Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 

3 August 2017 

SUBSCRIPTION AGREEMENT 

relating to ordinary shares in CELYAD SA 

between 
 CELYAD SA 

as Issuer 
 and 

CELDARA MEDICAL, LLC 
 as
Investor 

 Subscription Agreement 

 
 Subscription Agreement 

 

					
	Between:	  	(1)	  	CELYAD SA, a limited liability company (“naamloze vennootschap” / “société anonyme”) organized and existing under Belgian law, with registered office at 1435 Mont-Saint-Guibert,
2 rue Edouard Belin, Belgium;
			
		  		  	represented for the purposes of this Agreement by Christian Homsy;
			
		  		  	hereinafter referred to as the “Issuer”;
			
	And:	  	(2)	  	CELDARA MEDICAL, LLC, a limited liability company organized and existing under the law of Delaware, with registered office at 16 Cavendish Ct., Lebanon, NH 03766, USA;
			
		  		  	represented for the purposes of this Agreement by Jake Reder;
			
		  		  	hereinafter referred to as the “Investor”;
			
		  		  	The parties sub (1) and (2) above are hereinafter referred to as the “Parties” and each individually as a “Party”.

 Whereas: 
  

	(A)	The Issuer, a Belgian limited liability company listed on the regulated market of Euronext (Brussels and Paris) and the NASDAQ Stock Market, is a clinical-stage biotechnology company specialized in the discovery and
development of CAR-T cell therapies. 

  

	(B)	The Investor is a research-based biopharmaceutical company focused on the discovery, development, and commercialization of innovative medicines. 

 

	(C)	The Parties, together with OnCyte, LLC, a limited liability company organized and existing under the law of Delaware and a wholly-owned subsidiary of the Issuer (“OnCyte”), are party to that certain
Asset Purchase Agreement, dated as of January 21, 2015 (the “APA”). 

  

	(D)	The Parties, together with OnCyte, have agreed to amend the APA by entering into that certain First Amendment to Asset Purchase Agreement, dated as of the date hereof (the “First Amendment to APA”), in
consideration of which OnCyte is obligated to pay the Investor the amount of USD 23 million (twenty-three million USD) (the “Receivable”). 

  

	(E)	The Investor wishes to invest an aggregate amount of USD 12,5 million (twelve million five hundred thousand USD)(the “Investment Amount”) in the share capital of the Issuer through a private
placement of Ordinary Shares (as defined below) via the contribution in-kind to the Issuer of a portion of the Receivable equal to the Investment Amount, in its capacity of owner of 100% interest in its Affiliate OnCyte, and, in the financial,
commercial and strategic interest of the Issuer and its Affiliates, the Issuer wishes to issue such Ordinary Shares to the Investor in consideration of the contribution in-kind of the Receivable. Thereto the Issuer intends to increase its share
capital by an aggregate amount equal to the Euro equivalent of the Investment Amount, obtained by dividing the Investment Amount by the Fixed Exchange Rate (or €10,620,250.00). The increase in the Issuer’s shall capital shall be effected
by means of a capital increase approved by the Issuer’s Board of Directors (defined below) within the framework of the authorized capital. 

  

	(F)	The Investor has agreed to subscribe to such capital increase to the extent and on the terms and subject to the conditions set forth in this Agreement. 

  
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 Subscription Agreement 

 
 It is agreed as follows: 

 

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 Affiliate means, with respect to a particular person, any person,
corporation, partnership, or other entity that controls, is controlled by or is under common control with such person. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled
by” or “under the common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership
of more than fifty percent (50%) of the voting stock of such entity, or by contract or otherwise. 
 Agreement means this
subscription agreement. 
 Applicable Lock-up Period has the meaning given to in Article 5.1.1. 

Auditor means BDO, with corporate office at “The Corporate Village” Da Vincilaan 9 – Box E.6 Elsinore Building, B-1935
Zaventem, Belgium. 
 Belgian Companies Code means the Belgian Companies Code of 7 May 1999, as amended from time to time.

 Board of Directors means the Issuer’s board of directors. 

Business Day means a day which is not a Saturday, a Sunday or bank or other official public holiday in Brussels, Belgium or Boston,
Massachusetts, United States. 
 Capital Increase has the meaning given to it in Article 2.1. 

Closing shall mean the date on which the Capital Increase is effected, which date is set forth in Article 2.5.1 below. 

Date of this Agreement means the date on which the Agreement is entered into. 

Exchange Act means the Securities Exchange Act of 1934, as amended. 

Investment Amount has the meaning given to it in Recital (F). 

Fixed Exchange Rate has the meaning given to it in Article 2.3.3 of this Agreement. 

Ordinary Shares shall mean ordinary shares of the only existing class in the capital of the Issuer. 

SEC means the U.S. Securities and Exchange Commission. 

Securities Act means the Securities Act of 1933, as amended. 

Subscription Amount means the Euro equivalent of the Investment Amount, obtained by dividing the Investment Amount by the Fixed Exchange
Rate and by rounding down the resulting amount to the nearest second decimal place. For the avoidance of doubt, the Investment Amount is €10,620,250. 

Subscription Shares has the meaning given to it in Article 2.2 of this Agreement. 

 

	1.2	Interpretation 

  

	 	1.2.1	The titles and headings included in this Agreement are for convenience only and shall not be taken into account in the interpretation of the provisions of this Agreement. 

  
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 Subscription Agreement 

 
  

	 	1.2.2	The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “herewith” and words of similar import shall refer to this Agreement as a whole and not
to any particular Article, paragraph or other subdivision. 

  

	 	1.2.3	All periods of time set out in this Agreement shall be calculated from midnight to midnight. They shall start on the day following the day on which the event triggering the relevant period of time has occurred.
The expiration date shall be included in the period of time. If the expiration date is not a Business Day, it shall be postponed until the next Business Day. Unless otherwise provided herein, all periods of time shall be calculated in calendar days.
All periods of time consisting of a number of months (or years) shall be calculated from the day in the month (or year) when the triggering event has occurred until the eve of the same day in the following month(s) (or year(s)) (“van de
zoveelste tot de dag vóór de zoveelste” / “de quantième à veille de quantième”). 

  

	2	Capital Increase and Share Subscription 

  

	2.1	The Issuer agrees to proceed with a capital increase, by contribution in kind of the Receivable, which has been previously decided upon by a unanimous vote of the Board of Directors within the framework of the
authorized capital, for the benefit of the Investor in an aggregate amount equal to the Subscription Amount (the “Capital Increase”) on the date of the Closing. 

 

	2.2	The Investor agrees to subscribe to the Capital Increase for the full amount of the Subscription Amount, in return for which the Investor shall receive the aggregate number of Ordinary Shares to be determined in
accordance with Article 2.3.4 (the “Subscription Shares”). 

  

	2.3	Capital Increase and issuance of Subscription Shares 

  

	 	2.3.1	The Capital Increase has been decided upon by a unanimous vote of the Board of Directors within the framework of the authorized capital for the benefit of the Investor, it being understood that the Board of
Directors has approved the special report required under Article 602of the Belgian Companies Code for the issuance of shares through contribution in kind, and will cause the Auditor to issue its valuation report in accordance with said Article 602.

  

	 	2.3.2	Price per Subscription Share 

 The price per Subscription Share shall be equal to
€32.35 (the “Price per Subscription Share”). 
  

	 	2.3.3	Fixed Exchange Rate 

 The US Dollar-Euro exchange rate of 0.84962 (the “Fixed
Exchange Rate”). 
  

	 	2.3.4	Number of Subscription Shares 

 The number of Subscription Shares to be issued by the
Issuer following the Capital Increase is determined as follows: 
  

	
	 Subscription Amount

	Price per Subscription Share

 The resulting number of Subscription Shares shall be rounded down to the nearest whole number, with any
residual amount of the Receivable paid to the Investor in cash, simultaneously with the issuance of the Subscription Shares. For the avoidance of doubt, the Number of Subscription Shares is 328,275, with a residual amount equal to €23.94. 

  
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 Subscription Agreement 

 
  

	 	2.3.5	Form of Subscription Shares 

 The Subscription Shares will be delivered in the form of
nominative shares and registered in the Issuer’s shareholder register. Upon the expiration of the Applicable Lock-Up Period (defined below), the Investor may request that the Subscription Shares be converted into dematerialized form. 

 

	2.4	Rights attaching to the shares 

  

	 	2.4.1	The Subscription Shares shall be identical in all respects (including the right to share in the dividends over the accounting year 2017, in any profits (including profits carried forward and reserves) and in any
dividends declared as from their issue) to the existing shares. 

  

	2.5	Closing 

  

	 	2.5.1	The Closing shall occur on or before September 1, 2017. 

  

	 	2.5.2	On Closing: 

  

	 	(i)	The Investor or his delegate will sign a subscription and representation letter in order to give effect to, in front of notary public in Belgium, its decision to contribute in-kind the Receivable to the share capital of
the Issuer; 

  

	 	(ii)	the Capital Increase shall be effected in front of notary public Berquin Notaires in Brussels; and 

  

	 	(iii)	the Subscription Shares shall be issued in registered form. 

  

	3	Representations and Warranties by the Investor 

 The Investor represents and warrants to
the Issuer on the Date of this Agreement and at the Closing that: 
  

	3.1	Validity of the Agreement. This Agreement has been duly authorized and executed by or on behalf of the Investor and constitutes a valid and legally binding obligation of the Investor. 

 

	3.2	Consents. All necessary consents, authorisations, notifications, actions or other things required under the Federal law of the United States or the laws of the State of New Hampshire (the “Applicable
Law”) to be taken, fulfilled or done by the Investor in accordance with Applicable Law (including without limitation the obtaining of any consent or license or the making of any filing or registration) for the subscription of the Subscription
Shares pursuant to this Agreement, the carrying out of the other transactions contemplated by this Agreement or the compliance by the Investor with the terms of this Agreement have been obtained or made and are, or will on Closing be, in full force
and effect. 

  

	3.3	 Restricted Securities. The Investor understands that the Subscription Shares have not been, and will not
be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the
Investor’s representations as expressed herein. The Investor understands that the Subscription Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Investor
must hold the Subscription Shares 

  
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 Subscription Agreement 

 

	 	indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Investor acknowledges that the Issuer has
no obligation to register or qualify the Subscription Shares for resale. The Investor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Subscription Shares, and on requirements relating to the Issuer which are outside of the Investor’s control, and which the Issuer is under no obligation and may not be able to satisfy.

  

	3.4	Accredited Investor. The Investor is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 

 

	3.5	No General Solicitation. Neither the Investor, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder
(a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Subscription Shares. 

  

	4	Representations and Warranties of the Issuer 

 The Issuer represents and warrants to the
Investor on the Date of this Agreement that: 
  

	4.1	Incorporation and Authority. It is duly incorporated and validly existing and in good standing under the laws of Belgium, with full power and authority to conduct its business and is not in violation of any of
the provisions of its organizational documents. The Issuer has the requisite corporate power and authority to enter into and to consummate the actions contemplated by this Agreement, and otherwise to carry out its obligations hereunder and
thereunder. The Issuer’s execution of this Agreement has been duly authorized by all necessary corporate action on the part of the Issuer, and no further corporate action, and no additional approval or ratification of its Board of Directors or
shareholders (other than the unanimous approval by the Board of Directors before the notary public to make use of the authorized capital in respect of the Capital Increase, which the Issuer has committed to obtain pursuant to Article 2.1) is
required by the Issuer. This Agreement has been (or upon delivery will have been) duly executed by the Issuer and is, or when delivered in accordance with the terms hereof, will constitute the legal, valid and binding obligation of the Issuer
enforceable against the Issuer in accordance with its terms. 

  

	4.2	Validity of Subscription Shares and Absence of Breach. The Subscription Shares, when issued and subscribed for in accordance with this Agreement, will be validly and duly issued and fully paid shares of the only
class of shares of the Issuer in accordance with the applicable provisions of the Issuer’s organizational documents and Belgian law, and will be free and clear of all liens, pledges, encumbrances, mortgages, security interests, or easement or
transfer restrictions of any nature whatsoever. None of (i) the execution and delivery of this Agreement, or (ii) the issuance of the Subscription Shares will result in a breach of, default under any material agreement to which the Issuer
is a party or the Issuer’s organizational documents or any law, regulation or stock exchange rule, or give rise to the activation of any material rights of third parties under any agreement, law, rule or regulation binding on the Issuer or any
of its subsidiaries. 

  

	4.3	Consents. All necessary consents, authorizations, notification, actions or things required to be taken, fulfilled or done under Belgian law (including, without limitation, the obtaining of any consent or license
or the making of any filing or registration) for the carrying out by the Issuer of the actions contemplated by this Agreement or the compliance by the Issuer with the terms of this Agreement will, save as otherwise set forth in this Agreement in
Article 6, be in full force and effect. 

  
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 Subscription Agreement 

 
  

	4.4	No General Solicitation. Neither the Issuer, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder
(a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Subscription Shares. 

  

	5	Post-closing commitments of the Investor 

  

	5.1	Lock-up 

  

	 	5.1.1	During the period running from the Closing through the Applicable Lock-Up Period (as defined below), the Investor shall not, without the sole prior consent of the Issuer, transfer, sell or otherwise dispose of
the Subscription Shares (other than transfers, sales or dispositions to the Investor’s Affiliates). For purposes of this Agreement, the “Applicable Lock-Up Period” shall mean: (i) in the case of 52,524 Subscription Shares,
the period expiring six months from the date of Closing, and (ii) in the case of 275,751 Subscription Shares, the period expiring twelve months from the date of Closing. The Investor acknowledges that the Subscription Shares are
“restricted securities” under the Securities Act and accordingly any transfer made during the period expiring twelve months from the date of Closing must be made pursuant to a registration statement filed with the SEC or pursuant to an
exemption from such registration requirements, such as pursuant to Rule 144 or a privately negotiated transaction pursuant to Rule 4(a)(7) under the Securities Act. In the event of any permitted transfers pursuant to the immediately preceding
sentences, the Investor shall cause the transferee to be bound by the provisions of this Agreement to the same extent as the Investor, including the provisions of this Section 5. 

 

	 	5.1.2	Upon expiry of the Applicable Lock-up Period, subject to the provisions of this Agreement, the Investor may transfer, sell or otherwise dispose of the Subscription Shares, taking into account that:

  

	 	(i)	when instructing a bank to sell the Subscription Shares (other than in a transaction described in subsections (ii) through (iv) below) – the bank shall be instructed to effect such sale of the
Subscription Shares using reasonable commercial efforts to cause minimal disturbances of the share price of the Issuer, as quoted on Euronext Brussels and Paris and the NASDAQ Stock Market; 

 

	 	(ii)	when selling the Subscription Shares on the open market – the Investor shall be permitted to sell the Subscription Shares at a daily volume not to exceed 10% of the previous trading day’s total trading
volume; 

  

	 	(iii)	when selling the Subscription Shares through a privately negotiated transaction – the transaction shall not be subject to the limitations in this Article 5.1.2 if the transaction would not be reported
in Euronext’s consolidated tape or NASDAQ Stock Market on the date on which the transaction is agreed by the parties; or 

  

	 	(iv)	when selling the Subscription Shares in a “block trade” – the block trade shall not be subject to the limitations in this Article 5.1.2 if it is the only sale by the Investor on the date of
the block trade. 

  
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 Subscription Agreement 

 
  

	6	Survival 

 The respective provisions contained in Articles 6, 7, 12 and 14 hereof
shall remain in full force and effect, regardless of the end of the Applicable Lock-up Period. 
  

	7	Expenses 

  

	7.1	Other than the reimbursement of Investor’s fees and expenses as set forth in Section 4(d) of that certain Mutual Release by and among the Issuer, the Investor and OnCyte, LLC, each Party shall bear its
own costs and expenses (including legal and other advisory fees) incurred in connection with the preparation of this Agreement, and all related agreements and transactions. 

 

	8	No Assignment 

 Except with the prior written consent of the other Party, neither of the
Parties hereto shall be entitled to transfer or assign any of its rights or obligations under this Agreement. 
  

	9	Entire Agreement 

 This Agreement contains the entire agreement between the Parties in
respect of its subject matter. It replaces and annuls all prior agreements, communications, offers, proposals or correspondence, oral or written, exchanged or concluded between the Parties relating to the same subject matter. 

 

	10	Severability 

  

	10.1	If any provision in this Agreement is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable law, then such provision or part of it shall be deemed not to form part of this
Agreement, and the legality, validity or enforceability of the remainder of this Agreement shall not be affected. 

  

	10.2	In such case, each Party shall use its reasonable commercial efforts to promptly negotiate in good faith a valid replacement provision that is as close as possible to the original intention of the Parties and has
the same or as similar as possible economic effect. 

  

	11	Limitation of Liability 

 NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL,
CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT OR ANY TORT CLAIMS ARISING HEREUNDER, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. 

 

	12	Notices 

 Any notice required or permitted to be given under this Agreement shall be in
writing, shall specifically refer to this Agreement, and shall be addressed to the appropriate Party at the address specified below or such other address as may be specified by such Party in writing in accordance with this Article 12, and shall
be deemed to have been given for all purposes (a) when received, if hand-delivered, sent by a reputable international expedited delivery service or sent by facsimile (with transmission confirmed), or (b) five (5) Business Days after
mailing, if mailed by first class certified or registered mail, postage prepaid, return receipt requested. Any notice delivered by facsimile shall be 

  
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 Subscription Agreement 

 
 confirmed by a hard copy delivered by a reputable international
expedited delivery service as soon as practicable thereafter. This Article 12 is not intended to govern the day-to-day business communications necessary between the Parties in performing their obligations under the terms of this Agreement. 

If to Issuer: 
 Philippe Dechamps

 Chief Legal Officer 
 Celyad
SA 
 Rue Edouard Belin 2 
 1435
Mont-Saint-Guibert 
 Belgium 

With a copy to (which shall 
 not
constitute notice): 
 Vincent Dirckx 

CMS 
 Chaussée de la Hulpe
178 
 1170 Brussels 
 Belgium

 If to Investor: 
 Jake Reder

 Celdara Medical, LLC 
 16
Cavendish Ct. 
 Lebanon, NH 03766 

USA 
 With copies to (which shall

 not constitute notice): 

Morgan, Lewis & Bockius LLP 

One Federal Street, 34th Floor 

Boston, MA 02110 
 USA 

Attn: Mark B. Stein, Esq. 
  

	13	Counterparts 

 This Agreement may be signed in counterparts, in the number of originals
stated hereinafter on the signature page. When taken together, the counterparts signed by all Parties shall constitute one and the same instrument. 
  

	14	Governing Law and Jurisdiction 

  

	14.1	Governing Law 

 This agreement and any non-contractual obligations arising out of or in
connection with it shall be governed by and construed in accordance with New York law, except for those elements of this Agreement which pertain to the corporate actions to be taken by the Issuer, which shall be governed by applicable Belgian law.

  
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 Subscription Agreement 

 
  

	14.2	Jurisdiction 

  

	 	14.2.1	It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under this Agreement in an expedient manner by mutual cooperation and without resort to litigation. In
the event of any disputes, controversies or differences which may arise between the Parties out of or in relation to or in connection with this Agreement, including any alleged failure to perform, or breach, of this Agreement, or any issue relating
to the interpretation or application of this Agreement, then upon the request of either Party by written notice, the Parties agree to meet and discuss in good faith a possible resolution thereof, which good faith efforts shall include at least one
in-person meeting between the Executive Officers of each Party. If the matter is not resolved within thirty (30) days following the written request for discussions, either Party may then invoke the provisions of Article 14.2.2.

  

	 	14.2.2	Any dispute, controversy, difference or claim which may arise between the Parties out of or in relation to or in connection with this Agreement (including arising out of or relating to the validity, construction,
interpretation, enforceability, breach, performance, application or termination of this Agreement) that is not resolved pursuant to Article 14.2.1, shall be settled by binding arbitration in accordance with the applicable rules of the
International Chamber of Commerce (“ICC Rules”) by three (3) arbitrators, one each chosen by the respective Parties and the third chosen by mutual agreement of the first two, and otherwise in accordance with the ICC Rules. The
arbitrators shall have significant experience and shall have expertise in Belgian corporate law and the general laws of the State of New York. Either Party, following the end of the thirty (30) day period referenced in Article 14.2.1, may
refer such issue to arbitration by submitting a written notice of such request to the other Party. The place of arbitration shall be New York and the language (including all testimony, evidence and written documentation) shall be English. The
arbitrators shall establish procedures to facilitate and complete such arbitration as soon and efficiently as practicable. Unless the arbitrators expressly determine otherwise, neither Party shall be required to give general discovery of documents,
but may be required only to produce specific, identified documents which are relevant to the dispute. The Parties shall have the right to be represented by counsel. Any judgment or award rendered by the arbitrators shall be final and binding on the
Parties, and shall be governed by the terms and conditions hereof, including the limitation on damages set forth in Article 11. The Parties agree that such a judgment or award may be enforced in any court of competent jurisdiction. The statute
of limitations of the State of New York applicable to the commencement of a lawsuit shall apply to the commencement of arbitration under this Article 14.2.2. The arbitrators shall determine the allocation of costs and expenses and
attorneys’ fees in the arbitration to be borne by each Party. All proceedings and decisions of the arbitrators shall be deemed Confidential Information of each of the Parties. 

  
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 Subscription Agreement 

 
 Done on 3rd August 2017 in 2
originals, each Party acknowledging receipt of its own original. 
  

	
	 CELYAD SA:

	
	 /s/ Christian Homsy

	 Name: Christian Homsy

	 Title: Chief Executive Officer

  

	
	 CELDARA MEDICAL, LLC

	
	 /s/ Jake Reder

	 Name: Jake Reder

	 Title: Director and CEO

  
 Signature Page to
Subscription AgreementEX-10.3

 Exhibit 10.3 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[...***...].” A COMPLETE VERSION OF THIS
EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE U.S. SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934. 

FOURTH AMENDMENT TO 

EXCLUSIVE LICENSE AGREEMENT 

This Fourth Amendment to Exclusive License Agreement (this “Amendment”) is made and entered into as of this 2nd day of August, 2017 (the “Amendment Effective Date”), by and among OnCyte, L.L.C., a Delaware limited liability company which is a Subsidiary of Celyad, S.A. (as successor-in-interest to
Celdara Medical, LLC) (“Company”) and Trustees of Dartmouth College, a non-profit educational and research institute existing under the laws of the State of New Hampshire, and being located at Hanover, New Hampshire 03755
(“Dartmouth”). 
 WHEREAS, the parties to this Amendment entered into that certain Exclusive License Agreement dated
April 30, 2010 (as amended on February 20, 2012, July 26, 2013, and January 4, 2015, the “Agreement”; capitalized terms used but not defined in this Amendment shall have the meaning provided in the Agreement); and

 WHEREAS, the parties to this Amendment entered into that certain Exclusive License Agreement dated June 27, 2014 (as amended on
January 4, 2015, the “B7H6 Agreement”); and 
 WHEREAS, the parties now desire to amend the Agreement to combine
Company’s rights under the B7H6 Agreement with the rights granted to Company under the Agreement on the terms and conditions set forth in this Amendment, resulting in the termination of the B7H6 Agreement; and 

WHEREAS, the parties now desire to amend the Agreement to address certain modifications to Company’s payment obligations, as set forth in
this Amendment. 
 NOW, THEREFORE, in consideration of the premises and the covenants herein contained, the parties hereby agree to amend
the Agreement as follows: 
  

	 	1.	Termination of B7H6 Agreement. Subject to the terms and conditions of this Amendment, the B7H6 Agreement is hereby terminated effective as of the Amendment Effective Date. 

 

	 	2.	Amendment of Agreement. 

  

	 	(a)	Section 1.02 is hereby amended and restated in its entirety as follows: 

 “Section
1.02 Dartmouth Patent Rights. “Dartmouth Patent Rights” shall mean United States Patent Application Serial No.: 11/575,878, filed April 19, 2007, United States Patent Application Serial No.: 12/407,440, filed March 19, 2009,
United States Provisional Application Serial No.: 61/255,980, filed October 29, 2009, United States Provisional Application Serial No.: 61/529,410 filed August 31, 2011, and Patent Cooperation Treaty Application Serial No.
PCT/US2013/039812, and any applications which claim benefit of priority to said Patent Applications, and any United States or Foreign Patents issuing therefrom, and any continuations, continuations-in-part, divisions, reissues, reexaminations or
extensions thereof. Dartmouth shall be the assignee and owner of all such Patents and Patent Applications.” 

	 	(b)	Section 1.03 is hereby amended and restated in its entirety as follows: 

 “Section
1.03 Licensed Product. “Licensed Product” means any product within the Product Groups.” 
  

	 	(c)	Section 1.06 is hereby amended and restated in its entirety as follows: 

 “Section
1.06 Subsidiary. “Subsidiary” shall mean any person, corporation or entity directly or indirectly controlled by, controlling or under common control with the Company. For purposes of this definition, “control” (including, with
correlative meanings, “controlled by”, “controlling” and “under common control with”) means a direct or indirect beneficial ownership of at least 50% of the voting share capital of a person, corporation or entity.”

  

	 	(d)	Section 1.08 is hereby amended and restated in its entirety as follows: 

 “Section
1.08 Net Sales. “Net Sales” shall mean the gross billing price Company and its Subsidiaries charge to their customers for Licensed Products and/or Platform Products, less sales, use, occupation and excise taxes, and transportation,
discounts, returns and allowances in lieu of returns. Neither Company nor any Subsidiary is a customer for purposes of Net Sales unless the Company or Subsidiary is the final purchaser or final user of the Licensed Product or Platform Product.”

  

	 	(e)	The following additional defined terms are hereby added to the Agreement: 

 “B7H6
Products” means any pharmaceutical product containing or comprising a construct covered by a Valid Claim of a Dartmouth Patent Right directly or indirectly claiming priority of [...***...], whether or not such construct is the sole active
ingredient in such product, including in each case, all formulations, line extensions and modes of administration thereof. 
 “NKG2D
Products” means any pharmaceutical product containing or comprising a construct covered by a Valid Claim of a Dartmouth Patent Right directly or indirectly claiming priority of [...***...], whether or not such construct is the sole active
ingredient in such product, including in each case, all formulations, line extensions and modes of administration thereof. 
 “NKP30
Products” means any pharmaceutical product containing or comprising a construct covered by a Valid Claim of a Dartmouth Patent Right directly or indirectly claiming priority of [...***...], whether or not such construct is the sole active
ingredient in such product, including in each case, all formulations, line extensions and modes of administration thereof. 
 “Platform
Patents” means any Dartmouth Patent Right directly or indirectly claiming priority from [...***...] or [...***...], including but not limited to, [...***...]. 

“Platform Products” means any pharmaceutical product covered by a Platform Patent but excluding any pharmaceutical product that also
belongs to a Product Group. 
 “Platform Sublicense” means an agreement pursuant to which Company or any Subsidiary grants a
license or an option to receive a license, or similar rights, under any 
  

	*	Confidential Information, indicated by [...***...], has been omitted from this filing and filed separately with the U.S. Securities and Exchange Commission. 

 
intellectual property rights (but no such rights are granted for any Licensed Products) to a Third Party to develop, manufacture, market, sell or otherwise commercialize a Platform Product,
whether or not a Valid Claim is infringed in any of the countries in which such sublicensed rights are exercised. 
 “Product
Groups” means each of the four following groups of products: (i) NKG2D Products, (ii) B7H6 Products, (iii) NKP30 Products, and (iv) TIM Products. 

“Product Sublicense” means an agreement pursuant to which Company or any Subsidiary grants a license or an option to receive a
license, or similar rights, under any intellectual property rights to a Third Party to develop, manufacture, market, sell or otherwise commercialize a Licensed Product, whether or not a Valid Claim is infringed in any of the countries in which such
sublicensed rights are exercised. For clarity, all Product Sublicenses will include rights pertaining to a Licensed Product but may be combined with a license or similar rights for Platform Products and such combined sublicenses shall be treated as
a Product Sublicense (and not a Platform Sublicense) for all purposes under this Agreement. 
 “Sublicense Income” means any
consideration received by Company or its Subsidiaries from a Third Party pursuant to a Product Sublicense or a Platform Sublicense, including any license signing fee, license maintenance fee, milestone payment and royalty payment (including, without
limitation, (a) royalty payments received on sales made anywhere in the world of Licensed Products and Platform Products, whether or not such sales infringe a Valid Claim in the countries in which such sales have been made, and (b) any
payments received for any sales, development or commercialization milestones achieved anywhere in the world applicable to Licensed Products or Platform Products, whether or not the actions to achieve such milestones infringe a Valid Claim in any of
the countries in which such actions occurred. Sublicense Income shall exclude: (i) payments received as reimbursement of out-of-pocket expenses incurred after the Effective Date of the relevant Product Sublicense or Platform Sublicense for
Patent preparation, prosecution, enforcement or defense, (ii) payments received and allocated by Company in accordance with GAAP to fund future research and development activities, and (iii) consideration received for an equity interest
in, extension of credit to or other investment in Company or its Subsidiaries, provided such consideration is not in excess of fair market value. For avoidance of doubt, the parties have expressly agreed that the definition of Sublicense Income
includes revenues received by Company throughout the world as a fair and good faith measure of the valuation of the intellectual property licensed and the mutual agreements made under this Agreement, and for the accounting convenience of the
parties. 
 “Third Party” means any entity or person other than the parties and their respective Subsidiaries. 

“TIM-Constructs” means any DNA or protein product with a DNA or protein sequence as defined by [...***...]. 

“TIM Products” are any pharmaceutical product containing or comprising a TIM Construct covered by a Valid Claim of a Platform
Patent, whether or not such construct is the sole active ingredient in such product, including in each case, all formulations, line extensions and modes of administration thereof. 

 

	*	Confidential Information, indicated by [...***...], has been omitted from this filing and filed separately with the U.S. Securities and Exchange Commission. 

 “Valid Claim” means a claim contained in (i) an Issued and unexpired patent which
has not been held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or
unenforceable through abandonment, reissue, disclaimer or otherwise, or (ii) a patent application that has been pending for less than seven (7) years from June 27, 2014. If a claim within a patent application that ceased to be a Valid
Claim under clause (ii) of the preceding sentenced ultimately issued, it will again be considered a Valid Claim effective as of the issuance of such patent.” 
  

	 	(f)	Amendment of Section 2.01. The first sentence is deleted and replaced in its entirety with: 

“Dartmouth hereby grants to Company and its Subsidiaries an exclusive, royalty-bearing license under the Dartmouth Know-How and Dartmouth
Patent Rights to make, have made, use, offer for sale, sell, import and commercialize Licensed Products and Platform Products in the Field in the Territory.” 
  

	 	(g)	Amendment of Section 5.01. Section 5.01 is hereby amended and restated in its entirety as follows: 

“Section 5.01 Payments. For the rights and privileges granted under this license, Company or its Subsidiaries (whichever
entity receives the Net Sales or Sublicense Income) shall pay to Dartmouth: 
 (a) a 2% earned royalty on the value of Net
Sales of all Licensed Products within each Product Group by Company and its Subsidiaries, as determined on a Product Group-by-Product Group basis. 

For avoidance of doubt, only one royalty, payable at the applicable rate set forth above, shall be payable on the Net Sales of
any Licensed Product or Platform Product, regardless of how many claims within the Dartmouth Patent Rights cover such Licensed Product or Platform Product and regardless of whether such Licensed Product is included in more than one Product Group;
and 
 (b) a 2% earned royalty on the value of Net Sales of all Platform Products by Company and its Subsidiaries; and 

(c) non-refundable, non-creditable annual license maintenance fee of $40,000 due upon the first anniversary of the Amendment
Effective Date and each anniversary of the Amendment Effective Date thereafter; and 
 (d) within sixty (60) days after
the end of each calendar quarter, the percentage of the Sublicense Income from each Product Sublicense received by Company or its Subsidiaries during such calendar quarter indicated below depending on the development stage of the most-advanced
Licensed Product at the time said Product Sublicense was executed: 
 [...***...] 

 

	*	Confidential Information, indicated by [...***...], has been omitted from this filing and filed separately with the U.S. Securities and Exchange Commission. 

 For avoidance of doubt, the percentage of Sublicense Income to be paid to Dartmouth shall be
determined one-time for each Product Sublicense, upon Company or its Subsidiary’s entering into the applicable Product Sublicense, and such percentage shall not be modified during the term of such Product Sublicense without Dartmouth’s
express written consent. 
 (e) within sixty (60) days after the end of each calendar quarter, [...***...]% of the
Sublicense Income from each Platform Sublicense received by Company or its Subsidiaries. 
 (f) The Sublicense Income
sharing obligations set forth in the foregoing Section 5.01(d) and 5.01(e) shall be determined on a Platform Sublicense-by-Platform Sublicense and Product Sublicense-by-Product Sublicense basis, as applicable, and shall commence as of the
Amendment Effective Date and each such obligation shall continue until the later of (a) the expiration or termination of the last-to-expire or terminate of the Dartmouth Patent Rights claiming the Platform Product or Licensed Product licensed
under each such Platform Sublicense or Product Sublicense or (b) the 10th anniversary of the first commercial sale of the first Platform Product or Licensed Product licensed under each such Platform Sublicense or Product Sublicense anywhere in
the world. For avoidance of doubt, the parties have expressly agreed that the definition of Sublicense Income, which includes revenue payable to Company or a Subsidiary whether or not any Valid Claim exists in the country in which the event
triggering such revenue occurs, is for accounting convenience and represents the fair valuation of the mutual agreements under this Agreement; and 

(g) non-refundable, non-creditable development milestone payments set forth in this subsection (g) shall be payable by
Company upon the first of Company, a Subsidiary or any sublicensee to achieve such milestone, with payment due within (60) days of such achievement: 
  

					
	 Filing of IND
	  	$	25,000	 
	 Enrollment of first patient into Phase I clinical trial
	  	$	75,000	 
	 Enrollment of first patient into Phase II clinical trial
	  	$	250,000	 
	 Enrollment of first patient into Phase III clinical trial
	  	$	250,000	 
	 Piling BLA
	  	$	400,000	 
	 FDA approval
	  	$	500,000	 

 It is acknowledged that if Company, its Subsidiary, or a sublicensee does not accomplish the
above development milestones for a Licensed Product by the dates specified in Section 4.01, this Agreement may be terminated unless payments in the above amounts are made by Company to Dartmouth within thirty (30) days of the dates
specified in Section 4.01. 
 (h) a one-time, non-refundable, non-creditable commercial milestone payment of $4,000,000
due when [...***...], payable within sixty (60) days after the end of such calendar year. 
 (i) Notwithstanding any
other provision that may be to the contrary, Company shall remain directly liable to Dartmouth for all payments due to Dartmouth under this Section 5.01, regardless of whether Dartmouth has consented or consents to Company’s Subsidiaries
making direct payments under this section. 
  

	*	Confidential Information, indicated by [...***...], has been omitted from this filing and filed separately with the U.S. Securities and Exchange Commission. 

	 	(h)	Amendment of Section 5.02. Sections 5.02 is hereby amended by deleting the phrases “and any sublicensees” and “and its sublicensees” where such phrases appear in such section, 

 

	 	(i)	Amendment of Section 5.03. Sections 5.03 is hereby amended by deleting the phrase “the royalties” where it appears in such section and replacing it with the phrase “the amounts.”

  

	 	(j)	Amendment of Section 10.02. Sections 10.02 is hereby amended by deleting address for notices to Company and replacing it with the following text: 

“Celyad, S.A. 

Legal Department 
 Rue Edouard
Belin 2 
 1435 Mont-Saint-Guibert 

Belgium Attn.: Philippe Dechamps 

With a copy to: 
 Goodwin
Procter 
 100 Northern Avenue 

Boston, MA 02210 
 Attn.:
Michael Bison” 
  

	 	3.	Upon execution of this Amendment, Company shall pay to Dartmouth a non-refundable, non-creditable Amendment Fee of $2,000,000. 

  

	 	4.	Except as expressly amended by this Amendment, the terms and conditions of this amended Agreement shall remain in full force and effect. 

 

	 	5.	This Amendment shall be construed, governed, interpreted and enforced according to the laws of the State of New Hampshire. 

  

	 	6.	This Amendment may be executed in two counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature
page to this Amendment by facsimile or email of a scanned copy will be effective as delivery of an original executed counterpart of this Amendment. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the Amendment Effective
Date. 
  

			
	ONCYTE, LLC
		
	By:	 	/s/ Christian Homsy
	Name: Christian Homsy
	Its: Chief Executive Officer.
	
	TRUSTEES OF DARTMOUTH COLLEGE
		
	By:	 	/s/ Nila Bhakuni
	Name:	 	 Nila Bhakuni

 
			
	Its:	 	 Director, Technology Transfer

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