE shall reimburse the reasonable costs and fees of MICHIGAN in defending such action. 
 8.2 If LICENSEE demonstrates to MICHIGAN that it has a
reasonable basis to believe that a third party infringes the PATENT RIGHTS and undertakes to enforce and/or defend the PA FENT RIGHTS by litigation in the United States, LICENSEE may temporarily withhold up to fifty percent (50%) of the payments
otherwise thereafter due during the course of such litigation to MICHIGAN under Article 3 under the following terms. LICENSEE may apply the amounts withheld to pay up to half of LICENSEE’s out-of-pocket litigation expenses, including reasonable attorneys’ fees, but not including salaries of LICENSEE’s employees. If LICENSEE recovers damages in patent litigation or settlement thereof,
the award shall be applied first to satisfy LICENSEE’S unreimbursed expenses and legal fees for the litigation, next to reimburse MICHIGAN for any payments under Article 3 which are past due or were withheld pursuant to this Article 8, and then
to reimburse MICHIGAN for any other reasonable unreimbursed expenses and legal fees for the litigation. The remaining balance shall be divided equally between LICENSEE and MICHIGAN. This provision shall control the division of revenues where a
license is granted as part of a settlement of such, litigation. 
 8.3 If LICENSEE fails to take action to abate any allege infringement of patents which
form the basis for the PATENT RIGHTS within sixty (60) days of a request by MICHIGAN to do so (or within a shorter period if required to preserve the legal rights of MICHIGAN under any applicable laws) then MICHIGAN has the right to take such
action (including prosecution of a suit) at its expense and LICENSEE shall use reasonable efforts to cooperate in such action, at LICENSEE’s expense. During such action LICENSEE shall not have the right to grant sublicenses without
MICHIGAN’ s permission, and MICHIGAN has full authority to settle on such terms as MICHIGAN determines. If MICHIGAN recovers damages in patent litigation or settlement thereof, the award shall be applied first to satisfy MICHIGAN’S
unreimbursed expenses and legal fees for the litigation, next to reimburse MICHIGAN for any payments overdue under this Agreement, and then to reimburse LICENSEE for any reasonable unreimbursed expenses and legal fees for the litigation (such
payment not to exceed the recovery or settlement amounts MICHIGAN actually receives). The remaining balance shall be divided equally between LICENSEE and MICHIGAN. This provision shall control the division of revenues where a license is granted as
part of a settlement of such litigation. 

  
 10 

 ARTICLE 9 – NO WARRANTIES; LIMITATION ON MICHIGAN’S LIABILITY 

9.1 MICHIGAN, including its Regents, fellows, officers, employees and agents, makes no representations or warranties that PATENT RIGHTS are or will be held
valid or enforceable, or that the manufacture, importation, use, offer for sale, sale or other distribution of any LICENSED PRODUCTS or LICENSED PROCESSES will not infringe upon any patent or other rights. 

9.2 MICHIGAN, INCLUDING ITS REGENTS, FELLOWS, OFFICERS, EMPLOYEES AND AGENTS, MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER
EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ASSUMES NO RESPONSIBILITIES WHATEVER WITH RESPECT TO DESIGN, DEVELOPMENT, MANUFACTURE, USE, SALE OR OTHER DISPOSITION
BY LICENSEE OR SUBLICENSEES OF LICENSED PRODUCTS OR LICENSED PROCESSES. 
 9.3 LICENSEE AND SUBLICENSEES ASSUME THE
ENTIRE RISK AS TO PERFORMANCE OF LICENSED PRODUCTS AND LICENSED PROCESSES. In no event shall MICHIGAN, including its Regents, fellows, officers, employees and agents, be responsible or liable for any direct, indirect, special,
incidental, or consequential damages or lost profits or other economic loss or damage with respect to LICENSED PRODUCTS or LICENSED PROCESSES, to LICENSEE, SUBLICENSEES or any other individual or entity regardless of legal or equitable theory. The
above limitations on liability apply even though MICHIGAN, its Regents, fellows, officers, employees or agents may have been advised of the possibility of such damage. 

9.4 LICENSEE shall not, and shall require that its SUBLICENSEES do not, make any statements, representations or warranties whatsoever to any person or entity,
or accept any liabilities or responsibilities whatsoever from any person or entity that are inconsistent with any disclaimer or limitation included in this Article 9. 

ARTICLE 10 – INDEMNITY; INSURANCE 

10.1 LICENSEE shall defend, indemnify and hold harmless and shall require SUBLICENSEES to defend, indemnify and hold harmless MICHIGAN, including its Regents,
fellows, officers, employees, students, and agents, for and against any and all claims, demands, damages, losses, and expenses of any nature (including attorneys’ fees and other litigation expenses), resulting from, but not limited to, death,
personal injury, illness, property damage, economic loss or products liability arising from or in connection with, any of the following: (1) Any manufacture, use, sale or other disposition by LICENSEE, SUBLICENSEES or transferees of LICENSED
PRODUCTS or LICENSED PROCESSES; (2) The use by any person of LICENSED PRODUCTS made, used, sold or otherwise distributed by LICENSEE or SUBLICENSEES; and (3) The use or practice by LICENSEE or SUBLICENSEES of any invention or computer
software related to the PATENT RIGHTS. 

  
 11 

 10.2 MICHIGAN is entitled to participate at its option and expense through counsel of its own selection, and
may join in any legal actions related to any such claims, demands, damages, losses and expenses under Paragraph 10.1 above. LICENSEE shall not settle any such legal action with an admission of liability of MICHIGAN without MICHIGAN’s written
approval. 
 10.3 Prior to any distribution or commercial use of any LICENSED PRODUCT or use of any LICENSED PROCESS by LICENSEE, LICENSEE shall purchase and
maintain in effect commercial general liability insurance, including product liability insurance and errors and omissions insurance which shall protect LICENSEE and MICHIGAN with respect the events covered by Paragraph 10.1. Prior to any
distribution or use of any LICENSED PRODUCT or use of any LICENSED PROCESS by a SUBLICENSEE, LICENSEE shall require that the SUBLICENSEE purchase and maintain in effect commercial general liability insurance, including product liability insurance
and errors and omissions insurance which shall protect LICENSEE, SUBLICENSEE, and MICHIGAN with respect to the events covered by Paragraph 10.1. Each such insurance policy must provide reasonable coverage for all claims with respect to any LICENSED
PROCESS used and any LICENSED PRODUCTS manufactured, used, sold, licensed or otherwise distributed by LICENSEE — or, in the case of a SUBLICENSEE’s policy, by said SUBLICENSEE and must specify MICHIGAN, including its Regents, fellows,
officers and employees, as an additional insured. LICENSEE shall furnish certificate(s) of such insurance to MICHIGAN, upon request. 
 10.4 In no event
shall either party hereunder be liable to the other for any special, indirect, or consequential damages of any kind whatsoever resulting from any breach or default of this Agreement. 

ARTICLE 11 – TERM AND TERMINATION 

11.1 If LICENSEE ceases to carry on its business, this Agreement shall terminate upon written notice by MICHIGAN attempted to be delivered to the address for
notices provided in Article 13. 
 11.2 If LICENSEE fails to make any payment due to MICHIGAN, upon thirty (30) days’ written notice by MICHIGAN,
this Agreement shall automatically terminate unless MICHIGAN specifically extends such date in writing. Such termination shall not foreclose MICHIGAN from collection of any amounts remaining unpaid or seeking other legal relief. 

11.3 Upon any material breach or default of this Agreement by LICENSEE (other than as specifically provided herein, the terms of which shall take precedence
over the handling of any other material breach or default under this Paragraph), MICHIGAN has the right to terminate this Agreement effective on ninety (90) days’ written notice to LICENSEE. Such termination shall become automatically
effective upon expiration of the 90-day period unless LICENSEE cures the material breach or default before the period expires. 

11.4 LICENSEE has the right to terminate this Agreement at any time on ninety (90) days’ written notice to MICHIGAN if LICENSEE first: 

(a) pays all amounts due MICHIGAN through the effective date of the termination; 

  
 12 

 (b) submits a final report of the type described in Paragraph 4.2; 

(c) returns any patent documentation (including that exchanged under Article 7) and any other confidential or trade-secret materials provided
to LICENSEE by MICHIGAN in connection with this Agreement, or, with prior approval by MICHIGAN, destroys such materials, and certifies in writing that such materials have all been returned or destroyed; 

(d) suspends its manufacture, use and sale of the LICENSED PROCESS(ES) AND LICENSED PRODUCT(S); 

(e) provides MICHIGAN with all data and know-how developed by LICENSEE in the course of LICENSEE’s
efforts to develop LICENSED PRODUCTS and LICENSED PROCESSES; MICHIGAN shall have the right to use such data and know-how for any purpose whatsoever, including the right to transfer same to future licensees;
and 
 (f) provides MICHIGAN access to any regulatory information filed with any U.S. or foreign government agency with respect to LICENSED
PRODUCTS and LICENSED PROCESSES. 
 Upon notice of intent to terminate, MICHIGAN may elect to immediately terminate this Agreement upon written notice. 

11.5 Upon any termination of this Agreement, and except as provided herein to the contrary, all rights and obligations of the parties hereunder shall cease,
except any previously accrued rights and obligations and further as follows: 
 (1) obligations to pay royalties and other sums, or to
transfer equity or other consideration, accruing hereunder up to the day of such termination, whether or not this Agreement provides for a number of days before which actual payment is due and such date is after the day of termination; 

(2) MICHIGAN’s rights to inspect books and records as described in Article 4, and LICENSEE’s obligations to keep such records for the
required time; 
 (3) any cause of action or claim of LICENSEE or MICHIGAN accrued or to accrue because of any breach or default by the other
party hereunder; 
 (4) the provisions of Articles 1, 9 10, and 14; and 

(5) all other terms, provisions, representations, rights and obligations contained in this Agreement that by their sense and context are
intended to survive until performance thereof by either or both parties. 
 11.6 After the license(s) granted herein terminate, if LICENSEE has filed patent
applications or obtained patents to any modification or improvement to LICENSED PRODUCTS or LICENSED PROCESSES within the scope of the PATENT RIGHTS, LICENSEE agrees upon request to enter into good faith negotiations with MICHIGAN or MICHIGAN’s
future licensee(s) for the purpose of granting licensing rights to said modifications or improvements in a timely fashion and under commercially reasonable terms. 

  
 13 

 11.7 If LICENSEE asserts the invalidity or unenforceability of any claim included in the PATENT RIGHTS,
including by way of litigation or administrative proceedings, either directly or through any other party, then MICHIGAN shall have the right to immediately terminate this Agreement upon written notice to LICENSEE. 

ARTICLE 12 – REGISTRATION AND RECORDATION 

12.1 If the terms of this Agreement, or any assignment or license under this Agreement are or become such as to require that the Agreement or license or any
part thereof be registered with or reported to a national or supranational agency, LICENSEE will, at its expense, undertake such registration or report. Prompt notice and appropriate verification of the act of registration or report or any agency
ruling resulting from it will be supplied by LICENSEE to MICHIGAN upon request. 
 12.2 LICENSEE shall also carry out, at its expense, any formal recordation
of this Agreement or any license herein granted that the law of any country requires as a prerequisite to enforceability of the Agreement or license in the courts of any such country or for other reasons, and shall promptly furnish to MICHIGAN
appropriately verified proof of recordation. 
 ARTICLE 13 – NOTICES 

13.1 Any notice, request, or report required or permitted to be given or made under this Agreement by either party is effective when mailed if sent by
recognized overnight carrier, certified or registered mail, or electronic mail followed by confirmation by U.S. mail, to the address set forth below or such other address as such party specifies by written notice given in conformity herewith. Any
notice, request, or report not so given is not effective until actually received by the other party. 
  

			
	 To MICHIGAN:
	  	To LICENSEE:
		
	 The University of Michigan

Office of Technology Transfer

Wolverine Tower, Room 2071

3003 S. State Street
 Ann
Arbor, MI 48109-1280
  
 Attn: File No. 3718
	  	 Nephrion, Inc.
 401 West Morgan Road

Ann Arbor, MI 48108
 Attn: Clint G. Dederick, Jr., Chairman,

President and Chief Executive Officer

  
 14 

 ARTICLE 14 – MISCELLANEOUS PROVISIONS 

14.1 This Agreement shall be construed, governed, interpreted and applied according to United States and State of Michigan law, except that questions
affecting the construction and effect of any patent shall be determined by the law of the country in which the patent was granted. 
 14.2 The parties hereby
consent to the jurisdiction of the courts in the State of Michigan over any dispute concerning this Agreement or the relationship between the parties. Should LICENSEE bring any claim, demand or other action against MICHIGAN, its Regents, fellows,
officers, employees or agents, arising out of this Agreement or the relationship between the parties, LICENSEE agrees to bring said action only in the Michigan Court of Claims. 

14.3 MICHIGAN and LICENSEE agree that this Agreement sets forth their entire understanding concerning the subject matter of this Agreement. The parties may
amend this Agreement from time to time, but no modification will be effective unless both MICHIGAN and LICENSEE agree to it in writing. 
 14.4 If a court of
competent jurisdiction finds any term of this Agreement invalid, illegal or unenforceable, that term will be curtailed, limited or deleted, but only to the extent necessary to remove the invalidity, illegality or enforceability, and without in any
way affecting or impairing the remaining terms. 
 14.5 LICENSEE agrees to mark the LICENSED PRODUCTS sold in the United States with all applicable United
States patent numbers. All LICENSED PRODUCTS shipped to or sold in other countries shall be marked to comply with the patent laws and practices of the countries of manufacture, use and sale. 

14.6 No waiver by either party of any breach of this Agreement, no matter how long continuing or how often repeated, is a waiver of any subsequent breach
thereof, nor is any delay or omission on the part of either party to exercise or insist on any right, power, or privilege hereunder a waiver of such right, power or privilege. In no event shall any waiver be deemed valid unless it is in writing and
signed by an authorized representative of each party. 
 14.7 LICENSEE agrees to refrain from using and to require SUBLICENSEES to refrain from using the
name of MICHIGAN in publicity or advertising without the prior written approval of MICHIGAN. Reports in scientific literature and presentations of joint research and development work are not publicity. Notwithstanding this provision, without prior
written approval of MICHIGAN, LICENSEE and SUBLICENSEES may state publicly that LICENSED PRODUCTS and PROCESSES were developed by LICENSEE based upon an invention(s) developed at the University of Michigan and/or that the PATENT RIGHTS were licensed
from the University of Michigan. 
 14.8 LICENSEE agrees to comply with all applicable laws and regulations. In particular, LICENSEE understands and
acknowledges that the transfer of certain commodities and technical data is subject to United States laws and regulations controlling the export of such commodities and technical data, including all Export Administration Regulations of the United
States Department of Commerce. These laws and regulations prohibit or require a license for the export 

  
 15 

 
of certain types of technical data to certain specified countries. LICENSEE agrees to comply with all United States laws and regulations controlling the export of commodities and technical data,
to be solely responsible for any violation of such laws and regulations by LICENSEE or its SUBLICENSEES, and to defend, indemnify and hold harmless MICHIGAN and its Regents, fellows, officers, employees and agents if any legal action of any nature
results from the violation. 
 14.9 The relationship between the parties is that of independent contractor and contractee. Neither party is an agent of the
other in connection with the exercise of any rights hereunder, and neither has any right or authority to assume or create any obligation or responsibility on behalf of the other. 

14.10 LICENSEE may not assign this Agreement without the prior written consent of MICHIGAN and shall not pledge any of the license rights granted in this
Agreement as security for any creditor. Any attempted pledge of any of the rights under this Agreement or assignment of this Agreement without the prior consent of MICHIGAN will be void from the beginning. No assignment by LICENSEE will be effective
until the intended assignee agrees in writing to accept all of the terms and conditions of this Agreement, and such writing is provided to MICHIGAN. Notwithstanding, LICENSEE may, without MICHIGAN’s consent, assign its rights under this
Agreement to a purchaser of all or substantially all of LICENSEE’s business relating to the subject matter of this Agreement, so long as such assignee provides a statement in writing to MICHIGAN that it agrees to accept all the terms and
conditions of this Agreement in the place of LICENSEE. 
 14.11 If during the term of this Agreement, LICENSEE makes or attempts to make an assignment for
the benefit of creditors, or if proceedings in voluntary or involuntary bankruptcy or insolvency are instituted on behalf of or against LICENSEE, or if a receiver or trustee is appointed for the property of LICENSEE, this Agreement shall
automatically terminate. LICENSEE shall notify MICHIGAN of any such event mentioned in this Paragraph as soon as reasonably practicable, and in any event within five (5) days after any such event. 

ARTICLE 15 – CONFLICT OF INTEREST MANAGEMENT 

15.1 This Agreement and the licenses granted hereunder are subject to approval by a two-thirds majority vote of the
Regents of the University of Michigan. 
 15.2 Unless MICHIGAN provides appropriate formal approvals, continuing development of LICENSED PRODUCTS and
LICENSED PROCESSES will take without the use of MICHIGAN funds, facilities, or other es of or funds administered by MICHIGAN. 
 15.3 LICENSEE shall
cooperate with MICHIGAN in developing and implementing appropriate plans for management of potential conflicts of interest and conflicts of commitment of MICHIGAN employees. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate originals by their duly
authorized officers or representatives. 
  

									
	NEPHIRION, INC.	 		  	 FOR THE REGENTS OF THE
 UNIVERSITY
OF MICHIGAN

					
	By	  	 /s/ Clint G. Dederick, Jr.
	 	  	  	By	  	 /s/ Kenneth J. Nisbet

	 Clint G. Dederick, Jr.
 Chairman,
President and
 Chief Executive Officer
	 		  	 Kenneth J. Nisbet
 Executive
Director, UM Technology Transfer

					
	Date	  	October 17, 2007	 		  	Date	  	10/16/07

  
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