Document:

Exhibit 10.2

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Execution Copy

 

 

 

 

 

 

 

 

 

 

EXCLUSIVE LICENSE AGREEMENT

 

 

between

 

ONCOLOGY VENTURE
A/S

 

and

 

SMERUD MEDICAL RESEARCH INTERNATIONAL
AS

 

 

Dated as of June 26, 2020

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 Definitions and Rules of Construction 	2
	Section 1.1	Definitions	2
	Section 1.2	Terms Defined Elsewhere in this Agreement	13
	Section 1.3	Rules of Construction.	14
	 	 	 
	ARTICLE 2 Grant of Rights 	14
	Section 2.1	Grant of OV Intellectual Property and Retention of Rights	14
	Section 2.2	Sublicenses	14
	Section 2.3	Creation of Holding Companies	14
	Section 2.4	Financing	15
	 	 	 
	ARTICLE 3 Product Development 	15
	Section 3.1	Quarterly Meetings	15
	Section 3.2	Development	15
	Section 3.3	Transfer	15
	Section 3.4	Assistance	15
	Section 3.5	Pharmacovigilance	16
	Section 3.6	Manufacturing	16
	Section 3.7	No Other Rights	17
	Section 3.8	Bankruptcy	17
	Section 3.9	No Representation	17
	 	 	 
	ARTICLE 4 Commercialization Activities 	17
	Section 4.1	Commercialization Responsibilities	17
	 	 	 
	ARTICLE 5 Non-Compete 	17
	Section 5.1	Non-Compete	17
	Section 5.2	Change of Control Exception	18
	 	 	 
	ARTICLE 6 Payments 	18
	Section 6.1	Upfront Payment	18
	Section 6.2	Royalties	18
	Section 6.3	Milestones	20
	Section 6.4	Third Party License Agreement	21
	Section 6.5	Additional Payment Terms	22
	Section 6.6	Currency Conversion	22
	Section 6.7	Taxes	22
	 	 	 
	ARTICLE 7 Regulatory Matters 	22
	Section 7.1	Compliance with Laws	22
	Section 7.2	Regulatory Approval	23

 

    i

     

    

 

	ARTICLE 8 Intellectual Property	23
	Section 8.1	Ownership of Intellectual Property.	23
	Section 8.2	Patent
    Filings, Prosecution and Maintenance of OV Intellectual Property and any Joint Intellectual Property	24
	Section 8.3	Extensions of Patent Term for Product	25
	Section 8.4	Enforcement
    of OV Intellectual Property and Joint Intellectual Property	26
	Section 8.5	Defense
    of Infringement Claims of OV Intellectual Property and Joint Intellectual Property	26
	 	 	 
	ARTICLE 9 Indemnification	27
	Section 9.1	Indemnification by OV	27
	Section 9.2	Indemnification by SMERUD	28
	Section 9.3	Waiver	29
	Section 9.4	Insurance	29
	Section 9.5	Limitation of Consequential Damages	29
	 	 	 
	ARTICLE 10 Representations and Warranties 29	29
	Section 10.1	General Corporate Matters	29
	Section 10.2	Intellectual Property Matters	30
	Section 10.3	OV Covenants	31
	Section 10.4	SMERUD Covenants	32
	Section 10.5	Term Obligations	32
	 	 	 
	ARTICLE 11 Confidentiality and Publicity 	32
	Section 11.1	Confidentiality	32
	Section 11.2	Publicity	34
	 	 	 
	ARTICLE 12 Record-keeping and Audits	34
	Section 12.1	Records Retention	34
	Section 12.2	Audit Request	34
	 	 	 
	ARTICLE 13 Term and Termination	35
	Section 13.1	Term	35
	Section 13.2	Rights of Termination.	35
	Section 13.3	Surviving Rights and Obligations	37
	Section 13.4	Effect of Expiration or Termination; Remaining Inventory.	37
	 	 	 
	ARTICLE 14 Miscellaneous	38
	Section 14.1	Entire Agreement; Amendments	38
	Section 14.2	Governing Law	38
	Section 14.3	Dispute Resolution	38
	Section 14.4	Partial Illegality	40
	Section 14.5	Waiver of Compliance	40
	Section 14.6	Notices	40
	Section 14.7	Limitation on Liability	41
	Section 14.8	Counterparts	41

 

    ii

     

    

 

	Section 14.9 Further Assurances	 	41
	Section 14.10 Injunctive
    Relief	 	41
	Section 14.11 Jointly Prepared	 	41
	Section 14.12 Assignment	 	41
	Section 14.13 Relationship
    of Parties	 	42
	Section 14.14 Force Majeure	 	42
	Section 14.15 Severability	 	42
	Section 14.16 Third-Party
    Beneficiaries	 	42
	Section 14.17
    Expenses	 	42

 

LIST OF EXHIBITS

 

		A	Clinical Development Plan

		B	Products and DRP Biomarkers

		C	Press Release

 

LIST OF SCHEDULES

 

		1	Major Countries

		2	Patents

		3.6	Manufacturing

		6.1	Prior Work

		10.2(a)	Ownership

		10.2(d)	Third Party Obligations

		10.5	Term Obligations

 

    iii

     

    

 

EXCLUSIVE LICENSE AGREEMENT

 

This Exclusive License Agreement
(this “Agreement”) is entered into as of June 25, 2020 (the “Execution Date”), between Oncology
Venture A/S, a company organized and existing under the laws of Denmark, whose principal place of business is located at Venlighedsvej
1, DK-2970 Hoersholm, Denmark (“OV”)

 

and

 

Smerud Medical Research International AS, a company
organized and existing under the laws of Norway, whose principal place of business is located at P.O. Box 81, Skøyen, N-0212 Oslo,
Norway (“SMERUD”).

 

RECITALS

 

A.
OV owns and controls certain exclusive, global rights in and to the clinical- stage cancer drugs LiPlaCis® and 2X-111.
LiPlaCis® is a Phase 2-stage cancer drug that is a targeted, liposomal formulation of chemotherapeutic cisplatin (“LiPlaCis®”).
LiPlaCis® has previously undergone Phase 2 clinical development for the treatment of late-stage, metastatic breast cancer
in selected patients. 2X-111 is a Phase 2-stage cancer drug that is a targeted, liposomal formulation of chemotherapeutic doxorubicin
(“2X-111”). 2X-111 has previously undergone Phase 2 clinical development for the treatment of brain metastases of breast cancer
and primary glioblastoma in selected patients. LiPlaCis® and 2X-111 may each be referred to herein individually as a “Licensed
Drug” and collectively referred to herein as the “Licensed Drugs.”

 

B.  
OV has previously used a proprietary Drug Response Predictor (DRP®) biomarker for cisplatin (as active substance)
to screen and select patients for enrollment in and treatment in its Phase 2 trial of LiPlaCis®. OV has planned to use
a proprietary DRP® biomarker for doxorubicin (as active substance) to screen and select patients for enrollment and treatment
in Phase 2 trials of 2X-111. The applicable DRP® marker for each of LiPlaCis® and 2X-111 as more specifically
set forth on Exhibit B may be referred together as the “DRP Biomarkers.” Licensed Drugs and the DRP Biomarkers are
collectively referred to herein as the “Licensed Assets.”

 

B.
OV and SMERUD jointly desire to establish a licensing and collaborative relationship directed towards further clinical development
of the Licensed Drugs.

 

C.  
OV is willing to grant to SMERUD an exclusive license under the OV Intellectual Property for the Licensed Drugs and the use of
the DRP Biomarkers for such Licensed Drugs, all subject to the conditions set forth in, and pursuant to, this Agreement.

 

AGREEMENT

 

In consideration of the mutual covenants set forth
in this Agreement, OV and SMERUD hereby agree as follows.

 

    1

     

    

 

ARTICLE 1

Definitions and Rules of Construction

 

The definitions and rules of constructions set forth
below shall apply throughout this Agreement.

 

Section 1.1 Definitions.

 

“Adverse Event”
has the meaning set forth in the Applicable Law for such term (or comparable term), and will generally mean any untoward medical occurrence
in a patient in any Clinical Trial who has received a Licensed Drug, medical device or placebo, and that does not necessarily have a causal
relationship with such Licensed Drug, medical device or placebo, including any unfavorable and unintended sign (including an abnormal
laboratory finding), symptom or disease temporally associated with the use of the applicable Licensed Drug, whether or not related to
such Licensed Drug.

 

“Affiliate”
means, with respect to a Person, any Person that is controlled by, controls, or is under common control with such first Person, as
the case may be. For purposes of this definition, the term “control” means (a) direct or indirect ownership of fifty percent
(50%) or more of the voting interest in the entity in question, or fifty percent (50%) or more interest in the income of the entity in
question; provided, however, that if local Applicable Law requires a minimum percentage of local ownership of less than
fifty percent (50%), control will be established by direct or indirect beneficial ownership of one hundred percent (100%) of the maximum
ownership percentage that may, under such local Applicable Law, be owned by foreign interests, or (b) possession, directly or indirectly,
of the power to direct or cause the direction of management or policies of the entity in question (whether through ownership of securities
or other ownership interests, by contract or otherwise).

 

“Annual Net Sales”
means, on a Product-by-Product basis, total Net Sales by the Selling Parties in the Territory of such Licensed Drug in a particular Calendar
Year.

 

“Applicable Laws”
means all applicable common law, statutes, ordinances, rules, regulations, guidances and orders of any Governmental Authority, including
Regulatory Laws.

 

“Business Day”
means a day on which banking institutions in both Oslo, Norway and Copenhagen, Denmark are open for business, excluding any Saturday
or Sunday.

 

“Calendar Quarter”
means the respective periods of three consecutive calendar months ending on March 31, June 30, September 30 or December 31, during the
Term, or the applicable part thereof during the first or last calendar quarter of the Term.

 

“Calendar Year”
means any calendar year ending on December 31, or the applicable part thereof during the first or last year of the Term.

 

“Change of Control”
means, with respect to a Party, (a) a merger or consolidation of such Party with a Third Party which results in the stockholders or equity
holders of such Party or any Parent Corporation not owning at least fifty percent (50%) of the combined voting power of the surviving
entity immediately after such merger or consolidation, or (b) except in the case of a bona fide equity or debt financings, whether private
or public, in which a Party issues new shares of its capital stock or securities convertible into shares of such Party, a transaction
or series of related transactions in which a Third Party, together with its Affiliates, becomes the beneficial owner of fifty percent
(50%) or more of the combined voting power of the outstanding securities of such Party or Parent Corporation or (c) the sale or other
transfer to a Third Party of all or substantially all of such Party’s business to which the subject matter of this Agreement relates.

 

    2

     

    

 

“Clinical Development
Plan” means the development plan governing the Phase 2 Clinical Trials to be conducted by SMERUD with respect to the Licensed
Drugs, the initial draft of which is attached to this Agreement as Exhibit A.

 

“Clinical Trials”
means a human clinical study conducted on sufficient numbers of human subjects that is designed to (a) establish that a pharmaceutical
product is reasonably safe for continued testing; (b) investigate the safety and efficacy of the pharmaceutical product for its intended
use, and to define warnings, precautions and adverse reactions that may be associated with the pharmaceutical product in the dosage range
to be prescribed; or (c) support Regulatory Approval of such pharmaceutical product or label expansion of such pharmaceutical product.

 

“Combination Product”
means a Product that contains one or more additional active ingredients (whether co-formulated or co-packaged) that are neither of the
Licensed Drugs nor generic compositions of matter equivalents thereof.

 

“Commercialization”
means any and all activities of marketing, promoting, distributing, offering for sale or selling the Product in the Field in the Territory,
including, for example, marketing, branding, pricing, distribution, sales, obtaining health insurance reimbursement coverage, market research,
business analytics, pharmacovigilance and medical affairs activities, pre-commercial launch market development activities conducted in
anticipation of Regulatory Approval to sell or market the Product, seeking pricing and reimbursement approvals for the Product (if applicable),
preparing advertising and promotional materials, sales force training, and all interactions and correspondence with a Regulatory Authority
regarding Clinical Trials commenced following Regulatory Approval. When used as a verb, “Commercialize” means to engage
in Commercialization.

 

“Commercially Reasonable
Efforts” means with respect to the performing Party, a level of efforts and resources, not less than reasonable efforts and
resources, that is consistent with the efforts and resources that OV or SMERUD, as applicable, typically devotes to a product or compound
owned by it or to which it has rights of the type it has hereunder, or similar market potential at a similar stage in the development
or product life thereof, taking into account scientific and commercial factors, including issues of safety and efficacy, product profile,
the pricing and launching strategy for the respective product, difficulty in developing or manufacturing the Licensed Drugs, competitiveness
of alternative Third Party products in the marketplace, the Patent or other proprietary position of the Product (including the ability
to obtain or enforce, or have obtained or enforced, such Patent or other proprietary positions), the regulatory requirements involved
and the potential profitability, cost, market share, price or reimbursement to the performing Party of the Product marketed or to be marketed.

 

    3

     

    

 

“Competitive Product”
means, other than the Product, any pharmaceutical product (i) that contains any formulation of cisplatin or doxorubicin as an active
ingredient(s) (including an active moiety) as such approved Product; (ii) is approved for use in such country pursuant to (a) Article
10.1 of Directive 2001/83/EC of the European Parliament and Council of 6 November 2001, or any enabling legislation thereof, or any amended
or successor abbreviated route of approval, or (b) any Laws or abbreviated routes of approval in any other countries worldwide that are
comparable to those described above; and (iii) is sold in the same country as such Product by any Third Party that is not a sublicensee
or assignee of SMERUD or its Affiliates and did not purchase such product in a chain of distribution that included any of SMERUD or any
of its Affiliates or its sublicensees or assignees; it being agreed and understood that a pharmaceutical product that is AB-rated in the
United States to the applicable Product shall be a Competitive Product with respect to such Product.

 

“Control”
or “Controlled” means, with respect to any intellectual property right, information, documents or materials of a Party
(other than a Future Acquirer), that such Party or its Affiliates (a) owns or has a license to such intellectual property right, information,
documents or materials (other than pursuant to this Agreement); and (b) has the ability to grant access, a license or a sublicense to
such intellectual property right, information, documents or materials to the other Party as provided in this Agreement without violating
an agreement with or other rights of any Third Party, provided that any intellectual property Controlled by a Future Acquirer of
a Party shall not be treated as “Controlled” by such Party for purposes of this Agreement. Notwithstanding the foregoing,
with respect to any intellectual property acquired after the Execution Date for which a Party will be required to make payments to any
Third Party in connection with the access, licenses and sublicenses granted to the other Party under this Agreement, such intellectual
property shall not be treated as “Controlled” by the licensing Party except to the extent that, and only to the extent that
and for so long as, the other Party agrees and does promptly pay to the licensing Party all such payments arising out of the grant of
the license to the other Party (as mutually agreed between the Parties in good faith).

 

“Cover”,
“Covering” or “Covered” means, with respect to a claim of a Patent and a Product, that the manufacture,
use, offer for sale, sale or importation of the Product would infringe a Valid Claim of such Patent in the country in which such activity
occurred, but for the licenses granted in this Agreement (or ownership thereof).

 

“Damages” means
all claims, threatened claims, damages, losses, suits, proceedings, liabilities, costs (including reasonable legal expenses, costs of
litigation and reasonable attorney’s fees), or judgments, whether for money or equitable relief, of any kind and is not limited
to matters asserted by Third Parties against a Party, but includes claims, threatened claims, damages, losses, suits, proceedings, liabilities,
costs (including reasonable legal expenses, costs of litigation and reasonable attorney’s fees) or judgments incurred or sustained
by a Party in the absence of Third Party claims; provided that no Party shall be liable to hold harmless or indemnify the applicable indemnified
party, as applicable, for any claims, threatened claims, damages, losses, suits, proceedings, liabilities, costs or judgments for punitive
or exemplary damages, except to the extent the Party seeking indemnification is actually liable to a Third Party for such punitive or
exemplary damages in connection with a claim by such Third Party.

 

    4

     

    

 

“Data” shall
mean all data and information generated, collected or filed, in relation to research and development activities specifically describing
the Product in the Field in the Territory, including toxicology data, pharmacological data, non-clinical reports, clinical reports, single
patient clinical report forms, data points and the databases, and stability data, chemical data, quality control data (excluding the closed
portion of any drug master file), adverse event and pharmacovigilance data, marketing data, pharmaco-economic data, branding and naming
research reports, and all CMC data (including CMC (chemistry, manufacturing and control) development reports).

 

“Development”
means all activities related to research, preclinical testing, clinical development efforts, test method development and stability testing,
assay development, toxicology, formulation, process development, formulation development, delivery system development, quality assurance
and quality control development, statistical analysis, clinical pharmacology, clinical studies (including Clinical Trials) and clinical
study regulatory activities, seeking Regulatory Approval and otherwise handling regulatory affairs, statistical analysis and report writing
with respect to the Product. Development shall not include Manufacturing or Commercialization. When used as a verb, “Develop”
means to engage in Development.

 

“DRP Biomarker Patents”
means those Patents listed on Schedule 2 attached hereto under the heading “DRP Biomarker Patents” owned or Controlled
by OV or its Affiliates as of the Execution Date and during the Term that: (a)(i) claims or Covers any OV Know-How and/or the Product
for DRP Biomarkers, and (ii) is necessary or useful to Develop, Manufacture or Commercialize the Product in the Field in the Territory,
and (b) does not specifically describe or reference a Product or exploitation of a Product in the Field. For clarity, a DRP Biomarker
Patent owned or Controlled by OV or its Affiliates that arises after the Execution Date cannot also be a Licensed Drug Patent.

 

“EMA” means the European Medicines Agency, and any
successor entity thereto.

 

“FDA” means
the United States Food and Drug Administration (or any successor agency having the administrative authority to grant Regulatory Approval
in the United States).

 

“Field”
means, with respect to 2X-111, as of the Effective Date, the central nervous system (the “CNS”) and/or cerebrocardiovascular
drug application, including the (preventative) treatment of peripheral effects of agents causing CNS disease or symptoms; and with respect
to LiPlaCis®, the analysis and treatment of all cancers in human beings and animals.

 

“Field Action”
means any action by a Party that meets the criteria of “recall,” “correction,” or “removal” or similar
field or customer action as defined by applicable Regulatory Law, including where any event, incident or circumstance has occurred that
may result in the need for a recall from the market, market suspension or market withdrawal of the Product by a Party in the Territory.

 

“First Commercial
Sale” means, with respect to a Product and any country in the Territory, the first sale of such Product under this Agreement
by a Selling Party for use in the Field to a Third Party in such country, after such Product has been granted Regulatory Approval for
distribution, marketing and sale (in each case to the extent required by Applicable Laws) in the Field by the competent Regulatory Authorities
in such country. For avoidance of doubt, First Commercial Sales exclude transfers or dispositions of a Product for charitable, promotional
(including samples), pre-clinical, clinical or regulatory purposes.

 

    5

     

    

 

“Force Majeure”
means any war, revolution, civil commotion, act of terrorism, blockade, epidemic, quarantine, embargo, labor strike or lock-out, scarcity
of raw materials, flood, fire, earthquake, tsunami, nuclear disaster, unforeseen change in Applicable Law or similar event that is beyond
the reasonable control of the Party affected.

 

“Future Acquirer”
means the Third Party to any Change of Control transaction and any of such Third Party’s Affiliates.

 

“Good Clinical Practices”
or “GCP” means the then-current ethical and scientific quality standards for designing, conducting, recording, and
reporting trials that involve the participation of human subjects as are required by applicable Regulatory Authorities or Law in the relevant
jurisdiction. In the United States, GCP shall be based on Good Clinical Practices established through FDA guidances (including Guideline
for Good Clinical Practice – ICH Harmonized Tripartite Guideline (ICH E6)), and, outside the United States, GCP shall be based on
Guideline for Good Clinical Practice – ICH Harmonized Tripartite Guideline (ICH E6), as each may be amended and/or updated from
time to time.

 

“Good Laboratory
Practices” or “GLP” means the then-current good laboratory practice standards promulgated or endorsed by
the FDA, as defined in U.S. 21 C.F.R. Part 58 (or such other comparable regulatory standards in jurisdictions outside the United States,
as they may be amended and/or updated from time to time).

 

“Good
Manufacturing Practices” or “GMP” means all applicable then-current standards relating to manufacturing
practices for fine chemicals, intermediates, bulk products and/or finished pharmaceutical products, including (a) all applicable
requirements detailed in the FDA’s current Good Manufacturing Practices regulations, U.S. 21 C.F.R. Parts 210 and 211 and
“The Rules Governing Medicinal Products in the European Community, Volume IV, Good Manufacturing Practice for Medicinal
Products”, as each may be amended and/or updated from time to time, and (b)    all
Applicable Laws promulgated by any Governmental Authority having jurisdiction over the manufacture of any Product, as
applicable.

 

“Governmental Authority”
means in any country the government entity having authority over the manufacturing, marketing, selling, pricing, reimbursement, testing,
investigating or regulating of the Product, and all states or other political subdivisions thereof and supranational bodies applicable
thereto, including the European Union, and all agencies, commissions, officials, courts or other instrumentalities of the foregoing.

 

“IFRS”
means the International Financial Reporting Standards developed by the International Accounting Standards Board (IASB).

 

“IND” means
an Investigational New Drug application, Clinical Trial Application, Clinical Trial Exemption, or similar application or submission for
approval to conduct Clinical Trials filed with or submitted to a Regulatory Authority in the applicable jurisdiction in conformance with
the requirements of such Regulatory Authority.

 

    6

     

    

 

“Insolvency
Event” means that the Party has (a) commenced a voluntary proceeding under any insolvency law, or (b) had an involuntary
proceeding commenced against it under any insolvency law which has continued undismissed or unstayed for sixty (60) consecutive
days, or (c) had a receiver, trustee or similar official appointed for it or for any substantial part of its property, or (d) made a
general assignment for the benefit of creditors, or (e) had an order for relief entered with respect to it by a court of competent
jurisdiction under any insolvency law. For purposes hereof, the term “insolvency law” means any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect.

 

“Inventions”
means any process, method, composition of matter, article of manufacture, discovery, improvement or finding that is discovered, generated
or invented (whether patentable or not) in the course of activities performed under this Agreement.

“Joint Know-How”
means any Know-How that is conceived or developed or, in the case of Patentable Know-How, including any Inventions, in the course of SMERUD’s
and OV’s joint performance of activities under this Agreement.

 

“Joint Intellectual
Property” means the Joint Know-How and the Joint Patents, and all intellectual property rights therein.

 

“Joint Patent” means any Patent that Covers Joint
Know-How.

 

“Know-How”
means (a) any research information (including trade secrets, inventions (whether patentable or not), methods, knowledge, skill,
experience, data, results (including pharmacological, toxicological and clinical test data and results, chemical structures,
sequences, processes, formulae, techniques, research data, reports, standard operating procedures and batch records), analytical and
quality control data, analytical methods (including applicable reference standards), full batch documentation, packaging records,
release, stability, storage and shelf-life data, and manufacturing process information, results or descriptions, software and
algorithm and (b) tangible manifestations thereof. As used in this Agreement, “clinical test data” shall include all
information related to clinical or non-clinical testing, including patient report forms, investigators’ reports,
biostatistical, pharmaco-economic and other related analyses, regulatory filings and communications, and the like.

 

“Knowledge”
means knowledge after reasonable due inquiry with respect to the applicable facts and information.

 

“Licensed Drug Patents”
means those Patents listed on Schedule 2 attached hereto under the heading “Licensed Drug Patents” as well as any Patent,
other than the DRP Biomarker Patents, owned or Controlled by OV or its Affiliates as of the Execution Date and during the Term that: (a)(i)
claims or Covers any OV Know-How and/or the Product, and (ii) is necessary or useful to Develop, Manufacture or Commercialize the Product
in the Field in the Territory, and (b) specifically describes or references a Product or exploitation of a Product in the Field. For clarity,
a Licensed Drug Patent owned or Controlled by OV or its Affiliates that arises after the Execution Date cannot also be a DRP Biomarker
Patent.

 

“Major Country” means the countries listed hereto
on Schedule 1.

 

    7

     

    

 

“Manufacture”
or “Manufacturing” means all operations necessary or appropriate to make, test, release, package, store, label,
supply and ship a Product, in accordance with applicable packaging, controls industry standards, GMPs, Applicable Laws, and the Product's
specifications.

 

“Marketing Authorization
Application” or “MAA” shall mean an application for Regulatory Approval in the European Union to market a
product in any country, whether filed with the EMA under the centralized EMA filing procedure or a Regulatory Authority in any country
in the European Union or any former country of the European Union.

 

“NDA” means
a “New Drug Application,” as defined in the United States Federal Food, Drug, and Cosmetic Act, as amended, and applicable
regulations promulgated thereunder by the FDA and all amendments and supplements thereto filed with the FDA, or the equivalent application
filed with any Regulatory Authority, including all documents, data, and other information concerning Product, which are necessary for
gaining Regulatory Approval to market and sell Product in the relevant jurisdiction.

 

“Net Sales”
means, on a country-by-country and Product-by-Product basis in the Territory, with respect to any period for each country, the gross
amounts invoiced by SMERUD, its Affiliates or its or their sublicensees or assignees (each, a “Selling Party”), as
applicable, to Third Parties (who are not sublicensees or assignees) for sales of a Product in the Field in such country, less the following
deductions to the extent included in the gross invoiced sales price for such Product or otherwise directly paid, incurred, allowed, accrued
or specifically allocated by the Selling Parties with respect to the sale of such Product in such country: (a) discounts, including trade,
quantity or cash discounts, credits, adjustments or allowances, including those granted on account of price adjustments, billing errors,
rejected goods, or damaged goods, which discounts are applied on a basis consistent with the selling Person’s practices with respect
to the selling Person’s other pharmaceutical products; (b) rebates and chargebacks allowed, given or accrued (including cash, governmental
and managed care rebates, hospital or other buying group chargebacks, cash and non-cash coupons, retroactive price reductions, and governmental
taxes in the nature of a rebate based on usage levels or sales of such Product); (c) sales, excise, turnover, inventory, value-added,
import, export, excise (including annual fees due under Section 9008 of the United States Patient Protection and Affordable Care Act
of 2010 (Pub. L. No. 111-48) and other comparable laws) and other taxes levied on, absorbed, determined or imposed with respect to the
sale of such Product (excluding income or net profit taxes or franchise taxes of any kind); (d) freight and insurance charges, customs
charges, postage, shipping, handling, REMS compliance costs and other transportation costs incurred in shipping such Product; (e) amounts
paid or credited to customers for bona fide inventory management services; and (f) the portion of any management fees paid during the
relevant time period to group purchasing organizations, wholesalers and managed care organizations to the extent determined by sales
or utilization of such Product. Net Sales will be determined in accordance with IFRS. Without limiting the generality of the foregoing,
transfers or dispositions of a Product for charitable, promotional (including samples), pre-clinical, clinical, or regulatory purposes
will be excluded from Net Sales, as will sales or transfers of a Product among the Selling Parties.

 

    8

     

    

 

Subject to the above deductions, Net Sales
shall be deemed to occur on, and only on, the first sale by a Selling Party to a non-sublicensee and non-assignee Third Party. If
non-monetary consideration is received by a Selling Party for the Product in the relevant country, Net Sales will be calculated
based on the average price charged for such Product, as applicable, during the preceding period, or in the absence of such sales,
the fair market value of the Product, as applicable, as determined by the Parties in good faith.

 

If a Product is sold as part of a Combination
Product, Net Sales will be the product of (i) Net Sales of the Combination Product calculated as above (i.e., calculated as for a non-Combination
Product) and (ii) the fraction (A/(A+B)), where:

 

“A” is the gross invoice price in
such country of the applicable Product as the sole therapeutically active ingredient; and “B” is the gross invoice price
in such country of the other therapeutically active ingredients contained in the Combination Product.

 

If “A” or “B” cannot be
determined by reference to non-Combination Product sales as described above, then Net Sales will be calculated as above, but the gross
invoice price in the above equation shall be determined by mutual agreement reached in good faith by the Parties prior to the end of the
accounting period in question based on an equitable method of determining the same that takes into account, in the applicable country,
variation in dosage units and the relative fair market value of each therapeutically active ingredient in the Combination Product.

 

“Order” means
any award, injunction, judgment, decree, order, ruling, verdict or other decision issued, promulgated or entered by or with any Governmental
Authority of competent jurisdiction.

 

“Out-of-Pocket Costs”
means, with respect to certain activities hereunder, direct expenses paid or payable by either Party or its Affiliates to Third Parties
(other than employees of such Party or its Affiliates) that are specifically identifiable and incurred to conduct such activities for
the Product hereunder and have been recorded in accordance with either U.S. generally accepted accounting principles or International
Financial Reporting Standards, as designated and used by the applicable Party in preparing its financial statements from time to time.

 

“OV Intellectual
Property” means OV Patents and OV Know-How. The Parties understand and agree that any Patents, Know-How and/or Inventions related
to the DRP Biomarkers, and any new DRP® biomarker created for any Product, shall always be considered “OV
Intellectual Property” hereunder.

 

“OV Patents” means the DRP Biomarker Patents and
the Licensed Drugs Patents.

 

“OV Know-How”
means Know-How owned or Controlled by OV or its Affiliates as of the Execution Date or during the Term of this Agreement that is necessary
or useful to Develop, Manufacture, or Commercialize the Product in the Field in the Territory.

 

“Parent Corporation”
means any Person which owns, directly or indirectly, at least fifty percent (50%) of the outstanding voting securities of any Party.

 

“Party” means OV and/or SMERUD, as the context requires.

 

    9

     

    

 

“Patent” means
any and all (a) patent applications filed under Applicable Laws in any jurisdiction, including all provisional applications, substitutions,
continuations, continuations-in- part, divisions, renewals, and all patents granted thereon; (b) all patents, reissues, reexaminations
and extensions or restorations by existing or future extension or restoration mechanisms, including supplementary protection certificates
or the equivalent thereof; and (c) any other form of government-issued right substantially similar to any of the foregoing.

 

“Person” means
any individual or entity (including partnerships, corporations, limited liability companies, trusts and Governmental Authorities).

 

“Phase 1 Clinical
Trial” means (a) both a Phase 1a Clinical Trial and a Phase 1b Clinical Trial, or (b) a single trial that may contain elements
of both a Phase 1a Clinical Trial and a Phase 1b Clinical Trial.

 

“Phase 1a Clinical
Trial” means a human clinical trial of a compound, the principal purpose of which is a preliminary determination of safety,
pharmacokinetics, and pharmacodynamic parameters in healthy individuals or patients, as described in 21 C.F.R. 312.21(a), or a similar
clinical study prescribed by the Regulatory Authorities in a country other than the United States.

 

“Phase 1b
Clinical Trial” means a human clinical trial of a compound, the principal purpose of which is a further determination of
safety and pharmacokinetics (including exploration of trends of a biomarker-based or clinical endpoint-based efficacy relationship
to dose which are not designed to be statistically significant) of the compound whether or not in combination with concomitant
treatment after an initial Phase 1a Clinical Trial, prior to commencement of Phase 2 Clinical Trials or Phase 3 Clinical Trials, and
which provides (itself or together with other available data) sufficient evidence of safety to be included in filings for a Phase 2
Clinical Trial or a Phase 3  Clinical Trial with
Regulatory Authorities, or a similar clinical study prescribed by the Regulatory Authorities in a country other than the United
States.

 

“Phase 2 Clinical
Trial” means a human clinical trial of a product in any country that would satisfy the requirements of U.S. 21 C.F.R. Part 312.21(b)
and is intended to explore a variety of doses, dose response, and duration of effect, and to generate evidence of clinical safety and
effectiveness for a particular indication or indications in a target patient population, or a similar clinical study prescribed by the
relevant Regulatory Authorities in a country other than the United States.

 

“Phase 3 Clinical
Trial” means a human clinical trial of a product in any country that would satisfy the requirements of U.S. 21 C.F.R. Part 312.21(c)
and is intended to (a) establish that the product is safe and efficacious for its intended use, (b) define contraindications, warnings,
precautions and adverse reactions that are associated with the product in the dosage range to be prescribed, and (c) support Regulatory
Approval for such product, or a similar clinical study prescribed by the relevant Regulatory Authorities in a country other than the United
States.

 

“Product” means
all preparations, compositions and formulations of the Licensed Drugs (each as more specifically described on Exhibit B), together with
all current and future formulations, versions, compositions and presentations of product, together with any improvements or modifications, that use either
Licensed Drug as its active pharmaceutical ingredient alone or in combination with other therapeutically or prophylactically active pharmaceutical
ingredients as part of a Combination Product.

 

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“Product Complaint”
means any written, electronic or oral communication that alleges deficiencies related to the identity, quality, durability, reliability,
safety, delivery, effectiveness or performance of the Product after it is released by SMERUD for distribution.

 

“Proprietary Information”
means a Party's trade secrets, know-how, business plans, manufacturing processes, clinical strategies, product specifications, scientific
data, market analyses, formulae, designs, training manuals and other non-public information (whether business, financial, commercial,
scientific, clinical, regulatory or otherwise) that the Party treats as proprietary and uses Commercially Reasonable Efforts to protect.

 

“Prosecute”
or “Prosecution” means, with respect to Patents, the preparation of, filing for, prosecuting, responding to oppositions,
nullity actions, re-examinations, revocation actions and similar proceedings (including conducting or participating in interference, oppositions,
reissue proceedings, reexaminations, post-grant proceedings and any other similar proceeding relating thereto) filed by Third Parties
against, and maintaining, Patents.

 

“Regulatory Approval”
means the approval and authorization of a Regulatory Authority in a country or regulatory jurisdiction necessary to develop, manufacture,
distribute, sell or market a Product in that country or regulatory jurisdiction (including without limitation all applicable pricing and
reimbursement approvals in any country or regulatory jurisdiction in the Territory, other than the United States, whether or not required
under Applicable Laws (all such applicable pricing and reimbursement approvals, “Pricing and Reimbursement Approval”)).

 

“Regulatory Authority”
means, with respect to any country or jurisdiction, any Governmental Authority involved in granting Regulatory Approval or in administering
Regulatory Laws in that country or jurisdiction.

 

“Regulatory Documentation”
shall mean all applications, registrations, licenses, authorizations, approvals (including all Regulatory Approvals), and correspondence
(registration and licenses, pricing and reimbursement correspondence, regulatory drug lists, advertising and promotion documents) submitted
to or received from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory
Authority) and all supporting documents in connection therewith, and all non-clinical, preclinical trials and Clinical Trials, tests and
biostudies, relating to the use of the Product in the Field, or as required for regulatory purposes (including all Regulatory Approvals)
and all Data contained in any of the foregoing, including all INDs, NDAs and Regulatory Approvals, regulatory drug lists, advertising
and promotion documents, manufacturing data and records, drug master files, inspection reports, Data from Clinical Trials, the SMS Oncology
Report (for 2X-111), adverse event files and complaint files, in each case related to the Product in the Field, or as required for regulatory
purposes.

 

“Regulatory Laws”
means all Applicable Laws governing the import, export, testing, investigation, manufacture, marketing or sale of a product, or establishing
recordkeeping or reporting obligations for Product Complaints or Adverse Events, or
relating to Field Actions or similar regulatory matters.

 

    11

     

    

 

“Right of Reference
or Use” means a “Right of Reference or Use” as that term is defined in 21 C.F.R. §314.3(b), and any non-United
States equivalents.

 

“Royalty Term”
means, on a Product-by-Product and country-by-country basis, the period of time commencing on the First Commercial Sale of any Product
in such country and expiring upon the latest of (a) the expiration of the last Valid Claim of a Patent within (i) the OV Intellectual
Property and/or (ii) the Joint Intellectual Property in such country (if, but only if, such Joint Intellectual Property arose from activities
under the Clinical Development Plan), or (b) the fifteenth (15th) anniversary of the date of First Commercial Sale of such
Licensed Drug in such country.

 

“Selling Party” shall have the meaning set forth
in the definition of “Net Sales” herein.

 

“Territory” means worldwide.

 

“Third Party” means any Person other than the Parties
and their Affiliates.

 

“Trial Master Files”
means all documents, in paper and electronic format, related to clinical trial applications and other Regulatory Documentation for
Licensed Drugs and including available detailed documents of associated DRP Biomarkers.

 

“US” or “United States” means
the United States of America.

 

“Valid Claim”
means, with respect to a particular country, (a) a claim of a pending Patent claiming priority from any Patent that has been pending for
no more than seven (7) years following the earliest priority filing date for such Patent and that has not been abandoned, finally rejected
or expired without the possibility of appeal or refiling or (b) a claim of an issued and unexpired Patent and that has not been held permanently
revoked, held unenforceable or invalid by a decision of a court or other Governmental Authority of competent jurisdiction, which decision
is unappealed or unappealable within the time allowed for appeal and has not been cancelled, withdrawn, abandoned, disclaimed or admitted
to be invalid or unenforceable through reissue, disclaimer or otherwise; it being understood and agreed that “Valid Claims”
shall only apply to claims for the composition of matter or method of use of a Product in the Field. For clarity, a claim of a patent
that ceased to be a Valid Claim before it issued because it had been pending too long, but subsequently issued and is otherwise described
by clause (a) of the foregoing sentence shall again be considered to be a Valid Claim once it issues. A Product is “Covered”
by a Valid Claim if its registration, manufacture, use, sale, offer for sale, marketing, Commercialization, distribution, importation
or exportation by SMERUD in a given country in the Territory would, but for the rights granted by OV to SMERUD under this Agreement, infringe
such Valid Claim.

 

 

    12

     

    

 

Section 1.2 Terms Defined
Elsewhere in this Agreement.

 

Capitalized terms defined
in other provisions of this Agreement shall have the meanings specified therein. Those terms include the following:

 

	 	Term	Section
	 	 	 
	 	SMERUD	Preamble
	 	SMERUD Indemnified Parties	Section 9.2(a) 
	 	Additional Third Party
    License	Section 6.2(e) 
	 	Agreement	Preamble
	 	Auditee	Section 12.2(e)
	 	Audit Rights Holder	Section 12.2(e)
	 	Audit Team 	Section 12.2(a)
	 	Business Program	Section 5.2
	 	Claim	Section 9.1
	 	Confidential Information	Section 11.1(a) 
	 	Development Milestone Events	Section 6.3
	 	Dispute	Section 14.3
	 	Execution Date	Preamble
	 	ICC	Section 14.3
	 	Infringement Claim	Section 8.5
	 	OV	Preamble
	 	OV Indemnified Parties	Section 9.1
	 	OV Know-How	Section 8.1(c)
	 	OV Patents	Section 8.1(c)
	 	OV Technology	Section 8.1(c)
	 	Recovery	Section 8.4(a)
	 	Rules	Section 14.3
	 	Term	Section 13.1
	 	Unanimous Matters	Section 3.1(d)

 

Section 1.3 Rules of Construction.

 

(a)
Elements of this Agreement. When a reference is made in this Agreement to a Recital, an Article, a Section, a Schedule,
an Attachment or an Exhibit, such reference is to a Recital, Article or Section of, or a Schedule, Attachment or Exhibit to, this Agreement,
unless otherwise indicated.

 

(b)
Meaning of “Include” and Variations Thereof. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be understood to be followed by the words “without limitation.”

(c)
Use of Pronouns. Pronouns, including “he,” “she” and “it,” when used in reference to
any person, shall be deemed applicable to entities or individuals, male or female, as appropriate in any given case.

 

(d)
Headings. Article, Section and other headings contained in this Agreement are for reference purposes only and are not intended
to describe, interpret, define or limit the scope, extent or intent of any provision of this Agreement.

 

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(e)
Variations on Terms. Standard variations on defined terms (such as the plural form of a term defined in the singular form,
and the past tense of a term defined in the present tense) shall be deemed to have meanings that correlate to the meanings of the defined
terms.

 

(f)
Currency References. All references to “dollars” or “$” shall be deemed to be references to the
lawful currency of the United States.

 

ARTICLE 2

Grant of Rights

 

Section 2.1 Grant of OV Intellectual
Property and Retention of Rights.

 

(a)
During the Term, subject to the terms and conditions of this Agreement (including Section 6.4), OV, on behalf of itself and its
Affiliates, hereby grants to SMERUD and SMERUD’s Affiliates an exclusive (even as to OV), royalty-bearing right and license under
the OV Intellectual Property to (i) develop, have developed, make, have made, store, use, sell, have sold, import, export and otherwise
Commercialize the Licensed Drugs in the Field in the Territory and (ii) to use the applicable DRP Biomarker for clinical and commercial
use as a companion diagnostic for the applicable Licensed Drug in the Field in the Territory as set forth on Exhibit B.

 

(b)
OV, on behalf of itself and its Affiliates, hereby grants SMERUD and SMERUD’s Affiliates a Right of Reference or Use to all
Data and Regulatory Documentation (including all Regulatory Approvals) related to the Licensed Assets owned or Controlled by OV or its
Affiliates as of the Execution Date and during the Term for all uses in connection with (i) the Development, Manufacturing and Commercialization
of Licensed Drugs in the Field in the Territory and (ii) use of the applicable DRP Biomarker for clinical and commercial use as a companion
diagnostic for the applicable Licensed Drug in the Field in the Territory as set forth on Exhibit B.

 

Section 2.2
Sublicenses. SMERUD shall have the right to grant sublicenses with respect to SMERUD’s rights and obligations under this
Agreement to any Affiliates of SMERUD. SMERUD shall not have the right to grant sublicenses with respect to SMERUD’s rights
and obligations under this Agreement to any Third Parties; except (a) with the prior written consent of OV, not to be
unreasonably withheld, or (b) in connection with the sale of all or substantially all, of SMERUD or its assets to a Third Party. For
clarity, OV shall not withhold approval if the Third Party (y) has revenues of at least USD $100 million per year (based upon its
most-recently completed audited financial statements) or a listed public market capitalization of at least USD $400 million (based
upon trading on a recognized national securities exchange) and (z) undertakes to assume all SMERUD’s obligations to OV under
this Agreement. SMERUD shall remain responsible for performance of this Agreement, unless the Parties mutually agree that in
connection with any sale or license of the Licensed Drugs to any Third Party, as described in the immediately preceding sentence, a
Third Party will assume all obligations under this Agreement pursuant to a definitive, written agreement.

 

Section 2.3 Creation of
Holding Companies. As a condition subsequent of OV granting to SMERUD the license under OV Intellectual Property, SMERUD will create
a new, spin-out company, or two new, spin-out companies, one for each of the respective Licensed Drugs and associated DRP Biomarker (the
“NewCo” or “NewCos”) in order to advance the clinical development of Licensed Assets and in order to
secure investment capital to support such development. NewCo will be organized under the laws of Norway. SMERUD will sublicense SMERUD’s
rights in the Licensed Assets to the respective NewCo. SMERUD shall remain responsible for performance of this Agreement following any
and all sublicensing.

 

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Section 2.4 Financing.
Within six (6) months of the Execution Date, SMERUD or NewCo will raise no less than [***] in financing to support and advance the Clinical
Development Plans for both Licensed Drugs or at least [***] (the “Minimum Funding”) to support and advance the Clinical
Development Plan for only one selected Licensed Drug. SMERUD or NewCo will confirm the achievement of raising these funds by providing
OV with financial statements within thirty (30) days following any such financing. The funding may comprise a mix of investment capital,
grant funding and Third Party partnership funding. The Minimum Funding shall be used exclusively to Develop, Manufacture and Commercialize
the Licensed Drugs and shall not be used towards any other SMERUD drug development programs. The Minimum Funding is in addition to the
value of the in-kind CRO services that SMERUD will contribute in advancing the Licensed Drugs and conducting the Clinical Development
Plan.

 

ARTICLE 3

Product Development

 

Section 3.1 Quarterly Meetings.
The Parties will meet quarterly in person or by video or telephone conference to discuss the progress of the Clinical Development
Plan, the regulatory strategy for the Licensed Drugs, and the performance of such other Development functions set forth in this Agreement.
These meetings will be advisory only, and SMERUD shall have the sole right, in its own discretion, to accept or deviate from guidance
discussed in these meetings, subject to the requirements of this Agreement and the Clinical Development Plan(s).

 

Section 3.2 Development.
SMERUD (directly or through one or more Affiliates and/or sublicensees) shall be responsible for, and use Commercially Reasonable Efforts
to, obtain Regulatory Approval for the Product in the Field in the Major Countries, pursuant to the Clinical Development Plan. Subject
to the terms and conditions of this Agreement, SMERUD shall bear one hundred percent (100%) of all costs and expenses associated with
the Development of Product.

 

Section 3.3 Transfer.
Within thirty (30) days after the Execution Date, OV shall disclose and provide to SMERUD, at OV’s cost, all tangible embodiments
of data and information concerning the OV Intellectual Property, Regulatory Documentation and Data (including as applicable (a) all safety
data for the Product and (b) by providing reasonable assistance with respect to the transfer of ownership, control and sponsorship, as
applicable, of any INDs relating to the Product, as well as preclinical and clinical data, manufacturing and CMC data, in its Control
as of the Execution Date necessary or useful for developing, making, using or selling Products in the Territory).

 

Section 3.4 Assistance.
During the Term, OV will cooperate with SMERUD to provide reasonable assistance requested by SMERUD to facilitate the transfer of (a)
ownership, control and sponsorship, as applicable, of any INDs relating to the Product, (b) Development, Manufacture and Commercialization responsibilities to SMERUD
as required under this Agreement, including providing reasonable assistance with respect to regulatory and Manufacturing transition matters
related to Product, and (c) the Know-How licensed to SMERUD under Section 2.1, including without limitation preclinical and clinical data,
manufacturing and CMC data, in its Control as of the Execution Date critical to, necessary or useful for developing, making, using or
selling Product in the Territory. Such cooperation will include providing SMERUD with reasonable access by teleconference or in-person
to OV personnel involved in the research, Development and Manufacture of Licensed Drugs. Only if and to the extent requested by SMERUD,
OV shall provide SMERUD with a reasonable level of assistance and consultation in connection with the assistance described in this Section
3.4. SMERUD shall pay a fair compensation for OV’s assistance and consulting activities which have been mutually pre-agreed by the
Parties (including Out-of-Pocket Costs).

 

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Section 3.5 Pharmacovigilance.
SMERUD will deploy and administer any safety monitoring activity implemented for the Product in the Territory, and be responsible for
all pharmacovigilance activities for the Product in the Territory. In addition:

 

(a)
OV shall cooperate with SMERUD and share information concerning the pharmaceutical safety of Product, including any Product complaints,
adverse event information and safety data from clinical studies that shall become in its possession and control during the Term. OV shall
promptly advise SMERUD of any information that comes to its knowledge that may affect the safety, effectiveness or labelling of such Product
and any actions taken in response to such information, as such actions may be required for OV’s and SMERUD’s compliance with
pharmacovigilance requirements towards Third Parties.

 

(b)
Subject to any obligations owed by SMERUD to Third Parties, SMERUD shall cooperate with OV and share information concerning the
pharmaceutical safety of Product, at OV’s expense, including any Product complaints, adverse event information and safety data from
clinical studies that shall become in its possession and control during the Term. SMERUD shall promptly advise OV of any information that
comes to its knowledge that may affect the safety, effectiveness or labelling of such Product and any actions taken in response to such
information, as such actions may be required for SMERUD’s and OV’s compliance with pharmacovigilance requirements towards
Third Parties.

 

(c)
SMERUD shall be solely responsible for reporting all adverse drug experiences associated with the Product in the Territory, and
for establishing, holding and maintaining the global safety database for Product. OV shall provide SMERUD with all Product complaints,
adverse event information and safety data from clinical studies that are in its possession and control and that are necessary or desirable
for SMERUD to comply with all Applicable Laws with respect to Product, as such actions may be required for OV’s and SMERUD’s
compliance with pharmacovigilance requirements towards Third Parties.

 

Section 3.6 Manufacturing.
SMERUD shall be solely responsible for Manufacturing and supplying Product in the Territory and shall be entitled to identify and manage
Third Party contract manufacturers, as well as lead all supply chain management and quality control activities. OV hereby agrees to transfer
to SMERUD all of the inventory of Licensed Drugs hereunder held by OV on the Execution Date (including raw materials, intermediates,
and finished, unfinished, or partially finished goods) in the Territory at SMERUD’s expense. For clarity, SMERUD shall be responsible
for costs relating to the transportation and transfer of the materials described in the preceding sentence, but SMERUD shall not be responsible
for any historical costs related to the manufacturing or storage of the materials. OV shall provide SMERUD with a copy of any current
manufacturing agreements and all historic correspondence and a supplier audit history with each current manufacturer of the Licensed
Drugs. OV agrees to and shall assist SMERUD with (i) the potential establishment of a manufacturing agreement for LiPlaCis with Alidac
Pharmaceutical (the existing manufacturer in India), and (ii) the potential establishment of a manufacturing agreement for 2X-111 with
TTY BioPharm (a prior manufacturer in Taiwan). OV shall transfer to SMERUD ownership of the manufacturing equipment listed in Schedule
3.6 at no cost to SMERUD.

 

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Section 3.7 No Other Rights.
OV and SMERUD each acknowledges and agrees that, except as expressly granted under this Agreement, no right, title, or interest of any
nature whatsoever is granted whether by implication, estoppel, reliance, or otherwise, by either Party to the other Party. All rights
with respect to technology, Patents or other Intellectual Property Rights that are not specifically granted herein are reserved.

 

Section 3.8 Bankruptcy.
This agreement shall be subject to Applicable Law, including Danish and Norwegian bankruptcy law.

 

Section 3.9 No Representation.
Subject to the foregoing obligation to use Commercially Reasonable Efforts, neither Party makes any representation, warranty or guarantee
that the Product will be successful, or that any other particular results will be achieved with respect to the Product hereunder.

 

ARTICLE 4

Commercialization Activities.

 

Section 4.1 Commercialization
Responsibilities. Subject to the terms and conditions of this Agreement, SMERUD will be responsible, at its own cost, for all Commercialization
activities for the Product in the Field in the Territory, including all costs and expenses relating thereto. Within forty-five (45) days
after the end of each Calendar Quarter beginning with the Calendar Year in which the First Commercial Sale is made in a country following
receipt of Regulatory Approval in such country, SMERUD shall deliver to OV a report setting forth for the previous Calendar Quarter the
Selling Parties’ gross sales and Net Sales in the Territory on a country-by-country basis, and inventory levels. SMERUD shall have
sole discretion to establish the pricing and other terms and conditions of sale of the Product to its customers.

 

ARTICLE 5

Non-Compete.

 

Section 5.1 Non-Compete.
Except as contemplated under this Agreement with respect to the Product, neither Party nor its Affiliates shall, at any time during the
Term, either on its own behalf or through any Affiliate or Third Party, directly or indirectly make, market, promote, sell, offer for
sale, import, export or otherwise Commercialize any pharmaceutical product that contains any formulation of any Licensed Drug, or variants of the same, as the
active ingredient in the Field in the Territory.

 

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Section 5.2 Change of Control
Exception. Notwithstanding Section 5.1, if a Change of Control occurs with respect to a Party and, in each case, the Third Party (or
any of such Third Party’s then-existing Affiliates) already has, or the acquired assets contain, as applicable, a program that existed
prior to the Change of Control that would otherwise violate Section 5.1 at the time of such Change of Control (a “Business Program”),
then such Third Party (or such Third Party’s Affiliate) or such Party, as applicable, shall be permitted to continue such Business
Program after the closing of such Change of Control and such continuation shall not constitute a violation of Section 5.1 provided that
(i) neither the OV Intellectual Property nor the Joint Intellectual Property shall be used in the Business Program, and (ii) the research
or development activities required under this Agreement shall be segregated from any research or development activities directed to such
Business Program, including the maintenance of separate lab notebooks and records (password-protected to the extent kept on a computer
network) and the use of separate personnel to perform the activities under this Agreement and the activities covered under such Business
Program. The Party undergoing the Change of Control shall adopt reasonable procedures to limit the dissemination of the other Party’s
Confidential Information to only those personnel having a need to know such Confidential Information in order for such Party or the Third
Party, as applicable, to perform its obligations or to exercise its rights under this Agreement, including adopting reasonable procedures
and policies that prohibit and limit the use and disclosure of such Confidential Information in a competitive manner against the other
Party and its Affiliates, and adopting reasonable procedures and policies that prohibit or limit such Confidential Information from being
disclosed to or used by any Person who is also working on or making scientific, intellectual property or commercial decisions regarding
the Product at the time of receipt or use of any such Confidential Information, or within three (3) years following receipt or use of
any such Confidential Information.

 

ARTICLE 6

Payments

 

Section 6.1 Upfront Payment.
In consideration of any and all payments OV may owe SMERUD for prior work conducted by SMERUD on the LiPlaCis® and/or
Apo010 projects as more specifically described on Schedule 6.1 (the “Prior Work”), OV shall waive any upfront fee,
and reduce development milestone fees, otherwise payable upon signing the Definitive Agreement. All payments OV may owe to SMERUD for
Prior Work conducted by SMERUD will be deemed paid-in-full. For clarity, the Prior Work will include work conducted under EuroStars or
other grant programs through conclusion of those grant programs, but the above consideration shall not affect any payments owed by OV
to SMERUD for prior work conducted on projects other than LiPlaCis and Apo10.

 

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Section 6.2 Royalties.

 

(a)
Product Royalties. SMERUD shall pay OV royalties on Annual Net Sales equal to the following portions of Annual Net Sales
multiplied by the applicable royalty rate for such portion during the applicable Royalty Term for each Licensed Drug:

 

	LiPlaCis®
	Annual Net Sales	 	Royalty Rate
	
    Annual Net Sales above $0, up to and including Two Hundred Fifty
Million U.S. Dollars ($250,000,000.00)
	 	[***]
	Annual Net Sales above Two Hundred Fifty Million U.S. Dollars ($250,000,000.00)	 	[***]

 

 

	2X-111
	Annual Net Sales	 	Royalty Rate
	
    Annual Net Sales above $0, up to and including Two Hundred Fifty
Million U.S. Dollars ($250,000,000.00)
	 	[***]
	
    Annual Net Sales above Two Hundred Fifty

    Million U.S. Dollars ($250,000,000.00)
	 	[***]

 

 

(b)
Fully Paid-Up, Royalty Free License. Following expiration of the Royalty Term for the Product in a given country, no further
royalties will be payable in respect of sales of Product in such country and, thereafter the license granted to SMERUD hereunder with
respect to Product in such country will automatically become fully paid-up, perpetual, irrevocable and royalty-free.

 

(c)
Royalty Term; Reduction. SMERUD’s royalty obligations to OV under Section 6.2 shall be on a country-by-country basis
for the applicable Royalty Term in such country; provided that the royalty amounts payable with respect to Annual Net Sales shall be reduced
on a country-by-country basis, to [***]of the amounts otherwise payable pursuant to Section 6.2(a),
during any portion of the Royalty Term in which there is not at least one (1) Valid Claim of a Patent within the OV Intellectual Property
that Covers such Product in such country. Only one royalty shall be payable by SMERUD to OV for each sale of a Product. For avoidance
of doubt, for countries in which there shall be at least one (1) Valid Claim of a Patent within the OV Intellectual Property that Covers
such Product, the aforementioned reduction shall not be applicable.

 

(d) Royalty
Reduction for Competitive Product Competition. If, on a Product- by-Product, country-by-country and Calendar Quarter-by-Calendar
Quarter basis, A Competitive Product(s) has a market share of greater than twenty-five percent (25%) but less than or equal to fifty
percent (50%); or A Competitive Product(s) has a market share of more than fifty percent (50%); then the royalties payable with
respect to Annual Net Sales pursuant to Section 6.2(a) in such country during such Calendar Quarter shall be reduced by [***] if
subsection

 

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(a) applies, and [***] if subsection (b) applies, respectively, of the royalties otherwise payable
pursuant to Section 6.2(a). Market share shall be based on the aggregate market in such country of such Product and the Competitive Product(s)
(based on sales of units of such Product and such Competitive Product(s) in the aggregate, as reported by IMS International, or if such
data are not available, such other reliable data source as reasonably agreed by the Parties).

 

(e)
Royalty Reduction for Third Party Payments. If SMERUD or its Affiliates or sublicensees can show by competent proof to OV
that a license to Third Party intellectual property rights for the Development, Manufacture, or Commercialization of Product is reasonably
necessary to the Commercialization of the Product, then SMERUD or its Affiliates or sublicensees shall negotiate and obtain a license
under, or otherwise pay amounts with respect to any litigation regarding, such Third Party’s intellectual property rights (each
such Third Party license or payment referred to herein as an “Additional Third Party License”). Any royalty otherwise
payable to OV under this Agreement with respect to Annual Net Sales of any Product by SMERUD, its Affiliates or sublicensees in such country
will be reduced by [***]of the amounts payable to Third Parties pursuant to any Additional Third
Party Licenses, such reduction to continue (and be carried forward for use) until all such amounts have been expended.

 

(f)
Cumulative Effect of Royalty Reductions. In no event shall the royalty reductions described in Sections 6.2 (a), (c), (d) and (e),
alone or together, reduce the royalties payable by SMERUD for a given Calendar Quarter pursuant to Section 6.2(a) to less than [***]
of the amounts payable by SMERUD for a given Calendar Quarter pursuant to Section 6.2(a). SMERUD may carry
over and apply any such royalty reductions which are incurred or accrued in a Calendar Quarter and are not deducted in such Calendar Quarter,
to any subsequent Calendar Quarter(s), and shall begin applying such reduction to such royalties as soon as practicable and continue applying
such reduction on a Calendar Quarterly basis thereafter.

 

(g)
Payment of Royalties. SMERUD shall: (a) within forty-five (45) days following the end of each Calendar Quarter in which
a royalty payment accrues, provide to OV a report for each country in the Territory in which sales of Product occurred in the Calendar
Quarter covered by such statement, specifying for such Calendar Quarter: the number of Product sold; the gross sales and Annual Net Sales
in each country’s currency; the applicable royalty rate under this Agreement; the royalties payable in each country’s currency,
including an accounting of deductions taken in the calculation of Annual Net Sales in accordance with SMERUD’s normal practices
used to prepare its audited financial statements for internal and external reporting purposes; the applicable exchange rate to convert
from each country’s currency to U.S. Dollars under Section 6.6; and the royalty calculation and royalties payable in U.S. Dollars,
and (b) make the royalty payments owed to OV hereunder in accordance with such royalty report in arrears, within sixty (60) days from
the end of each Calendar Quarter in which such payment accrues.

 

Section 6.3 Milestones.
SMERUD shall pay OV the applicable milestones set forth in this Section 6.3. The Parties understand and agree that in no event will more
than one (1) milestone payment be paid with respect to any specific event triggering a payment under this Agreement. From and after the
effective date of termination, no milestones with respect to the Product shall be payable by SMERUD to OV, except to the extent any amounts
are due but unpaid.

 

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(a) Development Milestones.
SMERUD shall make the following development milestone payments to OV that are set forth below upon the first achievement by or on behalf
of SMERUD, its Affiliates or sublicensees of the Development milestone events (“Development Milestone Events”) set
forth below with respect to each Licensed Drug.

 

	LiPlaCis®
	
     

    Development Milestone Event
	 	
    Milestone Payments

    (in $ millions)

	Receipt of Regulatory Approval in the United States	 	[***]
	Receipt of Regulatory Approval in the European Union	 	[***]
	Receipt of Regulatory Approval in the Japan	 	[***]
	Receipt of Regulatory Approval in China	 	[***]

 

	2X-111
	
     

    Development Milestone Event
	 	
    Milestone Payments

    (in $ millions)

	Receipt of Regulatory Approval in the United States	 	[***]
	Receipt of Regulatory Approval in the European Union	 	[***]
	Receipt of Regulatory Approval in China	 	[***]

 

(c) Payment of Milestones.
The development milestones under Section 6.3(a) shall be paid to OV no later than ten (10) Business Days after the respective Development
Milestone Event has been achieved by or on behalf of SMERUD, its Affiliates or sublicensees or assignees.

 

Section 6.4 Third
Party License Agreement. OV has entered into a license agreement with LiPlasome Pharma ApS dated as of February 15, 2016, a copy
of which has been delivered to SMERUD if requested. OV has entered into a license agreement with 2-BBB Medicines B.V.
(“2BBB”) dated as of March 27, 2017, (the “2BBB Agreement”), a copy of which has been delivered to SMERUD if
requested. Notwithstanding anything to the contrary contained herein, the inclusion of the license grant and related obligations
respecting 2X-111 are conditioned on OV amending the 2BBB Agreement pursuant to a definitive, written amendment. If OV does not
enter into the amendment within sixty (60) days following the Effective Date, either Party with thirty (30)   
days advanced written notice to the other Party, may terminate the inclusion of all OV Intellectual Property relating to 2X-111
from the grant of the license and the related terms and obligations of this Agreement.

 

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Section 6.5 Additional
Payment Terms.

 

(a)
Accounting. All payments hereunder shall be made in U.S. Dollars by wire transfer to a bank designated in writing by OV
from time to time. Conversion of sales recorded in local currencies to Dollars shall be performed in a manner consistent with SMERUD’s
normal practices used to prepare its audited financial statements for internal and external reporting purposes.

 

(b)
Late Payments. Any payments or portions thereof due hereunder that are not paid on the date such payments are due under
this Agreement shall bear interest at an annual rate equal to the lesser of: (a) one and one half percentage points (1.5%) above the prime
rate as published by Citibank, N.A., New York, New York, or any successor thereto, at 12:01 a.m. on the first day of each Calendar Quarter
in which such payments are overdue or (b) the maximum rate permitted by Applicable Law; in each case calculated on the number of days
such payment is delinquent, compounded monthly.

 

Section 6.6 Currency Conversion.
All amounts payable and calculations under this Agreement will be in U.S. Dollars. As applicable, Net Sales and other payments will be
translated into U.S. Dollars on the basis of the average exchange rate published on the internet site of Oanda (http://www.oanda.com)
or, if not then available, such other publicly-available currency exchange site, for the thirty-(30-) day period preceding the date of
invoice. The exchange rate to be used in the Net Sales Report shall be determined on the basis of the average exchange rate published
on the aforementioned internet site of Oanda or other site for the relevant calendar quarter.

 

Section 6.7 Taxes.
SMERUD may withhold from payment made to OV under this Agreement any income tax required to be withheld by SMERUD under the laws of the
country or jurisdiction where SMERUD has commercially sold Product. If any tax is withheld by SMERUD, SMERUD shall provide OV receipts
or other evidence of such withholding and payment to the appropriate tax authorities on a timely basis following that tax payment. Each
Party agrees to cooperate with the other Party in claiming refunds or exemptions from such deductions or withholdings under any relevant
agreement or treaty which is in effect. The Parties shall discuss applicable mechanisms for minimizing such taxes to the extent possible
in compliance with Applicable Law. In addition, the Parties shall cooperate in accordance with Applicable Law to minimize indirect taxes
(such as value added tax, sales tax, consumption tax and other similar taxes) in connection with this Agreement.

 

ARTICLE 7

Regulatory Matters

 

Section 7.1
Compliance with Laws. Each Party shall comply in all material respects with all Applicable Laws, including all Regulatory Laws,
that pertain to its activities under this Agreement and, except as otherwise provided herein, each Party shall bear its own cost and
expense of such compliance.

 

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Section 7.2 Regulatory
Approval. In seeking any Regulatory Approval in the Territory, SMERUD shall have primary responsibility for all communications, submissions
and interactions with Regulatory Authorities, including serving as sponsor of any required investigational new drug or device applications
or exemptions and preparing and submitting the application for Regulatory Approval. OV shall fully cooperate with SMERUD, provide consulting
advice on regulatory strategies, communications and submissions, and provide any additional regulatory documentation and data reasonably
requested by SMERUD in connection with seeking Regulatory Approval in the Territory. SMERUD shall bear all costs and expenses of obtaining
such Regulatory Approval, including a fair compensation for OV’s consulting activities which have been mutually pre-agreed by the
Parties (including Out-of-Pocket Costs). SMERUD shall maintain such approval throughout the Term (and bear all associated costs and expenses).
SMERUD shall own all and be responsible for preparing, filing and maintaining all regulatory filings and Regulatory Approval that are
required for the Development, Manufacture, use, or Commercialization of the Product in the Field in the Territory, provided that: (i)
SMERUD shall provide OV with copies of material regulatory submissions to, and material communications with, any Governmental Authority
in the Territory and OV shall have the right to review and comment on such submissions and communications, and (ii) SMERUD shall take
such actions and otherwise cooperate with OV as may be reasonably requested by OV to enable OV to perform activities assigned to OV under
this Agreement.

 

ARTICLE 8

Intellectual Property

 

Section 8.1
Ownership of Intellectual Property.

 

(a)
Inventorship. Inventorship of Inventions shall be determined by application of applicable patent law, including Norwegian
and Danish patent law.

 

(b)
Joint Intellectual Property. Any Joint Intellectual Property will be owned jointly by SMERUD and OV on an equal and undivided
basis, including all rights, title and interest thereto, subject to any assignment, rights or licenses expressly granted by one Party
to the other Party under this Agreement. During the Term, SMERUD shall have the exclusive right to use the Joint Intellectual Property
to Commercialize the Licensed Drugs in the Field in the Territory. Except as expressly provided in this Agreement, neither Party will
have any obligation to account to the other for profits with respect to, or to obtain any consent of the other Party to license or exploit,
Joint Intellectual Property by reason of joint ownership thereof, and each Party hereby waives any right it may have under the laws of
any jurisdiction to require any such consent or accounting. To the extent necessary in any jurisdiction to effect the foregoing, each
Party hereby grants to the other Party a non-exclusive, royalty-free, fully-paid, worldwide license, with the right to grant sublicenses,
to practice such Joint Intellectual Property for any and all purposes, subject to any licenses granted by one Party to the other under
this Agreement.

 

(c)
OV Control. As between the Parties, OV will be the sole, exclusive owner of any intellectual property rights in the DRP
Biomarkers, including all Inventions and Know-How related thereto, whether developed before or after the Execution Date,
and will retain all of its rights, title and interest thereto.

 

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(d)
Cooperation. The determination of whether Know-How and Inventions claimed in Patents that are conceived, discovered, developed
or otherwise made or reduced to practice by a Party for the purpose of allocating proprietary rights (including Patent, copyright or other
intellectual property rights) therein, will, for purposes of this Agreement, be made in accordance with Applicable Law in the United States.
In the event that United States law does not apply to the conception, discovery, development, making or reduction to practice of any Know-How
or Patents hereunder, each Party will, and does hereby, assign, and will cause its Affiliates to so assign, to the other Party, without
additional compensation, such right, title and interest in and to any Know-How and Patents as well as any intellectual property rights
with respect thereto, as is necessary to fully effect ownership as would have been determined under U.S. law unless otherwise provided
in this Article 8.

 

Section 8.2 Patent
Filings, Prosecution and Maintenance of OV Intellectual Property and any Joint Intellectual Property.

 

(a)
The Parties agree to cooperate in the Prosecution of all Patents and Patent applications under this Section 8.2, including obtaining
and executing necessary powers of attorney and assignments by the named inventors, providing relevant technical reports to the filing
Party concerning the invention disclosed in such Patents and Patent applications, obtaining execution of such other documents which are
needed in the Prosecution of such Patents and Patent applications, and shall cooperate with the other Party so far as reasonably necessary
with respect to furnishing all information and data in its possession reasonably necessary to obtain or maintain such Patents and Patent
applications.

 

(b)
OV shall be entitled to Prosecute any DRP Biomarker Patents and DRP Biomarker Patent applications on a country by country basis,
in OV’s name and at OV’s expense, and to control any interferences, oppositions, reissue proceedings, reexaminations, post-grant
proceedings and any other similar proceeding relating thereto, in each such country in the Territory. OV shall inform and consult with
SMERUD regarding the Prosecution of all such DRP Biomarker Patents and DRP Biomarker Patent applications sufficiently in advance of any
deadline for taking any substantive action in connection therewith to permit meaningful consultation, and shall give due consideration
to any of SMERUD’s suggestions or recommendations. Each Party shall pay for its own costs with respect to this consultation.

 

(c)
SMERUD shall be entitled to Prosecute any Licensed Drugs Patents and Licensed Drugs Patent applications on a country by country
basis, in SMERUD’s name and at SMERUD’s expense, and to control any interferences, oppositions, reissue proceedings, reexaminations,
post- grant proceedings and any other similar proceeding relating thereto, in each such country in the Territory. SMERUD shall inform
and consult with OV regarding the Prosecution of all such Licensed Drugs Patents and Licensed Drugs Patent applications sufficiently in
advance of any deadline for taking any substantive action in connection therewith to permit meaningful consultation, and shall give due
consideration to any of OV’s suggestions or recommendations. Each Party shall pay for its own costs with respect to this consultation.

 

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(d)
SMERUD shall have the first right (but not the obligation) to Prosecute any Patents and Patent applications for any Joint Intellectual
Property, in OV’s name, and to control any interferences, oppositions, reissue proceedings, reexaminations, post-grant proceedings
and any other similar proceeding relating thereto, in the Territory; provided that the costs of such Prosecution shall be borne equally
by the Parties. SMERUD shall inform and consult with OV regarding the Prosecution of all such Joint Intellectual Property sufficiently
in advance of any deadline for taking any substantive action in connection therewith to permit meaningful consultation, and shall give
due consideration to any of OV’s suggestions or recommendations. Each Party shall pay for its own costs with respect to this consultation.

 

(e)
If SMERUD elects in any country not to Prosecute, or elects to abandon any Joint Intellectual Property, or declines to control
any related interference, opposition, reissue proceeding, reexamination, post-grant proceeding and similar proceeding, SMERUD shall give
OV reasonable written notice to this effect sufficiently in advance (but in any event no later than at least ten (10) days prior to the
date upon which the subject matter of such Patent shall become unpatentable or such Patent shall lapse or become abandoned) to permit
OV, in its sole discretion and expense, to undertake such Prosecution, or to control such interferences, oppositions, reissue proceedings,
reexaminations, post-grant proceedings and similar proceeding, without a loss of rights. If OV does so elect, then SMERUD shall provide
such cooperation to OV, including the execution and filing of appropriate instruments, as may reasonably be requested to facilitate the
transition of such Patent activities, and shall assign all of its right, title and interest to such Patents, other than its rights thereto
provided by this Agreement, to OV electing to pursue such Patent activities. For clarity, OV shall have the right, in its sole discretion,
to abandon such Patent at any time after it takes control pursuant to this Section 8.2(e).

 

(f)
Each Party agrees to cooperate with the other with respect to the Prosecution of Joint Intellectual Property and related interferences,
oppositions, reissue proceedings, reexaminations, post-grant proceedings and similar proceeding thereof. If required under Applicable
Law in order for the prosecuting Party to control such interferences, oppositions, reissue proceedings, reexaminations, post-grant proceedings
and similar proceeding relating to the Joint Intellectual Property, the other Party shall join as a party to such interferences, oppositions,
reissue proceedings, reexaminations, post-grant proceedings and similar proceeding.

 

Section 8.3 Extensions
of Patent Term for Product. OV shall be obliged, to seek, in OV’s name if so required, patent term extensions, adjustments,
restorations, or supplementary protection certificates under Applicable Law with respect to any Licensed Drug Patent in the Territory;
it being understood and agreed that, if OV seeks a patent term extension, then SMERUD agrees to cooperate with respect to any measures
required by Applicable Law for OV to obtain such extension. OV, its agents and attorneys will give due consideration to all suggestions
and comments of SMERUD regarding any such activities, including the choice of which Patent to apply term extensions to, but in the event
or a disagreement between the Parties, OV shall have the final decision making authority. For clarity, any such extended
Patent will remain included in the definition of Valid Claim for purposes of extending the Term.

 

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Section 8.4 Enforcement
of OV Intellectual Property and Joint Intellectual Property.

 

(a)
If either Party learns of any infringement or violation by a Third Party of any OV Intellectual Property or Joint Intellectual
Property in the Territory, whether or not within the Field, it shall notify the other Party as soon as practicable. Thereafter, SMERUD
shall have the sole right (but not the obligation) at its own cost to take the appropriate steps to enforce or defend any Licensed Patents
in the Field and/or Joint Intellectual Property, as applicable, against Third Parties. Any settlements, damages or other monetary awards
relating to such infringement or violation by a Third Party of any Licensed Patent and/or Joint Intellectual Property (a “Recovery”)
recovered by either Party will be forwarded to SMERUD (if not then previously paid to SMERUD) and any such Recovery pursuant to a suit,
action or proceeding brought pursuant to this Section 8.3(a) will be allocated first to the costs and expenses of the enforcing or defending
Party, and second, all remaining Recoveries shall be deemed to be Net Sales.

 

(b)
If SMERUD brings any suit, action or proceeding under this Section 8.4, OV agrees to be joined as party plaintiff if necessary
to prosecute the suit, action or proceeding and to give SMERUD reasonable authority to file and prosecute the suit, action or proceeding;
provided, however, that SMERUD will not be required to transfer any right, title or interest in or to any property to OV to confer standing
on OV hereunder. OV will provide reasonable assistance to SMERUD, including by providing access to relevant documents and other evidence
and making its employees available, subject to SMERUD’s reimbursement of any reasonable Out-of-Pocket Costs incurred by OV in providing
such assistance.

 

Section 8.5 Defense of
Infringement Claims of OV Intellectual Property and Joint Intellectual Property. If any Third Party asserts a claim, demand, action,
suit or proceeding against a Party (or any of its Affiliates), alleging that any Licensed Drugs infringes, misappropriates or violates
the intellectual property rights of any Person (any such claim, demand, action, suit or proceeding being referred to as an “Infringement
Claim”), the Party first having notice of the Infringement Claim shall promptly notify the other Party thereof in writing specifying
the facts, to the extent known, in reasonable detail. With respect to any Infringement Claim in the Field in the Territory, the Parties
shall negotiate in good faith a resolution with respect thereto. If the Parties cannot settle such Infringement Claim with the Third Party
within thirty (30) days after receipt of the notice pursuant to the notice pursuant to this Section 8.5, then subject to indemnification
requirements of ARTICLE 9, the following shall apply:

 

(a)
In the case of any such Infringement Claim against either Party individually or against both SMERUD and OV, in each case, with
respect to the Licensed Drug in the Field in the Territory, then SMERUD shall have the first right (but not the obligations) to assume
control of the defense of such Infringement Claim, at its own expense. OV, upon request of SMERUD and if required by Applicable Law, agrees
to join in any such litigation at SMERUD’s expense, and in any event to reasonably cooperate with SMERUD at SMERUD’s expense.
OV will have the right to consult with SMERUD concerning such Infringement Claim and to participate in and be represented by independent
counsel in any litigation in which OV is a party, at its own expense.

 

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SMERUD shall have the exclusive right to settle
any Infringement Claim against SMERUD alone or both Parties without the consent of OV at SMERUD’s sole expense, unless such settlement
shall impose any financial burden on OV or have any adverse impact upon OV’s intellectual property rights (in which case the consent
of OV shall be required). If SMERUD fails to assume control of the defense of such Infringement Claim, OV shall have the right (but not
the obligation) to control the defense of such Infringement Claim, and SMERUD upon request of OV and if required by Applicable Law, agrees
to join in any such litigation at OV’s expense.

 

(b)
If either Party individually shall control of the defense of any such Infringement Claim described in this Section 8.5, the other
Party shall cooperate, and shall cause its and its Affiliates’ employees to cooperate, with the controlling Party in all reasonable
respects in connection therewith, including giving testimony and producing documents lawfully requested, and using its reasonable efforts
to make available to the controlling Party, at the controlling Party’s cost, such employees who may be helpful with respect to such
suit, investigation, claim or other proceeding.

 

ARTICLE 9

Indemnification

 

Section
9.1 Indemnification by OV.

 

(a) Scope. OV shall
indemnify and hold harmless SMERUD and its Affiliates and their respective, directors, officers, employees and agents (collectively,
the “SMERUD Indemnified Parties”) from and against any and all Damages, arising out of or resulting from any claim,
demand, action, suit or proceeding (collectively, a “Claim”) based upon or arising from: (i) any breach by OV of any
of its representations, warranties or obligations under this Agreement; (ii) any actual violation by OV of Applicable Laws or any Development
of the Product on or prior to the Execution Date; or (iii) any grossly negligent or willful act or omission of OV or its Affiliates or
subcontractors or any of their respective employees or agents relating to the activities in connection with this Agreement; provided
however that, such indemnity shall not apply to the extent SMERUD has an indemnification obligation pursuant to Section 9.2 for such
damages or claims.

 

(b)
Defense. SMERUD shall give OV prompt written notice of any Claim with respect to which OV’s indemnification obligations
apply, but any delay or failure of such notice shall not excuse OV’s indemnification obligations except to the extent that OV's
legal position is actually and materially prejudiced thereby. OV shall have the right to assume and control the defense and settlement
of any Third Party Claim; provided, however, that following conditions must be satisfied: (i) OV must provide to SMERUD written acknowledgement
to SMERUD of OV’s obligation to indemnify SMERUD hereunder against Damages that may result from the Third Party Claim, and (ii)
SMERUD shall not have given OV written notice that it has determined, in the exercise of its reasonable discretion based on the advice
of counsel, that a conflict of interest makes separate representation by SMERUD’s own counsel advisable, (iii) the Third Party Claim
does not include damages other than monetary damages for which indemnity hereunder is available, (iv) the Third Party Claim does not relate
to or arise in connection with any criminal proceeding, action, indictment, criminal allegation or investigation, and (v) if requested
by SMERUD, OV has reasonably demonstrated OV’s financial ability to pay for the defense of such Third Party Claim and to satisfy the full amount
of any Damages that may result from such Third Party Claim. SMERUD shall have the right to participate in the defense of the Claim at
its own expense, but in any event shall cooperate with OV in the investigation and defense of the Claim.

 

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(c)
Settlement. If OV is entitled to, and does, assume and control the defense and settlement of any Claim with respect to which
its indemnification obligations apply, then OV shall not settle such Claim without SMERUD's prior written consent (which consent shall
not be unreasonably withheld, conditioned or delayed), unless (i) the sole relief provided in such settlement is monetary in nature and
shall be paid in full by OV and (ii) such settlement does not include any finding or admission of a violation by SMERUD, its Affiliates
or sublicensees of any Applicable Laws or Third Party's rights.

 

Section 9.2 Indemnification
by SMERUD.

 

(a)
Scope. SMERUD shall indemnify and hold harmless OV and its Affiliates and their respective directors, officers, employees
and agents (collectively, the “OV Indemnified Parties”) from and against any and all Damages in connection with any
Claim based upon or arising from: (i) any breach by SMERUD or any of its Affiliates of any of SMERUD's representations, warranties or
obligations under this Agreement; (ii) any actual violation by SMERUD, any of its Affiliates, or sublicensees of Applicable Laws; (iii)
any grossly negligent or willful act or omission of SMERUD, its Affiliates, or sublicensees or assignees or any of their respective employees,
consultants, subcontractors or agents relating to the activities in connection with this Agreement; or (iv) Commercialization by SMERUD,
its Affiliates, or sublicensees of the Product; provided however that, such indemnity shall not apply to the extent OV has an indemnification
obligation pursuant to Section 9.1 for such damages or claims.

 

(b) Defense. OV
shall give SMERUD prompt written notice of any Claim with respect to which SMERUD's indemnification obligations apply, but any delay
or failure of such notice shall not excuse SMERUD's indemnification obligations except to the extent that SMERUD's legal position is
actually and materially prejudiced thereby. SMERUD shall have the right to assume and control the defense and settlement of any such
Claim; provided, however, that following conditions must be satisfied: (i) SMERUD must provide to OV written acknowledgement to OV
of SMERUD’s obligation to indemnify OV hereunder against Damages that may result from the Third Party Claim, and (ii) OV shall
not have given SMERUD written notice that it has determined, in the exercise of its reasonable discretion based on the advice of
counsel, that a conflict of interest makes separate representation by OV’s own counsel advisable, (iii) the Third Party Claim
does not include damages other than monetary damages for which indemnity hereunder is available, (iv) the Third Party Claim does not
relate to or arise in connection with any criminal proceeding, action, indictment, criminal allegation or investigation, and (v) if
requested by OV, SMERUD has reasonably demonstrated SMERUD’s financial ability to pay for the defense of such Third Party
Claim and to satisfy the full amount of any Damages that may result from such Third Party Claim. OV shall have the right to
participate in the defense of the Claim at its own expense, but in any event shall cooperate with SMERUD in the investigation and
defense of the Claim.

 

(c)
Settlement. If SMERUD is entitled to, and does, assume and control the defense and settlement of any Claim with respect
to which its indemnification obligations apply, then SMERUD shall not settle such Claim without OV's prior written consent (which consent
shall not be unreasonably withheld, conditioned or delayed),
unless (i) the sole relief provided in such settlement is monetary in nature and shall be paid in full by SMERUD and (ii) such settlement
does not include any finding or admission of a violation by OV, its Affiliates or sublicensees of any Applicable Laws or Third Party's
rights.

 

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Section 9.3 Waiver.
Any waiver by an indemnified Party of its rights under this ARTICLE 9 must be set forth expressly and in writing in order to be effective.

 

Section 9.4 Insurance.
Each Party shall maintain insurance with creditworthy insurance companies or self-insure in accordance with Applicable Laws against such
risks and in such amounts as are usually maintained or insured against by such Party.

 

Section 9.5 Limitation
of Consequential Damages. Except for (a) Third Party Claims that are subject to indemnification under this ARTICLE 9, (b) claims arising
out of a Party’s willful misconduct or (c) a Party’s breach of ARTICLE 5 or ARTICLE 11 or any other confidentiality obligations
under this Agreement, neither Party nor any of its Affiliates will be liable to the other Party or its Affiliates in connection with this
Agreement for any incidental, consequential, special, punitive or other indirect damages or lost or imputed profits or royalties, lost
data or cost of procurement of substitute goods or services, whether liability is asserted in contract, tort (including negligence and
strict product liability), indemnity or contribution, and irrespective of whether that Party or any representative of that Party has been
advised of, or otherwise might have anticipated the possibility of, any such loss or damage.

 

ARTICLE 10

Representations and Warranties

 

Section 10.1 General Corporate
Matters. Each Party hereby represents and warrants to the other Party that:

 

(a)
Organization and Power. It is a corporation or limited liability company duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation or organization. It has all requisite power and authority to conduct its business
and engage in the transactions provided for in this Agreement.

 

(b)
Authorization and Validity of Agreements. The execution, delivery and performance by it of this Agreement, and the consummation
by it of the transactions contemplated hereby, have been duly authorized and approved by all necessary corporate or equivalent action
on its part. This Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or other laws relating
to or affecting creditors’ rights generally and by general equity principles.

 

(c) Absence of
Conflicts. The execution, delivery and performance by it of this Agreement, and the consummation by it of the transactions
contemplated hereby, do not and will not: (i) violate any Applicable Laws; (ii) conflict with, or result in the breach of any
provision of, its certificate or articles of incorporation, bylaws or equivalent organizational documents; (iii) result in the
creation of any lien or encumbrance of any nature upon any property being transferred or licensed by it pursuant to this Agreement;
or (iv) violate, conflict with, result in the breach or termination of, or constitute a default under (or event which, with notice,
lapse of time or both, would constitute a default under), any permit, contract or agreement to which it is a party or by which any
of its properties or businesses are bound.

 

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(d)
Consents. No authorization, consent or approval of, or notice to or filing with, any Governmental Authority is required
for the execution, delivery and performance by it of this Agreement (excluding approvals of Regulatory Authorities as contemplated herein).

 

(e)
Affiliates. Where this Agreement refers to an action or obligation to be undertaken by a Party’s Affiliates, such
Party will cause such Affiliates to undertake such obligations or other actions, and such Party will be responsible and liable for any
acts or omissions by its Affiliates.

 

Section 10.2 Intellectual Property
Matters. OV hereby represents and warrants to SMERUD that, as of the Execution Date:

 

(a)
Ownership. Except with respect to the agreements described in Section 6.4, OV has sole and exclusive ownership of the OV
Intellectual Property. OV has not granted to any Person other than SMERUD a license, covenant not to sue or similar right with respect
to any component of the OV Intellectual Property in the Field in the Territory. The OV Intellectual Property in the Field in the Territory
are free of any lien, covenant, easement, lease, sublease, option, encumbrance, security interest, mortgage, pledge or claim of any nature,
including limitations on transfer or any subordination arrangement in favor of a Third Party. Section 6.4 describes a complete and accurate
list of all agreements under which OV or any of its Affiliates has obtained a license or sublicense rights, covenant not to sue or similar
right with respect to any component of the OV Intellectual Property to which OV or any of its Affiliates is a party as of the Execution
Date, as further specified in such Schedule (including any sublicense or other arrangement between OV and any Affiliate, the “OV
In-Licenses”). OV and its Affiliates are not in breach (and as a result of the delivery and execution of this Agreement will
not be in breach) of any OV In-Licenses pursuant to which OV and/or its Affiliates receive a license, sublicense, covenant not to sue
or similar right with respect to any OV Intellectual Property.

 

(b)
Patents. Schedule 2 sets forth a complete and correct list of all OV Patents owned or otherwise Controlled by OV
and its Affiliates, and, except as set forth on Schedule 2, OV, together with its Affiliates, is the sole and exclusive
owner of, and has the sole right, title and interest in and to, the OV Patents listed on Schedule 2 (as updated from time
to time) and the related Know-How. To its Knowledge, the OV Patents are valid and enforceable and none of the OV Patents are currently
involved in any court, administrative, interference, reissue, re- examination, cancellation or opposition proceedings, and neither OV
nor any of its Affiliates has received any written notice from any Third Party of such actual or threatened proceedings or challenge.

 

(c)
No Additional IP. To OV’s Knowledge, there is no intellectual property right, in particular no OV Patents, owned by
or licensed to OV or its Affiliates other than the OV Intellectual Property, that are necessary for SMERUD or its Affiliates and sublicensees
to Develop and Commercialize the Product as set forth herein.

 

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(d)
Third Party Obligations. Other than the agreements described in Section 6.4, OV and its Affiliates are not subject to any
milestone, royalty or other payment obligations to Third Parties as a result of the execution or performance of this Agreement. The Parties
understand and agree that OV and/or its Affiliates shall remain solely responsible for any milestone, royalty or other payment obligations
pursuant to the agreements described in Section 6.4 or payable as a result of execution or performance of this Agreement.

 

(e)
Data and Information. OV has furnished or made available to SMERUD all material information that is in OV’s or its
Affiliates’ possession concerning the OV Intellectual Property and Product relevant to the safety, efficacy, or CMC data thereof,
and all Regulatory Documentation, Data and other correspondence with Regulatory Authorities relating to the Licensed Assets, and to OV’s
Knowledge, such information is accurate, complete and true in all material respects.

 

(f)
Non-Infringement. As of the Execution Date and to OV’s Knowledge, the use, manufacture, marketing, sale, promotion,
importation, distribution and commercialization of the Licensed Drugs in the Field in the Territory does not infringe, violate or misappropriate
the intellectual property rights of any Person.

 

(g)
IP Claims. As of the Execution Date, no Person has made, nor has OV received, nor to the Knowledge of OV has any Person
threatened, any written or oral, claim of ownership, inventorship or Patent infringement, or any other claim of intellectual property
misappropriation or violation, from any Third Party (including by current or former officers, directors, employees, consultants, or personnel
of OV or any predecessor) with respect to the OV Intellectual Property, or initiated a lawsuit against OV, in any case (i) challenging
the ownership, validity or enforceability of any of the OV Intellectual Property in the Field in the Territory, (ii) alleging that the
license, use or practice of them infringes, violates or misappropriates: (A) the intellectual property rights of any Person; or (B) the
rights of any Third Party, or (iii) seeking to enjoin or restrain such use or practice. OV has no knowledge that any Person intends to
assert such a claim or initiate such a lawsuit, or that any Person has a valid basis to do so.

 

(h)
Claims. There are no claims, litigations, suits, actions, disputes, arbitrations, or legal, administrative or other proceedings
or governmental investigations pending or, to OV’s Knowledge, threatened against OV, nor is OV a party to any judgment or settlement,
which would be reasonably expected to adversely affect or restrict the ability of OV to consummate the transactions contemplated under
this Agreement and to perform its obligations under this Agreement, or which would affect the OV Intellectual Property, or OV’s
Control thereof, or the Product.

 

(i)  
Infringement by Others. As of the Execution Date and to the knowledge of OV, OV has no reason to believe that any Person
has infringed, violated or misappropriated any of the OV Intellectual Property in the Field in the Territory.

 

Section 10.3 OV Covenants.

 

(a)
OV will not, and will cause its Affiliates not to (i) license, sell, assign or otherwise transfer to any Person any OV Intellectual
Property (or agree to do any of the foregoing) or (ii) incur or permit to exist, with respect to any
OV Intellectual Property, any lien, encumbrance, charge, security interest, mortgage, liability, grant of license to Third Parties or
other restriction (including in connection with any indebtedness). For the avoidance of doubt, this Section 10.3(a) covers OV Intellectual
Property to the extent it is necessary or useful to Develop, Manufacture, or Commercialize the Licensed Drugs in the Field in the Territory.

 

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(b)
Neither OV nor any of its Affiliates will effect any corporate restructuring or enter into any new agreement, transfer ownership
of the OV Intellectual Property, or OV’s interest in the Joint Intellectual Property, or obligate itself to any Third Party, or
amend an existing agreement with a Third Party, in each case, in a manner that restricts, limits, or encumbers the rights granted to SMERUD
under this Agreement.

 

(c)
OV will not transfer any OV Intellectual Property to any entity other than a wholly- owned subsidiary, and OV shall either (i)
cause any such subsidiary to remain a wholly-owned subsidiary or (ii) prior to the date any such subsidiary is no longer wholly-owned
by OV, cause any such subsidiary to transfer back all rights with respect to any OV Intellectual Property that such entity owns or otherwise
Controls.

 

Section 10.4 SMERUD Covenants.
SMERUD shall, and shall cause its Affiliates and sublicensees to, perform all of its obligations under this Agreement, and shall comply
in all material respects with all Applicable Laws in the marketing, distribution and sale of the Product and shall cause its Affiliates
and sublicensees and assignees to perform and comply as well. SMERUD’s specifications for the text (including any trademarks, logos
or other graphics) for all marketing material used in connection with Product, and any such marketing material for the Licensed Assets
provided by SMERUD or its designee, shall be true and accurate in all respects, comply in all material respects with all Applicable Laws
and not infringe or otherwise violate the intellectual property of any person.

 

Section 10.5 Term Obligations.
SMERUD and OV will have the additional obligations during the Term of this Agreement more specifically set forth in Schedule 10.5.

 

ARTICLE 11

Confidentiality and Publicity

 

Section 11.1 Confidentiality.
In the course of their activities pursuant to this Agreement, the Parties anticipate that they may disclose Confidential Information to
one another and that either Party may, from time to time, be a disclosing Party or a recipient of Confidential Information. The Parties
wish to protect such Confidential Information in accordance with this Section 11.1. The provisions of this Section 11.1 shall apply to
disclosures furnished to or received by a Party and its agents and representatives (which may include agents and representatives of its
Affiliates). Each Party shall advise its agents and representatives of the requirements of this Section 12.1 and shall be responsible
to ensure their compliance with such provisions.

 

(a) Definition
of Confidential Information. For purposes hereof, “Confidential Information” with respect to a disclosing
Party means all Proprietary Information, in any form or media, concerning the disclosing Party or its Affiliates that the disclosing
Party or its Affiliates furnish to the recipient, whether furnished before or after the date hereof, and all notes, analyses, compilations, studies and other materials, whether
prepared by the recipient or others, that contain or reflect such Proprietary Information; provided, however, that Confidential Information
does not include information that (i) is or hereafter becomes generally available to the public other than as a result of a disclosure
by the recipient, (ii) was already known to the recipient prior to receipt from the disclosing Party as evidenced by prior written documents
in its possession not subject to an existing confidentiality obligation to the disclosing Party, (iii) is disclosed to the recipient on
a non-confidential basis by a person who is not in default of any confidentiality obligation to the disclosing Party, (iv) is independently
developed by or on behalf of the recipient without reliance on the Confidential Information received hereunder. The contents of this Agreement
shall be deemed to be Confidential Information of each Party. For clarity, Confidential Information shall not include clinical data contained
in clinical reports that are not permitted under Applicable Laws to be redacted.

 

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(b) Treatment of
Confidential Information. The recipient of Confidential Information shall (i) use such Confidential Information solely and
exclusively in connection with the discharge of its obligations under this Agreement and (ii) not disclose such Confidential
Information without the prior written consent of the disclosing Party to any Person other than those of its and/or its
Affiliates’ agents and representatives who need to know such Confidential Information in order to accomplish the objectives
for which it was disclosed. Notwithstanding the foregoing, if the recipient of Confidential Information becomes legally compelled to
disclose any Confidential Information in order to comply with Applicable Laws or with an order issued by a court or regulatory body
with competent jurisdiction, the recipient shall (x) provide prompt written notice to the disclosing Party, to the extent legally
permissible, so that the disclosing Party may seek a protective order or other appropriate remedy or waive its rights under this
Section 11.1; and (y)   disclose only the portion of
Confidential Information that is legally required to furnish; provided that, in connection with such disclosure, the recipient shall
use Commercially Reasonable Efforts to obtain assurance that confidential treatment will be given with respect to such Confidential
Information. If any Party is required to file this Agreement with any Governmental Authority, such Party shall redact the terms of
this Agreement to the extent possible in order to keep particularly sensitive provisions confidential.

 

(c)
Return and Destruction. Upon the termination or expiration of this Agreement, upon the request of the disclosing Party,
the recipient of Confidential Information shall promptly redeliver to the disclosing Party all Confidential Information provided to the
recipient in tangible form or destroy the same and certify in writing that such destruction has occurred; provided, however, that nothing
in this Agreement shall require the alteration, modification, deletion or destruction of computer backup tapes made in the ordinary course
of business. All notes or other work product prepared by the recipient based upon or incorporating Confidential Information of the disclosing
Party shall be destroyed, and such destruction shall be certified in writing to the disclosing Party by the receiving Party. Notwithstanding
the foregoing, legal counsel to the recipient shall be permitted to retain in its files one copy of all Confidential Information to evidence
the scope of and to enforce the Party’s obligation of confidentiality under this Section 11.1.

 

(d)
Term of Obligation. The obligations under this Section 11.1 shall remain in effect from the date hereof through the seventh
(7th) anniversary of the expiration or termination of this Agreement.

 

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(e)
Prior Agreements. The provisions of this Section 11.1 shall supersede and replace any prior agreements between the Parties
relating to Confidential Information covered hereby.

 

Section 11.2 Publicity.
Upon or following the Execution Date, the Parties shall issue the press release attached hereto as Exhibit C. Neither Party shall issue
any other press release or public disclosure including the name of the other Party without the prior written consent of the other Party,
which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that consent shall not be required in connection
with disclosures (a) required by Applicable Law, (b) relating to previously disclosed information, and (c) expressly authorized by Section
11.1. In the event of a required press release or other public announcement, the Party making such announcement shall provide the other
Party with a copy of the proposed text prior to such announcement.

 

ARTICLE 12

Record-keeping and Audits

 

Section 12.1 Records Retention.
SMERUD and its Affiliates shall maintain reasonably detailed records of Net Sales, and any other information reasonably necessary for
the calculation of payments to be made to OV pursuant to this Agreement. SMERUD shall be fully responsible for its Affiliates retention
obligations herein. Each Party shall maintain reasonably detailed records of any information necessary to comply with Applicable Laws
or this Agreement. SMERUD and its Affiliates shall maintain its sales records for at least three (3) years following the date of sale.

 

Section 12.2 Audit Request.

 

(a)
Audit Team. Each Party may, upon request and at its expense (except as provided for herein), cause an internationally recognized
independent accounting firm selected by it (except one to whom the Auditee has a reasonable objection) (the “Audit Team”)
to audit during ordinary business hours the books and records of the other Party and the correctness of any payment made or required to
be made to or by such Party, and any report underlying such payment (or lack thereof), pursuant to the terms of this Agreement. Prior
to commencing its work pursuant to this Agreement, the Audit Team shall enter into an appropriate confidentiality agreement with the Auditee
obligating the Audit Team to be bound by obligations of confidentiality and restrictions on use of such Confidential Information that
are no less restrictive than the obligations set forth in Article 11.

 

(b)
Limitations. In respect of each audit of the Auditee’s books and records: (i) the Auditee may be audited only once
per year, (ii) no records for any given year for an Auditee may be audited more than once; provided that the Auditee’s records
shall still be made available if such records impact another financial year which is being audited, and (iii) the Audit Rights Holder
shall only be entitled to audit books and records of an Auditee from the three (3) calendar years prior to the Calendar Year in which
the audit request is made.

 

(c)
Audit Notice. In order to initiate an audit for a particular Calendar Year, the Audit Rights Holder must provide written
notice to the Auditee. The Audit Rights Holder exercising its audit rights shall provide the Auditee with notice of one or more proposed
dates of the audit not less than sixty (60) days prior to the first proposed
date. The Auditee will reasonably accommodate the scheduling of such audit. The Auditee shall provide such Audit Team(s) with full and
complete access to the applicable books and records and otherwise reasonably cooperate with such audit.

 

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(d)
Payments. If the audit shows any under-reporting or underpayment, or overcharging by any Party, that under-reporting, underpayment
or overcharging shall be reported to the Audit Rights Holder and the underpaying or overcharging Party shall remit such underpayment or
reimburse such overcompensation (together with interest at a rate per annum equal to the lesser of the three (3) month LIBOR (but no less
than zero percent (0%)) plus five percent (5%), as reported by The Wall Street Journal) to the underpaid or overcharged Party within forty-five
(45) days after receiving the audit report. Further, if the audit for an annual period shows an under-reporting or underpayment or an
overcharge by any Party for that period in excess of five percent (5%) of the amounts properly determined, the underpaying or overcharging
Party, as the case may be, shall reimburse the applicable underpaid or overcharged Audit Rights Holder conducting the audit, for its respective
audit fees and reasonable Out-of-Pocket Costs in connection with said audit, which reimbursement shall be made within forty-five (45)
days after receiving appropriate invoices and other support for such audit-related costs.

 

(e)
Definitions. For the purposes of the audit rights described herein, an individual Party subject to an audit in any given
year will be referred to as the “Auditee” and the other Party who has certain and respective rights to audit the books
and records of the Auditee will be referred to as the “Audit Rights Holder.”

 

(f)
Any information received by a Party pursuant to this Section 12.2 shall be deemed to be Confidential Information for purposes of
Section 11.1. Such information shall be used solely for the purpose for which the audit was conducted.

 

ARTICLE 13

Term and Termination

 

Section 13.1 Term.
This Agreement shall become effective as of the Execution Date and shall continue in full force and effect on a product-by-product and
country-by-country basis until the expiration of the applicable Royalty Term (the “Term”).

 

Section 13.2 Rights of
Termination.

 

(a)
Termination for Material Breach. In the event that a Party commits a material breach of its overall obligations under this
Agreement in a manner that fundamentally frustrates the purpose of this Agreement (other than payment obligations), taken as a whole,
and such material breach of its overall obligations is not cured within ninety (90) days (or such other time period as mutually agreed
by the Parties), after such Party receives written notice from the non- breaching Party, which notice shall specify the nature of the
breach and demand its cure, the non- breaching Party may terminate this Agreement in its entirety upon written notice to the breaching
Party.

 

(i) Notwithstanding
the foregoing, if a material breach is not susceptible to cure within the cure period specified in Section 13.2(a), the
non-breaching Party’s right of termination shall be suspended only if, and for so long as, (i) the breaching Party has provided to the non-breaching Party a written
plan that is reasonably calculated to effect a cure, (ii) such plan is reasonably acceptable to the non-breaching Party and (iii) the
breaching Party commits to and does carry out such plan; provided, however, that, unless otherwise mutually agreed by the Parties in such
plan, in no event shall such suspension of the non-breaching Party’s right to terminate extend beyond (30) days after the original
cure period.

 

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(ii)    
Notwithstanding the foregoing, if either Party is alleged to be in material breach and disputes such termination through the dispute
resolution procedures set forth in this Agreement, then the other Party’s right to terminate this Agreement shall be tolled for
so long as such dispute resolution procedures are being pursued by the allegedly breaching Party in good faith and, if it is finally and
conclusively determined that the allegedly breaching Party is in material breach, then the breaching Party shall have the right to cure
such material breach after such determination within the cure period provided above in this Section 13.2(a).

 

(b)
Termination for Non-Performance. In the event that SMERUD is failing to perform its obligations under the Clinical Development
Plan, OV may terminate this Agreement in its entirety, in its sole discretion, upon at least ninety (90) days prior written notice to
SMERUD.

 

(c)
Termination for Convenience. Prior to its expiration, SMERUD may terminate this Agreement in its entirety, in its sole discretion,
at any time upon at least one hundred and twenty (120) days prior written notice to OV for any reason.

 

(d)
Termination for Failure to Obtain Funding. In the event SMERUD fails to secure financing pursuant to Section 2.4, either
Party may terminate this Agreement in its entirety effective immediately upon prior written notice to the other Party. If this Agreement
is terminated pursuant to this Section 13.2(d), OV will remain responsible for all outstanding payments for the Prior Work, as per Schedule
6.1. Such Prior Work shall be paid by OV to SMERUD no later than ten (10) Business Days after either Party has terminated this Agreement
under this clause.

 

(e)
SMERUD Right of Termination for Safety Reasons. Notwithstanding anything to the contrary in this Agreement, SMERUD shall
have the right to terminate this Agreement upon thirty (30) days written notice in the event that:

 

(i)
a competent Regulatory Authority in a Major Country prohibits the further clinical use of the Product in the applicable country
or regulatory jurisdiction within the Territory under 21 C.F.R. § 312.44 on grounds of safety (or equivalent grounds with respect
to any country or regulatory jurisdiction in the Territory outside of the United States); or

 

(ii)   a clinical hold imposed by a competent Regulatory Authority in a Major Country relating to the Product is definitively converted
to “inactive status” by such Regulatory Authority under 21 C.F.R. § 312.45 on grounds of safety (or equivalent grounds
with respect to any country or regulatory jurisdiction in the Territory outside of the United States), despite SMERUD’s use of Commercially
Reasonable Efforts to eliminate such clinical hold.

 

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(f)
Bankruptcy. This Agreement may be terminated by written notice by a Party at any time during the Term if the other Party
shall file in any court or agency, pursuant to any statute or regulation of any state or country, a petition in bankruptcy or other Insolvency
Event or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if
the other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not
be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or
liquidation, or if the other Party shall make a general assignment for the benefit of its creditors.

 

(g)
Failure of OV to Make Payments. SMERUD shall have the right to terminate this Agreement if OV fails to make the following
payments, for prior work that does not relate to EuroStars grant programs and that is outside the scope of this Agreement (including as
referenced in Schedule 6.1): (1) [***]by or before July 1, 2020; [***]by
or before August 1, 2020; and (3) [***] by or before August 1, 2020. The payment, by OV, of the amounts
under this subsection (g) shall be deemed payment-in-full of any and all invoiced and/or accrued but not invoiced prior work by SMERUD
for any and all work referenced in this subsection.

 

Section 13.3 Surviving
Rights and Obligations. Any provisions required for the interpretation or enforcement of this Agreement shall survive the expiration
or termination of this Agreement. Expiration or termination of this Agreement shall not relieve any Party of any obligations that are
expressly indicated to survive expiration or termination. Except as otherwise expressly provided, expiration or termination of this Agreement
for any reason shall be without prejudice to any rights that shall have accrued to the benefit of any Party prior to such expiration or
termination. If a license to intellectual property rights survives expiration or termination, the licensor Party promptly shall provide
to the licensee Party (to the extent it has not previously done so) all proprietary information reasonably useful or necessary for the
licensee Party to exploit such license, including reasonable technical assistance; provided that such proprietary information shall remain
subject to Section 12.1 so long as it is possessed by other Party. The termination of this Agreement shall not relieve the Parties of
any obligation accruing prior to such expiration or termination. Without limiting the forgoing, the provisions of Articles 1, 6.1, 6.4,
9, 11, 12, and 13, and Sections 14.2, 14.3, 14.6, and 14.7 shall survive the termination of this Agreement.

 

Section 13.4 Effect of
Expiration or Termination; Remaining Inventory.

 

(a)
Upon expiration or termination of this Agreement, neither Party shall have any further rights or obligations hereunder in the Territory
except pursuant to provisions that expressly survive such expiration or termination (including, for the avoidance of doubt, this Section
13.4).

 

(b)
After expiration (but not after early termination) of this Agreement pursuant to Section 14.1, the rights and licenses granted
by OV to SMERUD under this Agreement to Develop, Manufacture and Commercialize the Product in the Field throughout the Territory shall
convert to irrevocable, exclusive, royalty-free, fully paid-up, non-terminable rights and licenses, with the right to grant sublicenses
(through multiple tiers).

 

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(c)
In the event of any (A) termination by OV pursuant to 13.2(a) or 13.2(b) or (B) termination by SMERUD pursuant to Section 13.2(c),
any and all rights of SMERUD under Article 2 shall cease to exist. All rights and licenses granted by OV to SMERUD under this Agreement
to Develop, Manufacture and Commercialize the Product in the Field throughout the Territory shall revert to OV.

 

(d)
In the event that OV fails to secure the 2BBB license amendment referenced in Section 6.4 above, resulting in a termination of
2X-111 license rights under this Agreement by either Party, OV will remain responsible for thirty five percent (35%) of all outstanding
payments for the Prior Work, as per Schedule 6.1, or shall have the option to instead assign to SMERUD all rights in and to 2X-111 in
lieu of such payment. Such payment or assignment by OV to SMERUD under this clause shall be made no later than ten (10) Business Days
after either Party has terminated the 2X-111 license rights under this clause of this Agreement.

 

 

ARTICLE 14

Miscellaneous

 

Section 14.1 Entire Agreement;
Amendments. This Agreement, including the Exhibits hereto, constitutes the entire agreement between the Parties concerning its subject
matter and supersedes all previous negotiations, agreements and commitments with respect thereto, as of the Execution Date. This Agreement
shall not be released, discharged, amended or modified in any manner except by a written instrument signed by duly authorized officers
or representatives of each of the Parties. There are no covenants, promises, agreements, warranties, representations, conditions or understandings,
either oral or written, between the Parties other than as are set forth herein and therein.

 

Section 14.2 Governing
Law. Any claim or controversy relating in any way to this Agreement shall be governed by and interpreted exclusively in accordance
with the laws of Sweden, without regard to the conflicts of law principles thereof. This Agreement shall not be governed by the United
Nations Convention on Contracts for the International Sale of Goods of April 11, 1980. The Parties agree to the exclusive jurisdiction
of competent courts in Stockholm, Sweden.

 

Section 14.3 Dispute Resolution.
The Parties shall attempt in good faith to resolve any dispute or claim between them arising out of or relating to this Agreement (“Dispute”)
promptly by negotiations between executives or other representatives of the Parties with authority to resolve the Dispute. If a Dispute
should arise, such representatives shall confer in person or by telephone at least once and attempt to resolve the matter. Such conference
shall take place within ten (10) days of a written request therefor at a mutually agreed time and location (if the conference shall be
in person).

 

If the Dispute is not
settled within thirty (30) days of the conference or time to confer described above, either Party may submit the Dispute for
arbitration. The Dispute shall be finally settled under the Rules of Arbitration (the “Rules”) of the
International Chamber of Commerce (the “ICC”). The place of the arbitration shall be Stockholm, Sweden. The
language of the arbitration shall be English. There shall be three (3) arbitrators, one of whom shall be appointed by each of the
Parties in accordance with the Rules, and the third of whom shall be appointed by the ICC. The arbitrator appointed by the ICC shall
act as the chairperson of the arbitrating body. The arbitrators shall decide the matters in the Dispute in accordance with the laws
of the Kingdom of Sweden, without reference to the conflict of laws rules thereof or the United Nations Convention on Contracts for
the International Sale of Goods.

 

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The arbitration shall be commenced
and shall proceed according to the Rules, except as otherwise provided herein. Any Confidential Information disclosed in the arbitration
shall be subject to the confidentiality provisions of this Agreement. Any time period specified in the Rules shall be extended or accelerated
upon the Parties' written agreement. At the request of either Party, all time periods specified in the Rules may, at the discretion of
the arbitrators, be accelerated or extended to the extent necessary to comply with the timetables specified in the Rules or for the reasonable
management of the arbitration.

 

The procedures specified in
this Section 14.3 shall be the sole and exclusive procedures for the resolution of Disputes; provided, however, that a Party may, in addition
or as an alternative to seeking interim relief from the ICC, seek injunctive or other provisional judicial relief in any court of competent
jurisdiction if in its reasonable judgment such action is necessary to avoid irreparable harm or to preserve the status quo. Each Party
to this Agreement hereby irrevocably submits to the exclusive jurisdiction and venue of the courts located in Stockholm, Sweden, (the
“Courts”), for the purpose of any and all actions, suits or proceedings arising in whole or in part out of, related
to, based upon or in connection with this Agreement or the subject matter hereof or such award (other than appeals therefrom). In any
pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings or the enforcement of any judgment or
award, the courts of Stockholm shall have exclusive jurisdiction over any action brought to enforce this Agreement, and each of the Parties
hereto irrevocably: (a) submits to such exclusive jurisdiction for such purpose; (b) waives any objection which it may have at any time
to the laying of venue of any proceedings brought in such courts; (c) waives any claim that such proceedings have been brought in an inconvenient
forum; and (d) further waives the right to object with respect to such proceedings that any such court does not have jurisdiction over
such Party. Both Parties hereby irrevocably waive the right to a trial by jury for any and all actions, suits or proceedings related to,
based upon or in connection with this Agreement or the subject matter hereof.

 

The decision of the arbitrators
shall be final and binding on all Parties to the arbitration. Judgment upon any award rendered by the arbitrators may be entered by any
court having jurisdiction over the Party against whom enforcement is sought. Each of the Parties hereby consents, for the benefit of the
other Party, to the service of process by certified or registered mail or by an express delivery service providing a return receipt at
its address set forth for notices herein.

 

While the procedures set forth
above are being followed, the Parties shall continue to perform their respective obligations under this Agreement. Each Party shall bear
its own costs and fees, including attorneys' fees and expenses, in connection with the arbitration, except that the arbitrators shall
be empowered to assess costs and fees against any Party who the arbitrators find to have acted in bad faith or to have maintained a frivolous
position in the arbitration.

 

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Section 14.4 Partial Illegality.
If any provision of this Agreement or the application thereof to any Party or circumstances shall be declared void, illegal or unenforceable,
the remainder of this Agreement shall be valid and enforceable to the extent permitted by Applicable Laws. In such event, the Parties
shall use their best efforts to replace the invalid or unenforceable provision by a provision that, to the extent permitted by the Applicable
Laws, achieves the purposes intended under the invalid or unenforceable provision. Any deviation by any Party from the terms and provisions
of this Agreement in order to comply with Applicable Laws shall not be considered a breach of this Agreement.

 

Section 14.5 Waiver of
Compliance. No provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its agents or employees,
except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party, which
waiver shall be effective only with respect to the specific obligation and instance described therein.

 

Section 14.6 Notices.
All notices and other communications in connection with this Agreement shall be in writing and shall be sent to the respective Parties
at the following addresses, or to such other addresses as may be designated by the Parties in writing from time to time in accordance
with this Section 14.6, by registered or certified mail, postage prepaid, or by express courier service, service fee prepaid, or with
a hard copy to follow via mail or express courier service, or by email upon confirmed delivery sent by the recipient in return in accordance
with this Section 14.6.

 

		To OV:	Oncology Venture A/S

 Venlighedsvej 1

DK-2970 Hoersholm, Denmark 

Attention: Steven Carchedi, CEO

Email: sc@oncologyventure.com

 

With a copy to (not constituting notice):

Dechert LLP

1900 K Street, NW

Washington D.C. 20006

Tel number: (202) 261-3440

Attention: David E. Schulman

Email: david.schulman@dechert.com

 

		To SMERUD	Smerud Medical Research International AS

[P.O. Box 81

Skøyen, N-0212 Oslo, Norway]

Attention: Knut Smerud, CEO

Email:
knut.smerud@smerud.com

 

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All notices shall be deemed given and received
(a) if delivered by hand, immediately, (b) if sent by mail, ten (10) Business Days after posting, (c) if delivered by express courier
service, three (3) Business Days in the jurisdiction of the recipient, or (d) if sent by email, the date indicated as being sent in the
recipient’s email browser.

 

Section 14.7 Limitation
on Liability. NOTWITHSTANDING THE FOREGOING, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL,
INDIRECT, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES UNDER THIS AGREEMENT, EXCEPT TO THE EXTENT THE DAMAGES RESULT FROM A PARTY’S WILLFUL
MISCONDUCT, GROSS NEGLIGENCE OR ARE PAYABLE IN CONNECTION WITH A PARTY’S INDEMNIFICATION OBLIGATIONS UNDER ARTICLE 9 FOR LIABILITY
OWED TO THIRD PARTIES.

 

Section 14.8 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed
to be one and the same instrument.

 

Section 14.9 Further Assurances.
From time to time, as and when requested by any Party, the other Party shall execute and deliver, or cause to be executed and delivered,
all such documents and instruments and shall take, or cause to be taken, all such further actions as such other Party may reasonably deem
necessary or desirable to carry out the intentions of the Parties embodied in this Agreement.

 

Section 14.10 Injunctive
Relief. The Parties acknowledge and agree that, in addition to any other remedies available in law or equity, either Party shall be
entitled to temporary and permanent injunctive relief in the event of a breach under this Agreement.

 

Section 14.11 Jointly Prepared.
This Agreement has been prepared jointly and shall not be strictly construed against either Party. Ambiguities, if any, in this Agreement
shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision.

 

Section 14.12 Assignment.
A Party shall not have the right to assign, by operation of law or otherwise, any of its rights or obligations under this Agreement to
a Third Party without the prior written consent of the other Party, which shall not be unreasonably withheld, except that SMERUD shall
be permitted, without any need for OV's consent, to assign any of its rights and/or obligations hereunder in whole or in part to its Affiliates,
provided that SMERUD remains liable for the performance of its obligations hereunder. For clarity, OV shall not withhold approval if the
Third Party (y) has revenues of at least USD $100 million per year or a listed public market capitalization of at least USD $400 million
and (z) undertakes to assume all SMERUD’s obligations to OV under this Agreement. Any assignment not in accordance with this Section
14.12 shall be void. Notwithstanding the foregoing, the Parties understand and agree that OV shall be entitled to assign this Agreement
in its entirety to its successor in connection with the merger, consolidation, or sale of all or substantially all of its assets (provided
that all of the OV Intellectual Property is included in such merger, consolidation, or sale) or that portion of its business pertaining to the subject matter of this Agreement, without
any need for SMERUD’s consent.

 

    41

     

    

 

Section 14.13 Relationship
of Parties. Each Party to this Agreement is an independent contractor, and nothing in this Agreement shall be construed to give either
Party the power or authority to act for, bind, or commit the other Party in any way. Nothing herein shall be construed to create the relationship
of partners, principal and agent, or joint-venture partners between the Parties. Employees and agents of one Party are not employees or
agents of the other Party, shall not hold themselves out as such, and shall not have any authority or power to bind the other Party to
any contract or other obligation.

 

Section 14.14 Force Majeure.
If the performance of any obligation under this Agreement is prevented, restricted or interfered with by reason of any Force Majeure event,
then the Party so affected shall be excused, upon giving prior written notice to the other Party, from such performance to the extent
of such prevention, restriction or interference, provided that the Party so affected shall use Commercially Reasonable Efforts to avoid
or remove such causes of nonperformance and shall continue performance to the extent reasonably possible and, in any event, at such time
as the Force Majeure conditions come to an end. If the Force Majeure conditions prevent performance completely and such prevention continues
for more than one hundred and eighty days (180) days, then the Parties shall attempt to negotiate a mutually acceptable compromise within
the spirit and intent of this Agreement. If they are unable to reach a mutually acceptable compromise within ninety (90) days and if performance
is still completely prevented at the end of that time, then the Party who is not affected by the Force Majeure conditions shall have the
option, by delivery of written notice of termination to the affected Party, to terminate this Agreement with immediate effect.

 

Section 14.15
Severability. If any one or more of the terms or provisions of this Agreement is held by a court of competent jurisdiction or
arbitrator to be void, invalid or unenforceable in any situation in any jurisdiction, such holding shall not affect the validity or
enforceability of the remaining terms and provisions hereof or the validity or enforceability of the invalid, void or unenforceable
term or provision in any other situation or in any other jurisdiction and the term or provision shall be considered severed from
this Agreement, unless the invalid or unenforceable term or provision is of such essential importance to this Agreement that it is
to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid or unenforceable term or
provision. If the final judgment of such court or arbitrator declares that any term or provision hereof is invalid, void or
unenforceable, the Parties agree to (a) reduce the scope, duration, area or applicability of the term or provision or to delete
specific words or phrases to the minimum extent necessary to cause such term or provision as so reduced or amended to be
enforceable, and (b) make a good faith effort to replace any invalid or unenforceable term or provision with a valid and enforceable one such that the objectives
contemplated by the Parties when entering this Agreement may be realized.

 

Section 14.16 Third-Party
Beneficiaries. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason
of this Agreement on any Persons other than the Parties hereto and their respective successors, assigns, and Affiliates.

 

Section 14.17 Expenses.
Except as expressly provided herein (including with respect to the allocation of Out-of-Pocket Costs), each of SMERUD and OV agrees to
pay, without right of reimbursement from the other, all costs and expenses incurred by it and its Affiliates incident to the preparation,
execution and delivery by it of this Agreement and the performance of its obligations hereunder, including the fees and disbursements
of counsel, accountants, financial advisors, experts, consultants and employees employed by such party in connection with the preparation,
execution and delivery by it of this Agreement and with the performance of its obligations contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE
PAGE FOLLOWS]

 

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Execution Copy

 

The Parties have executed this Agreement as of the
Execution Date to evidence their agreement to the terms and provisions set forth herein.

 

	 	Oncology
    Venture A/S
	 	 
	 	By:	 
	 	Name:  	Steve Carchedi
    Title:
	 	Date:	CEO
	 	 
	 	Smerud Medical
    Research International AS
	 	 
	 	By:	 
	 	Name: 	Knut Smerud 
	 	Title:	CEO 
	 	 	 
	 	Date:	 

 

[Signature Page to Exclusive License Agreement]

 

     

     

    

 

Execution Copy

 

EXHIBIT A

Clinical Development Plan

 

 

[***]

 

     

     

    

 

EXHIBIT B

Products and DRP Biomarkers

 

[***]

 

     

     

    

Execution Copy

 

EXHIBIT C

Press Release

 

     

     

    

 

 

SCHEDULE 1

Major Countries

 

United States

European Union

Japan

South Korea

China

 

     

     

    

 

SCHEDULE 2

Patents

 

     

     

    

 

Execution Copy

 

SCHEDULE 3.6

Manufacturing

 

Provided that SMERUD secures the required funding under Section 2.4
above, OV will transfer ownership to SMERUD of the OV manufacturing equipment located at Alidac at no cost:

 

		●	Avestin
                                            Extruder and spare parts
	 	 	 

		●	Minus
                                            70C freezer
	 	 	 

		●	3x
                                            10L and 2x20L pressure vessels
	 	 	 

     

     

    

 

Execution Copy

 

SCHEDULE 6.1

Prior Work

 

 

[***]

 

     

     

    

 

Execution Copy

 

SCHEDULE 10.5

Term Obligations

 

[***]Exhibit 10.3

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND
(ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

January 2021

 

 

 

 

Amended and Restated
License Agreement

 

 

 

 

 

 

 

     

     

    

  

LiPlasome Pharma ApS

Business registration no.: 29428514 Tabletvej 1

DK-7100 Vejle (hereinafter “LiPlasome”)

 

and

 

Allarity Therapeutics A/S

(formerly known as Medical Prognosis Institute A/S
A/S) Business registration no.: 28106351

Venlighedsvej 1 DK-2970 Hørsholm

(hereinafter “ALLARITY”)

 

(hereinafter referred to separately as a “Party”
and collectively as the “Parties”)

 

have today entered into this

 

AMENDED
AND RESTATED LICENSE AGREEMENT

(the “Agreement”)

 

regarding ALLARITY’s development and commercialization
of LiPlaCis as a cancer treatment drug.

 

		1.	Background

 

		1.1	Whereas LiPlasome and Oncology Venture Product Development ApS, business registration
no. 34623562 entered into a certain License Agreement for LiPlaCis, effective as of 15 February 2016 (the “Original Agreement”)
attached as Annex 1.

 

		1.2	Whereas the Parties have agreed to amend and restate the Original Agreement as described
in this Agreement and for the agreement (including all rights and obligations) to be assigned to ALLARITY which owns 100% of the share
capital of Oncology Venture Product Development ApS.

 

		1.3	Whereas LiPlasome owns and has developed a third generation liposomal delivery technology
which has led to the creation of a range of products for the treatment of cancer, including a targeted, liposomal formulation of the chemotherapeutic
Cisplatin (“LiPlaCis”).

 

		1.4	Whereas, prior to the execution of the Original Agreement, LiPlasome invested considerable
resources in the development of LiPlaCis as a cancer treatment drug including the conduct of a phase 1 study at Rigshospitalet (Denmark)
which was to be followed by a phase 1 extension study.

 

    2

     

    

  

		1.5	Whereas, prior to the execution of the Original Agreement, the current and previous
LiPlasome shareholders invested approximately DKK 62,500,000 in the LiPlasome Patents and studies and were seeking a partner to continue
the ongoing and planned studies.

 

		1.6	Whereas (i) LiPlasome and ALLARITY have entered into a certain development services
and collaboration agreement of 21 December 2012 (the “LiPlasome/ALLARITY Development Services and Collaboration Agreement”)
attached as Annex 2, (ii) OV and ALLARITY have a entered into a certain license and collaboration agreement of 20 September 2013 regarding
the use of Medical Prognosis technology (the “ALLARITY/OV License and Collaboration Agreement”) attached as Annex 3, and (iii)
LiPlasome, OV and ALLARITY have entered into a certain inter partes agreement of 11 March 2016, suspending the LiPlasome/ALLARITY Development
Services and Collaboration Agreement as long as the Original Agreement was in force (the “Inter Partes Agreement”) attached
as Annex 4.

 

		1.7	Whereas, pursuant to the Original Agreement, OV took over all responsibilities
and all costs associated with all operations related to LiPlaCis, including LiPlasome’s former operations. This included among other
things employees’ service contracts, property rent contract, supplier agreements, license agreements, etc.

 

		1.8	Whereas, pursuant to the Original Agreement, from the time of its execution and
until now, OV has invested considerable time, effort, and money in advancing the clinical development of LiPlaCis through a completed
Phase 2 clinical trial using OV’s DRP biomarker for Cisplatin to select and treat highly likely responder patients for LiPlaCis.
OV’s investment and efforts have included manufacture of the drug, CRO costs, and regulatory filings with the U.S. FDA and EMEA.

 

		1.9	Whereas, on 26 June 2020 ALLARITY entered into an exclusive license agreement with
Smerud Medical Research International AS, P.O. Box 81, Skøyen, N-0212 Oslo, Norway (“Smerud”) concerning an exclusive
license to certain ALLARITY intellectual property, including intellectual property rights in LiPlaCis licensed by LiPlasome to OV under
the Original Agreement (the “Smerud Agreement”) attached as Annex 5.

 

		1.10	Whereas, the Parties wish to assign, amend and restate the Original Agreement in
order to (i) simplify the terms and conditions of their Agreement and (ii) assist ALLARITY to engage the external partnership with Smerud
under the Smerud Agreement and to further advance clinical development and commercialization of LiPlaCis in accordance with the terms
of this Agreement.

 

		1.11	Now therefore, the Parties have entered into this Agreement.

 

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		2.	Definitions

 

		2.1	“Affiliate” means any entity that, directly or indirectly, through one
or more intermediaries, Controls or is Controlled by, or is under common Control with a Party, except that in countries where ownership
of a majority or Controlling interest by a foreign entity is not permitted by law, rule or regulations, the foreign entity’s direct or
indirect voting interest may be less than a majority or Controlling interest.

 

		2.2	The “ALLARITY/OV License and Collaboration Agreement” has the meaning
given to it in clause 1.5.

 

		2.3	“Commercialization Agreement” means an agreement with a non-Affiliated
third party for a Commercialization Event, and including a commitment to advance the further Phase 2 (and subsequent Phase 3 to market)
development of LiPlaCis as well as a firm commitment to conduct and fund an expanded Phase 2 trial in metastatic breast cancer with a
target of fifty (50) or more total Phase 2 patients treated and evaluated within a time period not to exceed thirty (30) months from the
effective date of such Commercialization Agreement.

 

The Parties agree that the Smerud Agreement shall be considered
a Commercialization Agreement.

 

		2.4	“Commercialization Event” means a Commercialization Agreement with a
non- Affiliated third party concerning one or more of the following events:

 

		(i)	Sale of LiPlaCis (one-off payment) to a non-Affiliated third party;

		(ii)	sub-licensing of LiPlaCis to a non-Affiliated third party acting as a commercial
or development partner;

		(iii)	sale of LiPlaCis as milestone or royalty payment to a non-Affiliated third party;

		(iv)	formation of a joint venture or similar structure with a non-Affiliated third party
for the purpose of commercializing LiPlaCis; or

		(v)	any other licensing transaction, asset sale, demerger of ALLARITY with a subsequent
sale of shares, merger or consolidation with an exchange of shares, or otherwise relating to LiPlaCis,

 

and notwithstanding whether the Commercialization Proceeds
are received by ALLARITY and/or its subsidiaries or direct or indirect shareholders.

 

The Parties agree that the execution of the Smerud Agreement
by ALLARITY shall be considered a Commercialization Event.

 

    4

     

    

  

		2.5	“Commercialization Proceeds” means any
revenue, proceeds or other consideration that ALLARITY and/or its subsidiaries or direct or indirect shareholders have received, or otherwise
become entitled to, in relation to a Commercialization Event, for the avoidance of doubt excluding (i) any arms’ length payment
of the costs of DRP screening conducted by OV or ALLARITY, and/or maintenance of databases of DRP screened patients; (ii) any third party
reimbursement of ALLARITY’s external LiPlasome Patents and LiPlasome Trademarks costs incurred by ALLARITY in accordance with clause 4.4
below; and (iii) any arms’ length payment to ALLARITY for staff time concerning support of regulatory filings concerning LiPlaCis and/or
consulting regarding the use of DRP and/or improvements to DRP concerning LiPlaCis. Any consideration related to LiPlaCis (including the
LiPlasome Patents, the LiPlasome Trademarks and/or screening data generated and paid for by LiPlasome under the LiPlasome/ALLARITY Development
Services and Collaboration Agreement) that ALLARITY receives or becomes entitled to under the Smerud Agreement, including any upfront
payments, royalties and milestones, shall be considered Commercialization Proceeds for the purpose of this Agreement.

 

		2.6	“Control” means the ability, directly or indirectly, to direct the affairs
of another by means of: (i) ownership of at least fifty per cent (50%) of the voting shares in any entity, or, in the case of an entity
that has no outstanding securities, having the right to fifty per cent (50%) or more of the profits of the entity, or having the right
in the event of dissolution to fifty per cent (50%) or more of the assets of the entity; or (ii) by contract or otherwise.

 

		2.7	“Effective Date” has the meaning given to it in clause 9.1.

 

		2.8	The “Inter Partes Agreement” has the meaning given to it in clause 1.5.

 

		2.9	The “License” has the meaning given to it in clause 3.2.

 

		2.10	The “LiPlasome/ALLARITY Development Services and Collaboration Agreement”
has the meaning given to it in clause 1.5.

 

		2.11	“LiPlasome Patents” has the meaning given to it in clause 3.1.

 

		2.12	“LiPlasome Trademarks” has the meaning given to it in clause 3.1.

 

		2.13	“New IPR” has the meaning given to it in clause 7.6.

 

		2.14	The “Original Agreement” has the meaning given to it in clause 1.1.

 

		2.15	“Proprietary Rights” has the meaning given to it in clause 7.1.

 

		2.16	“Prosecution” shall have the meaning given to it in the Smerud Agreement.

 

		2.17	“Smerud” has the meaning given to it in clause 1.9 and shall include any
successor or assignee of Smerud Medical Research International AS under the Smerud Agreement.

 

    5

     

    

  

		2.18	The “Smerud Agreement” has the meaning given to it in clause 1.9.

 

		2.19	Clause headings herein are for ease of reference only and shall not affect the
interpretation of this Agreement. Annexes form part of this Agreement and have effect as if set out in the body of this Agreement. Reference
to this Agreement includes reference to the Annexes. In the event of inconsistency between the body of this Agreement and an Annex, the
body of this Agreement shall prevail.

 

		2.20	Reference to (a) days means calendar days; (b) persons includes a natural person,
corporate or unincorporated body (whether or not having separate legal personality); (c) one gender includes other genders; (d) a Party
includes that Party’s personal representatives, successors or permitted assigns; (e) a statute, statutory provision or subordinated legislation
includes such items as amended or re- enacted from time to time, whether before or after the date of this Agreement; (f) writing or written
includes e-mail; (g) a document includes varied or novated documents; and (h) including, include, in particular or similar expressions
are illustrative and do not limit the preceding words. Words in the singular include the plural and vice versa.

 

		3.	License

 

		3.1	LiPlasome owns the following patents WO2011/032563 and WO2011/047689 and patent
applications WO2009/141450 and US 16 257,831 named “METHODS FOR TREATING CANCER AND PREDICTING DRUG RESPONSIVENESS IN CANCER PATIENTS”
and certain other patent applications derived from the same (collectively the “LiPlasome Patents”) and the following trademarks
(VR2007 03632, VR2007 03522, and EU 013291001) (collectively the “LiPlasome Trademarks”).

 

		3.2	For development and commercialization of LiPlaCis only, ALLARITY is hereby granted
a global, sole, perpetual and exclusive license to the LiPlasome Patents, the LiPlasome Trademarks and the screening data generated and
paid for by LiPlasome under the LiPlasome/ALLARITY Development Services and Collaboration Agreement, subject to the terms and conditions
laid down in this Agreement (the “License”). The License grants ALLARITY rights to develop, manufacture, use, import, export,
distribute, promote, market, offer for sale, sell, sub-license and otherwise exploit and commercialize LiPlaCis for any indication or
use without limitation worldwide, including for the purpose of entering into or fulfilling a Commercialization Agreement.

 

		3.3	For the avoidance of doubt, except for the screening
data, cf. clause 7.11, the License covers LiPlaCis only. LiPlasome shall be entitled and obligated to retain, maintain, obtain and hold
all LiPlasome Patents, LiPlasome Trademarks and the screening data referred to in clause 3.2, and shall have the sole right under the
LiPlasome Patents and LiPlasome Trademarks to develop, manufacture, have made, use, import, export, distribute, promote, market, offer
for sale, sell, sub-license and otherwise exploit and commercialize all other products than LiPlaCis worldwide.

 

    6

     

    

  

		3.4	For the avoidance of doubt, this Agreement shall be deemed to replace the Original
Agreement under the Inter Partes Agreement and accordingly, (i) LiPlasome shall not have any obligations towards ALLARITY under the LiPlasome/ALLARITY
Development Services and Collaboration Agreement as long as this Agreement is effective (such obligations are waived by ALLARITY) and
(ii) ALLARITY shall not have any obligations towards LiPlasome other than expressly stated in this current Agreement or the Inter Partes
Agreement. And for the avoidance of doubt, nothing in this clause 3.4 or Agreement shall be construed as cancelling or affecting any prior,
vested rights in and to the Cisplatin DRP® that are held by LiPlasome under any prior agreements between the Parties

 

		4.	ALLARITY obligations

 

		4.1	ALLARITY warrants that it will timely and diligently fulfil all its obligations
under the Smerud Agreement with the aim of maximising the Commercialization Proceeds.

 

		4.2	In the event of termination or expiry of the Smerud Agreement, ALLARITY will exercise
commercially reasonable efforts to prepare a novel comprehensive information memorandum pitch package concerning LiPlaCis to be presented
to potential external third parties, including the elaboration of Phase 2 clinical study reports and the U.S. FDA feedback received on
(i) ALLARITY’s approved Investigation Device Exemption (IDE) to use the DRP for further U.S. clinical studies of LiPlaCis; and (ii) the
IND filed to conduct a Phase 3/pivotal trial of LiPlaCis using the DRP to select and treat patients.

 

		4.3	With economic effect as of 1 January 2020, ALLARITY
shall take over and be responsible for the maintenance and enforcement of the LiPlasome Patents and the LiPlasome Trademarks, including
pursuing pending patent applications, in the name of LiPlasome, and bear any and all external costs arising out thereof. Prior to the
Effective Date, LiPlasome has delivered a detailed specification of the external costs related to the LiPlasome Patents and LiPlasome
Trademarks as of 1 January 2020 and the specification shows external costs in the amount of [***] (plus VAT, if applicable) accrued until
and including 29 November 2020. ALLARITY will reimburse such external costs (including external costs accrued following the 29
November 2020 specification) to LiPlasome no later than thirty (30) days following the Effective Date of this Agreement. The reimbursement
of such external costs by ALLARITY shall be deemed a condition precedent to this Agreement. Accordingly, if ALLARITY does not reimburse
such external costs to LiPlasome within thirty (30) days following the Effective Date of this Agreement, this Agreement shall automatically
terminate and the Original Agreement will remain in full force and effect notwithstanding the wording set forth in article 3.4 above.

 

    7

     

    

  

		4.4	To the extent set forth in the Smerud Agreement, Smerud may reimburse ALLARITY
for certain external costs related to the LiPlasome Patents and the LiPlasome Trademarks accrued as of and after 1 January 2020.

 

		4.5	Subject to clause 11 (confidentiality);

 

(i) ALLARITY
will provide full transparency to update LiPlasome concerning any actual or possible Commercialization Agreement and will, by the end
of each calendar quarter, deliver a written report with supporting documentation and particulars concerning the details of discussions
with external partners, and ALLARITY will in any event provide LiPlasome with a reasonable opportunity to review and comment on any Commercialization
Agreement prior to its execution; and

 

(ii) by
the end of each calendar quarter, ALLARITY will disclose to LiPlasome any material correspondence and documentation between ALLARITY and
Smerud to the extent related to the LiPlasome Patents, the LiPlasome Trademarks and the screening data generated and paid for by LiPlasome
under the LiPlasome/ALLARITY Development Services and Collaboration Agreement.

 

		5.	Distribution of Commercialization Proceeds

 

		5.1	All Commercialization Proceeds, including Commercialisation Proceeds received by
ALLARITY under the Smerud Agreement, shall be shared equally by the Parties.

 

		5.2	Prior to the execution of this Agreement, ALLARITY received Commercialisation Proceeds
from Smerud in the amount of Norwegian Kronor (NOK) [***] by way of debt cancellation relating to prior work on LiPlaCis by Smerud. ALLARITY
agrees that [***] of such Commercialisation Proceeds shall be passed on to LiPlasome as set forth in clause 5.1 and accordingly, the Parties
agree that an amount equal to NOK [***] , shall be paid in full by ALLARITY to LiPlasome no later than 31 December 2021. The payment by
ALLARITY shall be the Danish Kroner (DKK) equivalent of the NOK amount, at the time when such payment by ALLARITY becomes due to LiPlasome
(based on the official exchange rate published by the Danish National Bank at the close of business on that day).

 

		5.3	Except as set forth in clause 5.1 above, ALLARITY shall transfer any relevant part
of the Commercialization Proceeds due under clause 5.1 to LiPlasome no later than ten (10) business days after ALLARITY has, or ALLARITY’s
subsidiaries or shareholders have, received payment together with statements of proceeds which shall include all relevant written information
in order for LiPlasome to establish the accuracy of the payments.

 

		5.4	No other payments of any kind are due by ALLARITY to LiPlasome under this Agreement,
other than specified in clauses 4 and 5 and/or as otherwise provided by this Agreement.

 

    8

     

    

 

		6.	Audit and objection

 

		6.1	Upon reasonable written notice by LiPlasome, ALLARITY shall permit LiPlasome and
LiPlasome’s representative(s) access to any area of ALLARITY’s facilities and books and records relating to the performance of this Agreement.
ALLARITY shall ensure that a similar right can be exercised by LiPlasome against ALLARITY’s subcontractors, sublicensees and other business
partners. Such access shall include the right for LiPlasome and/or its representatives to conduct an audit to determine and ensure ALLARITY’s
compliance with the terms and conditions of this Agreement, as well as a verification of the status of any approval by the U.S. FDA and
any other regulatory authority, and the status and results of any clinical tests and trials.

 

		6.2	ALLARITY will provide LiPlasome with back to back audit rights in relation to the
Smerud Agreement and accordingly, at the demand of LiPlasome, ALLARITY will request and conduct an audit on the books and records of Smerud,
in accordance with article 12.2 of the Smerud Agreement. ALLARITY will request and conduct the audit in compliance with LiPlasome’s reasonable
instructions. Subject to LiPlasome entering into obligations of confidentiality and restrictions of use not less restrictive than the
obligations set forth in article 11 of the Smerud Agreement, all correspondence and results of the audit will be disclosed to LiPlasome.
The costs of the audit will be paid by LiPlasome unless such costs are paid or payable by Smerud in accordance with the Smerud Agreement.

 

		6.3	If LiPlasome does not agree to the calculation of the amount of any Commercialization
Proceeds paid or payable in accordance with clause 5.2, LiPlasome shall provide ALLARITY with a reasoned objection within four (4) weeks
from receipt of the Commercialization Proceeds. If no such objection is filed in time, LiPlasome shall be deemed to have agreed to the
calculation. If LiPlasome files an objection in time, the Parties shall negotiate to reach an agreement. In the event that the Parties
have not reached an agreement within four (4) weeks following LiPlasome’s objection, the Commercialization Proceeds shall be determined
as promptly as practicable by an independent auditor appointed, at the request of either Party, by FSR - Danske Revisorer. The independent
auditor shall act as an expert only and is not competent to make decisions concerning the legal interpretation of the Agreement. ALLARITY
shall provide the independent auditor unrestricted access to all books, records, information and documentation of ALLARITY and its subcontractors
that the independent auditor in his discretion may consider relevant, as well as an opportunity to interview and ask written questions
to employees, directors, consultants and subcontractors of ALLARITY. The independent auditor’s calculation of such Commercialization Proceeds
shall be final and binding upon the Parties, except in the event of manifest error. The independent auditor shall decide on the apportionment
of cost and expenses of the independent auditor between the Parties and for this purpose, the independent auditor may take into consideration
the degree to which the independent auditor’s calculation is in favour of the Parties’ respective positions.

 

    9

     

    

 

 

		6.4	If the independent auditor identifies any underpayment of Commercialization Proceeds
to LiPlasome, ALLARITY shall promptly pay to LiPlasome the deficit with interest at a rate of [***] months’ CIBOR (Copenhagen Inter Bank
Offer Rate) plus [***] , with a floor of [***] . LiPlasome shall solely bear the costs of such audit unless the independent auditor identifies
an underpayment to LiPlasome; in which case ALLARITY shall solely bear the costs of such audit.

 

		7.	Intellectual property rights

 

Proprietary rights

 

		7.1	All right, title and interest to the LiPlasome Patents (including applications,
provisional applications, divisionals, continuations, continuations-in-part, reissues, and re-examinations) as well as the LiPlasome Trademarks,
the screening data generated before 15 February 2016 relating to LiPlaCis and any know-how, including any material containing or evidencing
LiPlasome know-how disclosed by LiPlasome to ALLARITY shall belong solely and exclusively to LiPlasome (“Proprietary Rights”).

 

		7.2	In case of a Commercialization Event in the form of sale of LiPlaCis (one-off payment)
to an independent third party or sale of LiPlaCis as milestone or royalty payment to an independent third party, LiPlasome is obliged
to provide such third party with a global, paid-in-full, royalty free license to the Proprietary Rights to the extent necessary to commercially
exploit LiPlaCis.

 

		7.3	Each of the Parties shall promptly notify the other in writing in the event that
it becomes aware of any third party alleged infringement or challenge of the Proprietary Rights or the products covered by the License.

 

		7.4	If any Proprietary Rights are infringed or misappropriated by a third party or
otherwise become the subject of legal or administrative proceedings, the Parties shall jointly decide whether to pursue such infringement
and all costs shall be split equally. In case the Parties cannot agree whether to pursue infringements, either Party shall be entitled
to initiate proceedings/negotiations on its own, however, in such case the costs related to such proceedings/negotiations shall be borne
by that Party alone and all damages, fees, compensation, etc. and/or settlement amounts awarded or obtained during such proceedings/negotiations
shall accrue to that Party as well. The foregoing shall also apply with respect to defending such Proprietary Rights in case of third
party claims of infringement by either LiPlasome and/or ALLARITY.

 

		7.5	In relation to the Smerud Agreement, ALLARITY will
coordinate in good faith the enforcement, defence and Prosecution of the LiPlasome Patents, as well as any patent term extensions, adjustments,
restorations or supplementary protection certificates with respect to the LiPlasome Patents, with LiPlasome on an ongoing basis. For this
purpose, ALLARITY will procure that LiPlasome is copied on all correspondence with Smerud and third parties (including patent agents
and the like), to the extent that such correspondence related to the LiPlasome Patents. In the event that neither Smerud nor ALLARITY
wishes to enforce, defend or Prosecute any LiPlasome Patent, ALLARITY shall immediately give notice to LiPlasome and provide LiPlasome
with a reasonable opportunity to do so, and provide reasonable assistance to LiPlasome for this purpose. The same shall apply to any patent
term extensions, adjustments, restorations or supplementary protection certificates with respect to the LiPlasome Patents.

 

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New IPR

 

		7.6	Any discoveries, patents, utility models, designs, trademarks, know-how, software,
screening data and other data, code, designs, documentation, techniques, materials, inventions, including applications, provisional applications,
divisionals, continuations, continuations-in-part, reissues and re-examinations, and other work product in any form and on whatever media
and any enhancements, improvements, upgrades, modifications and alterations thereto in any form, created, conceived, prepared, made, developed,
originated and/or delivered (in whole or in part) by a Party or its sublicensees (including Smerud) or subcontractors under this Agreement
or any Commercialization Agreement related to LiPlaCis shall be considered “New IPR” for the purpose of this Agreement. Regardless
of whether New IPR is created solely by a Party, its sublicensees or subcontractors, or jointly between the Parties, such New IPR shall
be and remain the sole and exclusive property of LiPlasome, however, such New IPR shall become part of ALLARITY’s License subject to the
terms and conditions set out in this Agreement. Provided, however, that any New IPR that relates solely to improvements of ALLARITY’s
DRP biomarker for Cisplatin shall be owned by ALLARITY and licensed to LiPlasome in accordance with article 12 of the LiPlasome/ALLARITY
Development Services and Collaboration Agreement.

 

		7.7	ALLARITY shall notify LiPlasome immediately of any New IPR developed under this
Agreement and shall not disclose such New IPR without the prior written approval of LiPlasome. LiPlasome shall solely decide whether and
where such New IPR shall be registered (file applications) and all costs relating to such registration and maintenance shall be borne
by ALLARITY if and only if ALLARITY agrees such New IPR shall be registered and included within the scope of this Agreement. ALLARITY
shall cooperate with LiPlasome in relation to the registration of such New IPR. ALLARITY is entitled to file such new patent applications,
however, the applications shall be filed in the name of LiPlasome as proprietor if requested by LiPlasome. ALLARITY shall ensure that
any rights of ALLARITY’s employees and/or agents under or in connection with this Agreement are to the extent necessary irrevocably transferred
from the employee/agent so that ALLARITY can fulfil its obligations under this clause.

 

		7.8	In case of a Commercialization Event in the form of sale of LiPlaCis (one-off payment)
to an independent third party or sale of LiPlaCis as milestone or royalty payment to an independent third party, LiPlasome is obliged
to provide such third party with a global, paid-in-full, royalty free license to New IPR to the extent necessary to commercially exploit
LiPlaCis in accordance with the terms and conditions set forth in this clause 7 applying mutatis mutandis between LiPlasome and the third
party licensee.

 

		7.9	Each Party shall promptly notify the other Party in writing in the event that it
becomes aware of any facts that may affect the validity, scope or enforceability of New IPR.

 

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		7.10	If any New IPR is infringed or misappropriated by a third party or otherwise becomes
the subject of legal or administrative proceedings, the Parties shall jointly decide whether to pursue such infringement and all costs
shall be split equally. In case the Parties cannot agree whether to pursue infringements, either Party shall be entitled to initiate proceedings/negotiations
on its own, however, in such case the costs related to such proceedings/negotiations shall be borne by that Party alone and all damages,
fees, compensation, etc. and/or settlement amounts awarded or obtained during such proceedings/negotiations shall accrue to that Party
as well. The foregoing shall also apply with respect to defending any New IPR in case of third party claims of infringement pursued by
either LiPlasome or ALLARITY.

 

Screening data

 

		7.11	For the avoidance of doubt, the rights to the screening data generated in LiPlasome
prior to 15 February 2016 belong to LiPlasome, but is a part of the License, cf. clause 3.2.

 

		8.	Non-competition

 

		8.1	Except as otherwise provided in this Agreement, during the term of this Agreement
and for two (2) years thereafter, ALLARITY shall not be entitled to enter into agreements or other relationships with other business partners
regarding the use or development of secretory phospholipase A2 targeted liposomal delivery technology. Provided, however, that LiPlasome
recognizes that ALLARITY is currently advancing a liposomal product (with a different tumour targeting technology) – 2X-111 (doxorubicin)
-- that passes the blood brain barrier -- and ALLARITY shall remain free to advance 2X-111.

 

		8.2	In the event of ALLARITY’s breach of its obligations set forth in clause 8.1, ALLARITY
shall pay to LiPlasome an agreed penalty of DKK [***] . This agreed penalty amount shall be paid for each separate instance of breach.
ALLARITY’s payment of the agreed penalty shall not release ALLARITY from its non-competition obligations as set forth in this Agreement
or for payment of damages exceeding such penalty payment.

 

		9.	Term and termination

 

		9.1	This Agreement shall come into force on the date of signing by the Parties (the
“Effective Date”). This Agreement supersedes and replaces the Original Agreement which will terminate at the execution of this
Agreement.

 

		9.2	The Parties shall prepare customary completion statements concerning the costs of
maintenance and enforcement of the LiPlasome Patents, cf. clause 4.3, as at 31 December 2019.

 

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		9.3	Either Party may terminate this Agreement giving thirty (30) days’ written notice
to the other Party in the event that the other Party is in material breach of this Agreement and has not cured such material breach within
the said thirty (30) days’ period.

 

		9.4	In the event of termination or expiry of the Smerud Agreement, LiPlasome may terminate
this Agreement giving thirty (30) days’ written notice to ALLARITY provided that ALLARITY has not entered into a new Commercialization
Agreement within six (6) months following such termination or expiry.

 

		9.5	Upon termination of this Agreement, all rights granted herein and hereunder shall
immediately terminate and ALLARITY and its sublicensees (if any) shall cease all exploitation of the License as well as all sales of any
products commercialized under the License, and the Parties shall execute all such documents and do all such other acts as may be reasonably
required to effectuate the termination of the Agreement. For the avoidance of doubt, any payments made under clause 5 above shall not
be returned.

 

		9.6	Any outstanding payments under clause 5 shall be paid by ALLARITY to LiPlasome no
later than one (1) month following termination.

 

		9.7	Upon termination of the License or the Agreement, ALLARITY shall further deliver
to LiPlasome (and will procure that its sublicensees and subcontractors deliver) all Proprietary Rights, New IPR, the screening data generated
in LiPlasome prior to 15 February 2016 and all other documents (regardless of media) and other materials containing or evidencing confidential
information, including, without limitation, all materials containing or evidencing know-how or other materials/documents related to the
License, in such a manner as shall then be mutually agreed upon between the Parties in good faith.

 

		9.8	In the event that LiPlasome should enter into bankruptcy, reconstruction proceedings
or similar, the Parties agree that ALLARITY shall be granted a first refusal right to take over and acquire the intellectual property
rights necessary to ensure the uninterrupted continuation of the License rights as granted herein. This first right of refusal shall survive
any transfer or assignment of the Agreement to a third party.

 

		10.	Liability

 

		10.1	Either Party shall have the remedies generally available under Danish law in the
event of a Party’s breach (including material breach) of its obligations under this Agreement.

 

		10.2	Except as otherwise expressly provided for under
the terms of this Agreement, no right or remedy herein conferred upon or reserved to either Party is exclusive of any other right
or remedy herein, or by law provided or permitted, but each shall be cumulative of any other right or remedy provided in this Agreement.

 

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		10.3	Notwithstanding the above, in no event shall either Party be liable to the other for
any lost revenues or profits or other indirect or consequential damages arising out of this Agreement.

 

		10.4	Furthermore, LiPlasome shall not be liable for any product liability or any other
loss (damages, loss of profits, loss of goodwill, other indirect losses, etc.) whatsoever that ALLARITY may incur in consequence of its
exploitation of the License.

 

		10.5	ALLARITY shall indemnify, defend and hold LiPlasome harmless from any and all claims
from third parties for damage to property, personal injury and losses resulting there from, caused by or in any way connected with products
commercialized under the License; excepting claims arising solely from the negligence or willful misconduct of LiPlasome or from its breach
of any warranties under this Agreement.

 

		11.	Confidentiality

 

		11.1	Each Party shall keep all confidential information secret and confidential and shall
not disclose the same or any part thereof to any third party. Such obligation shall not apply to information:

 

		●	Which is in the public domain at the time of disclosure;

		●	which is published or otherwise becomes part of the public domain through no fault of the Party receiving
the information;

		●	which was in the possession of the receiving Party at the time of disclosure, as shown by prior written
records, or becomes available from a third party who has the right to disclose it;

		●	which is independently developed by a Party, without reference to or use of any confidential information
of the other, as shown by written records; and/or

		●	which is required to be disclosed to any regulatory authority for the purpose of obtaining regulatory
approvals or which is otherwise required to be disclosed by law or by mandatory rules or procedures applicable to a public traded company.

 

		11.2	Each Party undertakes to ensure that its employees keep confidential information
secret and confidential on the same terms as those applying to the Parties hereunder, both during and after their employment by that Party.

 

		11.3	In the event of a Party’s material breach of its obligations to maintain confidentiality
as set forth in this clause 11, the Party in breach shall pay to the other Party an agreed penalty of DKK [***] . This agreed penalty
amount shall be paid for each separate instance of material breach. A Party’s payment of the agreed penalty shall not release such Party
from its obligations of confidentiality as set forth in this Agreement or for payment of damages exceeding such penalty payment.

 

		11.4	The Parties’ obligations under this clause 11 shall survive the termination of
this Agreement.

 

		12.	Governing law and venue

 

		12.1	This Agreement shall be governed by and construed exclusively in accordance with
Danish law without regard to its rules on the conflict of laws.

 

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		12.2	Any dispute arising out of or in connection with
this Agreement, including any disputes regarding the existence, validity or termination, shall be settled by arbitration in accordance
with the Rules of Procedure of the Danish Institute of Arbitration in Copenhagen and in force at the time when such proceedings are commenced.
The proceedings shall be conducted in accordance with the procedural rules of Danish law and in the Danish language. The seat of the arbitration
shall be Copenhagen, Denmark. Nothing in this clause 12 shall prevent a Party from seeking injunctive relief with no provision of security.

 

		12.3	In the event of any dispute related to LiPlaCis between ALLARITY and Smerud under
the Smerud Agreement, ALLARITY will provide full disclosure of all correspondence and documentation related to such dispute to LiPlasome,
subject to LiPlasome entering into obligations of confidentiality and restrictions of use not less restrictive than the obligations set
forth in article 11 of the Smerud Agreement.

 

*****

 

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This Agreement is executed in two (2) copies, each of which
shall constitute an original.

 

	On behalf of LiPlasome Pharma ApS:	 	On behalf of Allarity Therapeutics A/S:
	 	 	 
	 	 	 
	Hans Henrik Eriksen	 	Steve R. Carchedi
	Chief Executive Officer	 	Chief Executive Officer
	Date and place: 23-jan-21	 	Date and place: 27-Jan-21

 

	 	 	 
	John Riis Mortensen	 	Duncan Moore
	Chairman	 	Chairman
	Date and place: 25-Jan-21	 	Date and Place: 25-Jan-21

 

    16

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