Document:

Exhibit 10.24

 

Confidential

 

*Information in this exhibit marked [***] has been excluded
pursuant to Regulation S-K, Item 601(b)(10). Such information is not material and would likely cause competitive harm to the registrant
if publicly disclosed.

 

LICENSE AGREEMENT

 

THIS LICENSE
AGREEMENT (this “Agreement”) is entered into as of this 6th day of October 2020 (the “Effective
Date”), by and between NOVELLUS THERAPEUTICS LIMITED, a company organized and existing under the laws of Ireland
(“Licensor”), and NOVECITE, INC., a company organized and existing under the laws of the State of Delaware
(“Licensee”). Licensor and Licensee may each be referred to in this Agreement individually as a “Party”
and collectively as the “Parties.”

 

WHEREAS,
Licensor owns or has in-licensed certain Licensed Technology (as defined herein) pertaining to technology, processes and products,
including, but not limited to, methods and compositions for generating the Original Cell Line (as such term is defined herein);

 

WHEREAS,
Licensor and Citius Pharmaceuticals, Inc. (“Citius”) entered into that certain Option Agreement, effective
as of March 31, 2020 (the “Option Agreement”), pursuant to which Licensor granted to Citius, for the
benefit of Licensee, an option to negotiate an exclusive license under the Licensed Technology in the Field (as defined herein);

 

WHEREAS,
Licensee desires to receive from Licensor certain rights to the Licensed Technology in order that Licensee may develop and commercialize
Licensed Products (as defined herein); and

 

WHEREAS,
in furtherance of the foregoing, Citius exercised the option in accordance with the Option Agreement, Licensor agrees to grant
such rights to Licensee, and Licensee agrees to use Commercially Reasonable Efforts (as defined herein) to develop and make commercially
available one or more Licensed Products in accordance with this Agreement for commercial exploitation in the Field and in the Territory
(as defined herein).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Section 1

Definitions

 

Unless otherwise specifically provided
herein, the following terms, when used with a capital letter at the beginning, will have the following meanings:

 

1.1. “ACB Specifications”
means the specifications for the ACB set forth in Exhibit C.

 

1.2. “Accession
Cell Bank” or “ACB” means the non-GMP-grade cell bank of the Original Cell Line produced
by Licensor meeting the ACB Specifications and delivered to Licensee in accordance with Section 3.

 

1.3.
“Affiliate” means, with respect to a Party, a person, corporation, partnership, or other entity that
controls, is controlled by or is under common control with such Party. For the purposes of this definition, the word “control”
(including, with correlative meaning, the terms “controlled by” or “under 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. As of the Effective Date, Factor Bioscience Limited is an Affiliate of Licensor; provided, however, that
for the purposes of Sections 1.27, 1.32, 5.5.2, 6, 8.2.1, 9.2, and 11.14, Factor
Bioscience Limited shall be deemed to be an Affiliate of Licensor for the Term of this Agreement.

 

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1.4. “Agreement”
has the meaning set forth in the Preamble.

 

1.5. “Applicable
Law” means all statutes, ordinances, regulations, rules or orders of any kind whatsoever of any agency, bureau, branch,
office, court, commission, authority, department, ministry, official or other instrumentality of, or being vested with public authority
under any law of, any country, state or local authority or any political subdivision thereof, or any association of countries that
may be in effect from time to time and applicable to a Party’s obligations or exercise of its rights under this Agreement.

 

1.6. “Biosimilar
Product” means, with respect to a particular Licensed Product in a country, a product that (a) is highly similar
to such Licensed Product with no clinically meaningful differences, as determined by the FDA, or a corresponding Regulatory Authority
in a country other than the United States, as determined by reference to the Regulatory Approval for such product granted or approved
by the applicable Regulatory Authority; (b) may be legally substituted by pharmacies in such country for such Licensed Product
when filling a prescription written therefor without having to seek authorization to do so from the physician or other health care
provider writing such prescription, and (c) is legally marketed and sold in such country by a third party under a Regulatory Approval
filed with respect thereto by such third party.

 

1.7. “Cell
Line” means (a) the Original Cell Line; (b) the Modified Cell Line; or (c) both the Original Cell Line and the Modified
Cell Line.

 

1.8.
“Change of Control” means, with respect to a Party, (a) a merger, share exchange, or other reorganization
of such Party; (b) the sale, by one or more stockholders or holders of equity securities, of stock or equity securities representing
a majority of the voting power of such Party; or (c) a sale or exclusive license of all or substantially all of the assets of such
Party, or that portion of such Party’s assets related to the subject matter of this Agreement, in which, for (a), (b), and
(c) above, the stockholders or holders of other equity securities of such Party prior to such transaction do not own a majority
of the voting power of the acquiring, surviving, or successor entity, as the case may be.

 

1.9. “Combination
Product” means any product comprising a combination of (a) a Licensed Product and (b) any active ingredient(s) (other
than a Licensed Product) for which rights are not included in the licenses granted under this Agreement but, with respect to the
item(s) in (b) of this Section 1.9, which may each or collectively form the basis for a separately saleable product (an
“Other Product”).

 

1.10.
“Commercially Reasonable Efforts” means the carrying out of obligations and tasks in a manner consistent
with the efforts that a similarly situated party operating in the pharmaceutical or biologics industry would typically devote to
research, development or marketing of a pharmaceutical or biologic product of similar market potential at a similar stage in development
or product life, taking into account all scientific, regulatory, intellectual property, commercial and other factors that such
a party would take into account, including issues of safety, toxicity and efficacy, regulatory requirements of the FDA or similar
government agencies, target product profiles, costs, product labeling and competitive market conditions in the therapeutic or market
niche, all based on conditions then prevailing.

 

1.11.
“Competitive Infringement” means, on a Licensed Product-by-Licensed Product and country-by-country basis,
where the making, using, selling, offering for sale, or importing, by any third party (other than any Sublicensee or authorized
purchaser or other authorized transferee of a Party with respect to such Licensed Product), of any pharmaceutical product in the
Field is Covered by any Valid Claim of any Patent within the Licensed Patents.

 

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1.12.
“Confidential Information” means all Information disclosed by or on behalf of one Party to the other
during the negotiation of or under this Agreement in any manner, whether orally, visually, electronically, in writing or in other
tangible or intangible form, that relates to Licensed Technology, the Cell Lines, Licensed Products, or this Agreement. Notwithstanding
the foregoing, the following information shall not constitute “Confidential Information”: (a) information lawfully
in the receiving Party’s possession or control prior to the time it received the information from the disclosing Party; (b)
information developed by the receiving Party independently of, and without reference to, the Confidential Information of the disclosing
Party; (c) information that was, at the time it was disclosed to or obtained by the receiving Party, or thereafter became, available
to the public through no act or omission of the receiving Party; and (d) information lawfully obtained by the receiving Party from
a third party with the right to disclose such information free of any obligations of confidentiality.

 

1.13.
“Control” or “Controlled by” means, in the context of a license to or ownership
of Intellectual Property, the ability on the part of a Party to grant access to or a license or sublicense of such Intellectual
Property as provided for herein without violating the terms of any agreement or other arrangement between such Party and any third
party existing at the time such Party grants such access or license or sublicense.

 

1.14.
“Cover” or “Covered” means that the use, manufacture, sale, offer for sale,
research, development, commercialization, importation or other commercial exploitation of the subject matter in question by an
unlicensed entity: (a) would infringe a Valid Claim, or (b) incorporates, encompasses, references, uses or otherwise relies upon
the Licensed Know-How.

 

1.15. “Effective Date”
has the meaning set forth in the Preamble.

 

1.16.
“Exploit” and “Exploitation” mean to develop, make, have made, use, sell, have
sold, offer for sale, commercialize, and import.

 

1.17.
“Factor Agreement” means the Second Amended and Restated Exclusive License Agreement, entered into as
of March 16, 2020, by and between Factor Bioscience Limited and Licensor, as amended from time to time.

 

1.18. “FDA”
means the United States Food and Drug Administration or any successor agency thereto.

 

1.19.
“Field” means the treatment of acute pneumonitis of any etiology in which inflammation is a major agent
in humans. For the avoidance of doubt, chronic respiratory conditions, including, but not limited to, Idiopathic Pulmonary Fibrosis
(IPF), Interstitial Lung Disease, Cystic Fibrosis, Bronchiectasis, Chronic Pneumonia, Chronic Bronchitis, Asthma, Pulmonary Fibrosis,
Chronic Obstructive Pulmonary Disease (COPD), Pulmonary Hypertension, Lung Cancer, Emphysema, and Pleural Effusion, and non- respiratory
conditions are not included in the Field.

 

1.20.
“First Commercial Sale” means, following Regulatory Approval in a particular jurisdiction, the first
arm’s-length sale or other transfer for value of a Licensed Product by or on behalf of Licensee, or an Affiliate or Sublicensee,
to an unrelated third party in such jurisdiction.

 

1.21.
“Fiscal Quarter” means each of the following three (3) month periods during each year: January 1 through
March 31; April 1 through June 30; July 1 through September 30; and October 1 through December 31.

 

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1.22. “IND”
means an Investigational New Drug Application (or the foreign equivalent thereof) filed with the FDA required for the initiation
of clinical trials in humans for the applicable Licensed Product in the United States.

 

1.23.
“Information” means all information, know-how, data, results, technology, materials, business or financial
information of any type whatsoever, in any tangible or intangible form, provided by or on behalf of one Party to the other Party,
either in connection with the discussions and negotiations pertaining to this Agreement or in the course of performing this Agreement,
or that otherwise relates to the Licensed Technology or the Cell Lines, whether disclosed orally, visually, electronically, in
writing or in other tangible or intangible form, and which may include data, knowledge, practices, processes, ideas, research plans,
antibodies, small molecules, compounds, targets, biological and chemical formulations, structures and designs, laboratory notebooks,
proof of concept and pre-clinical studies, formulation or manufacturing processes and techniques, scientific, manufacturing, marketing
and business plans, and financial and personnel matters relating to the disclosing Party or to its present or future products,
sales, suppliers, customers, employees, investors or business.

 

1.24.
“Intellectual Property” means all (A) patents, patent applications, patent disclosures and all related
continuation, continuation-in-part, divisional, reissue, reexamination, post-grant proceeding, utility model, certificate of invention
and design patents, applications, registrations and applications for registration, and any equivalent in any jurisdiction; (B)
trademarks, service marks, trade dress, Internet domain names, logos, trade names and corporate names and registrations and applications
for registration thereof; (C) copyrights and registrations and applications for registration thereof, including all moral rights;
(D) Information, inventions, trade secrets and confidential information, whether patentable or non- patentable and whether or
not reduced to practice, know-how, show how, manufacturing and product processes and techniques, research and development information,
notebooks, formulae, diagrams, technical and engineering specifications, business and marketing plans and customer and supplier
lists and other information; (E) other proprietary rights relating to any of the foregoing (including remedies against infringement
thereof and rights of protection of interest therein under the laws of all jurisdictions); and (F) copies and tangible embodiments
thereof.

 

1.25. “Know-How”
means all unpatented inventions, technology, methods, materials (including biological and pharmaceutical materials), know-how,
studies, pre-clinical and clinical data (including toxicology and safety data), tests and assays, reports, manufacturing processes,
regulatory filings (including drafts) and regulatory approvals.

 

1.26. “Licensed
Know-How” means all Know-How and other information Controlled by Licensor or its Affiliates as of the Effective Date
or during the Term, that are reasonably necessary or useful to (a) Exploit Licensed Products in the Field in the Territory and
(b) develop, make, have made, use and import the Cell Lines, the ACB, or the MCB for the purpose of Exploiting Licensed Products
in the Field in the Territory.

 

1.27.
“Licensed Patents” means (a) the Patents set forth on Exhibit B, (b) any Patents Controlled by
Licensor and its Affiliates any time following the Effective Date that are necessary or reasonably useful for the Exploitation
of the Licensed Products in the Field (which, for the avoidance of doubt, includes, without limitation, any and all such Patents
that are useful for the developing, making, having made, using and importing of the Cell Lines, the ACB, or the MCB in connection
with Exploiting the Licensed Products), and include at least one claim that is directed to subject matter disclosed in the Patents
described in clause (a) above, (c) all foreign Patents corresponding to the foregoing specific patents and patent applications
described in clause (a) through clause (c) above. The Parties shall work together in good faith from time to time to amend Exhibit
B to include the Patents described in clause (b) of this Section 1.27, provided, however, that the failure to include such
a patent in Exhibit B shall not affect its status as a Licensed Patent.

 

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1.28. “Licensed
Product” means a product that: (a) comprises one or more of the Cell Lines, and (b) is formulated for administration
to a human subject.

 

1.29. “Licensed Technology”
means the Licensed Patents and Licensed Know-How.

 

1.30. “Licensee”
means Novecite, Inc.

 

1.31. “Licensor”
means Novellus Therapeutics Limited.

 

1.32. “Licensor
Revenue” means any consideration actually received by Licensor or its Affiliates from a third party as consideration
for a sale, license, option or similar transaction involving the Original Cell Line (net of any tax or similar withholding obligations
imposed by any tax or other governmental authority) including without limitation license fees, technology access fees, upfront
payments, milestone payments, sales-based royalties, sales milestone payments, other payments calculated on the basis of sales,
and minimum sales royalties. Licensor Revenue excludes (i) purchases of equity or debt of Licensor or any Affiliate; (ii) payments
made for Licensor’s or its Affiliates’ performance of any research or development of any products (or reimbursement
of any of Licensor’s or its Affiliates’ costs and expenses related to the research and development of any products);
(iii) any payment or reimbursement of any costs resulting from Licensor’s activities with respect to its patents; and (iv)
other payments made by a third party as consideration for Licensor’s or its Affiliates’ performance of services or
provision of goods.

 

1.33. “Master
Cell Bank” or “MCB” means any one or more GMP-grade cell banks of a Cell Line that (a)
is derived from the ACB, and (b) can be used as the starting material for the manufacturing of Licensed Products.

 

1.34.
“Modified Cell Line” means all derivatives of the Original Cell Line, whether modified or unmodified,
including without limitation, fully or partially differentiated cell lines derived from the Original Cell Line.

 

1.35.
“Net Sales” means gross amounts invoiced or otherwise received for Licensee’s, its
Affiliates’, or Sublicensees’ sales of Licensed Product, less the sum of the following: (a) import, export,
excise and sales taxes, custom duties, value added taxes, tariffs or other fees leveled by government authorities, and other
consumption taxes similarly incurred or other governmental charges levied to the extent included on the bill or invoice or as
a separate item; (b) costs of insurance, packing, shipping, handling, and transportation from the place of manufacture to the
customer's premises or point of use; (c) credit for returns, allowances, or trades, including credits or allowances
additionally granted upon rejections or recalls, claims returns pursuant to agreements (including, without limitation,
managed care agreements), warranty claims, or claims allowed under government regulations, to the extent actually allowed and
taken; (d) discounts, credits, charge-back payments, and rebates actually granted or administrative fees actually booked to
trade customers, patients (including those in the form of a coupon or voucher), managed health care organizations,
pharmaceutical benefit managers, group purchasing organizations and national, state or local governments, and to the
agencies, purchasers and reimbursers of managed health organizations, pharmaceutical benefit managers, group purchasing
organizations, or federal, state or local governments; and (e) amounts actually written off as uncollectible. The sale of a
Licensed Product by a selling party to another selling party for resale by such selling party to a third party shall not be
deemed a sale for the purposes of this definition of “Net Sales,” provided, however, that the subsequent
resale is included in the computation of “Net Sales” by the selling party that resells such Licensed Product.
Transfers or dispositions of Licensed Products as free promotional samples in commercially reasonable amounts and Licensed
Products used in pre-clinical or clinical development activities shall be disregarded in determining Net Sales. The gross
amounts invoiced and all permitted deductions shall be determined in accordance with the selling party’s usual and
customary accounting methods, which are in accordance with U.S. generally accepted accounting principles (GAAP) or
international financial reporting standards, in either case, consistently applied.

 

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On
a country-by-country basis, if a Licensed Product is sold in a country as part of a Combination Product, Net Sales of such Licensed
Product for the purpose of determining royalties due hereunder shall be calculated as follows:

 

(i)
In the event that both (x) the Licensed Product is sold separately in finished form in such country during a Fiscal Quarter and
(y) the Other Product(s) in such Combination Product are sold separately in finished form in such country during such Fiscal Quarter,
then Net Sales of such Licensed Product shall be determined by multiplying the actual Net Sales of the Combination Product calculated
pursuant to the preceding provisions of this Section 1.35 (“Actual Combination Product Net Sales”)
in such country during such Fiscal Quarter by the fraction, A / (A+B) where A is the weighted average sale price of the Licensed
Product when sold separately in finished form in such country during such Fiscal Quarter, and B is the weighted average sale price
of the Other Product(s) in the Combination Product when sold separately in finished form in such country during such Fiscal Quarter.

 

(ii)
In the event that the Licensed Product in such Combination Product is sold separately in finished form in such country during a
Fiscal Quarter, but the Other Product(s) in such Combination Product are not sold separately in finished form in such country during
such Fiscal Quarter, then Net Sales of such Licensed Product shall be calculated by multiplying the Actual Combination Product
Net Sales of the Combination Product in such country during such Fiscal Quarter by the fraction A / C where A is the weighted average
sale price of such Licensed Product when sold separately in finished form in such country during such Fiscal Quarter and C is the
weighted average sale price of the Combination Product in such country during such Fiscal Quarter.

 

(iii)
In the event that the Licensed Product in such Combination Product is not sold separately in finished form in such country during
a Fiscal Quarter, but the Other Product(s) in such Combination Product are sold separately in finished form in such country during
such Fiscal Quarter, Net Sales of such Licensed Product shall be calculated by multiplying the Actual Combination Product Net Sales
of the Combination Product by the fraction one (1) minus (B / C), where B is the weighted average sale price of the Other Product(s)
in the Combination Product when sold separately in finished form in such country during such Fiscal Quarter, and C is the weighted
average sale price of the Combination Product in such country during such Fiscal Quarter.

 

(iv) In
the event that neither the Licensed Product in such Combination Product is sold separately in finished form in such country during
a Fiscal Quarter, nor the Other Product(s) in such Combination Product are sold separately in finished form in such country during
such Fiscal Quarter, then the fair market value of the Licensed Product and such Other Product(s) shall be mutually agreed in good
faith by the Parties to establish the Actual Combination Product Net Sales of such Combination Product.

 

1.36. “Original Cell
Line” means the human cell line described in Exhibit D.

 

1.37. “Other Product”
has the meaning set forth in Section 1.9.

 

1.38. “Party”
or “Parties” has the meaning set forth in the Preamble.

 

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1.39.
“Patent” means all patents and patent applications and all substitutions, divisions, continuations, continuations-in-part,
any patent issued with respect to any such patent applications, any reissue, reexamination, utility models or designs, renewal
or extension (including any supplementary protection certificate) of any such patent, and any confirmation patent or registration
patent or patent of addition based on any such patent, and all counterparts and equivalents of any of the foregoing in any country
or jurisdiction.

 

1.40.
“Phase I Clinical Trial” means a clinical trial generally consistent with 21 CFR §312.21(a) that
is required for receipt of clearance or marketing authorization of a Licensed Product from the applicable Regulatory Authority
and which is conducted to evaluate safety of a Licensed Product for a particular indication or indications in healthy subjects.

 

1.41.
“Phase IIb Clinical Trial” means a clinical trial generally consistent with 21 CFR §312.21(b) that
is required for receipt of clearance or marketing authorization of a Licensed Product from the applicable Regulatory Authority
and which is conducted to assess the optimal manner of use of such a Licensed Product (dose and dose regimens) of a Licensed Product
for a particular indication or indications in patients with the disease or condition under study. Any clinical trial that is not
a Phase III Clinical Trial and which is conducted to evaluate a Licensed Product that has already been tested in a Phase I Clinical
Trial shall be deemed a Phase IIb Clinical Trial.

 

1.42.
“Phase III Clinical Trial” means a clinical trial generally consistent with 21 CFR §312.21(c) that
is required for receipt of clearance or marketing authorization of a Licensed Product from the applicable Regulatory Authority
and which is conducted after preliminary evidence suggesting effectiveness of the Licensed Product has been obtained, and is intended
to gather additional information to evaluate the overall benefit-risk relationship of the Licensed Product for a particular indication
and provide an adequate basis for physician labeling.

 

1.43. “Regulatory
Approval” means the approval (including label expansions to include additional indications), license, registration,
clearance or authorization of the applicable Regulatory Authority necessary for the lawful marketing, commercialization and sale
of a Licensed Product (and, (a) as the term “Regulatory Approval” is used in Section 1.6 for the lawful marketing,
commercialization and sale of a Biosimilar Product and (b) as the term “Regulatory Approval” is used in Section 11.14
for the lawful marketing, commercialization and sale of the applicable subject matter) in the Field in a country or jurisdiction
of the Territory.

 

1.44.
“Regulatory Authority” means the FDA or any similar foreign governmental regulatory authority involved
in the granting of authorization to conduct clinical trials or Regulatory Approvals for the manufacture, sale, pricing and/or reimbursement
of a Licensed Product in the Field.

 

1.45. “Regulatory
Exclusivity” means, with respect to a Licensed Product, marketing exclusivity conferred by the applicable Regulatory
Authority in a country or jurisdiction of the Territory on the holder of a Regulatory Approval for such Licensed Product in such
country or jurisdiction, including, by way of example and not of limitation, regulatory data exclusivity, orphan drug exclusivity,
new chemical entity exclusivity and pediatric exclusivity.

 

1.46.
“Royalty Term” means, on a Licensed Product-by-Licensed Product and country-by- country basis, the
period of time that begins on the date of First Commercial Sale of a particular Licensed Product in a particular country and
ends on the earlier of (a) the date on which a Biosimilar Product is first marketed, sold, or distributed by Licensor or any
third party in the applicable country of the Territory or (b) the ten (10) year anniversary of the date of expiration of the
last-to-expire Valid Claim Covering such Licensed Product in such country. In the case of a country where no Licensed Patent
ever exists, the Royalty Term shall mean the period of time that begins on the date of First Commercial Sale of a Licensed
Product in such country and ends on the later of (x) the date of expiry of such Licensed Product’s Regulatory
Exclusivity, if any, in the particular country, and (y) the ten (10)-year anniversary of the date of such First Commercial
Sale.

 

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1.47.
“Sublicensee” means a third party granted a sublicense to any of the rights granted to Licensee under
this Agreement.

 

1.48.
“Sublicense Fees” means any consideration actually received by Licensee or its Affiliates from a Sublicensee
as consideration for a sublicense, option or immunity with respect to any of the rights granted to Licensee under this Agreement
(net of any tax or similar withholding obligations imposed by any tax or other governmental authority), including without limitation
license fees, technology access fees, upfront payments, milestone payments in excess of or in addition to the Milestone Payments
payable to Licensor hereunder. Sublicense Fees excludes (i) Milestone Payments payable to Licensor hereunder; (ii) Sublicensing
Royalty Revenue; (iii) purchases of equity or debt of Licensee or any Affiliate; (iv) payments made for Licensee’s or its
Affiliates’ performance of any research or development of any Licensed Products (or reimbursement of any of Licensee’s
or its Affiliates’ costs and expenses related to the research and development of any Licensed Products); (v) any payment
or reimbursement of any costs resulting from Licensee’s activities with respect to the Licensed Patents; and (vi) other payments
made by a Sublicensee as consideration for Licensee’s or its Affiliates’ performance of services or provision of goods.

 

1.49.
“Sublicensing Royalty Revenue” means sales-based royalties, sales milestone payments, other payments
calculated on the basis of sales, and minimum sales royalties actually received by Licensee or its Affiliates from a Sublicensee
as consideration for the grant of rights under Licensed Technology to such Sublicensee.

 

1.50. “Term”
has the meaning set forth in Section 7.1.

 

1.51. “Territory”
means Earth.

 

1.52. “Valid
Claim” means: (a) any currently pending claim of a patent application within the Licensed Patents that has not been
abandoned; or (b) a claim of a granted and unexpired patent within the Licensed Patents that (i) has not been revoked, held invalid,
or declared unpatentable or unenforceable by a decision of a court or other governmental agency of competent jurisdiction that
is unappealable or unappealed in the time allowed for appeal; (ii) has not been rendered or admitted to be invalid, dedicated to
the public, abandoned or unenforceable through reissue or disclaimer or otherwise; or (iii) has not been lost through an interference
proceeding. Notwithstanding the foregoing, if a particular claim has not issued within five (5) years of the date of first examination
on the merits of such claim and the pending patent application containing such claim, it shall not be considered a Valid Claim
for purposes of this Agreement unless and until such claim is included in an issued Patent.

 

Section 2

Licenses

 

2.1. License Grant.

 

Licensor
hereby grants to Licensee an exclusive, even as to Licensor, royalty-bearing license, with the right to grant sublicenses pursuant
to Section 2.2 and transferable with this Agreement pursuant to Section 11.2, under the Licensed Technology to (a)
Exploit Licensed Products in the Territory in the Field and (b) develop, make, have made, use and import the ACB, MCB and Cell
Lines for the purpose of Exploiting Licensed Products in the Territory in the Field.

 

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2.2. Sublicensing.

 

Licensee
may sublicense the rights granted to it under Section 2.1 through multiple tiers. Notwithstanding the foregoing, until a
Change of Control of Licensee, Licensee shall not have the right to sublicense the rights granted to it under Section 2.1
to Licensee’s Affiliates (inclusive of Citius or an Affiliate of Citius) without Licensor’s prior written consent,
and any Sublicensee shall not have the right to sublicense the rights granted to it by Licensee to Citius or Citius’ Affiliates.
Each such sublicense shall be in writing and contain terms not inconsistent with the terms and conditions of this Agreement applicable
to the licenses granted to Licensee hereunder. In each case, Licensee will be responsible for the performance of its Sublicensees
relevant to this Agreement, including, without limitation, making any payments provided for hereunder. Subject to Licensee’s
right to redact the confidential information of a Sublicensee, Licensee will provide Licensor with a complete, confidential copy
of each such sublicense agreement executed by Licensee and any amendments thereto, and will promptly notify Licensor of the termination
of any such sublicense, and any such copy shall be Licensee’s Confidential Information subject to Section 8.5. For
the avoidance of doubt, contract research organizations, contract manufacturing organizations and similar third parties to which
Licensee or Sublicensees delegate development, manufacturing or commercialization activities relating to the Licensed Product may
perform such development, manufacturing or commercialization activities on behalf of Licensee or such Sublicensees without a sublicense
of the rights granted to Licensee hereunder.

 

2.3. Publication
Rights.

 

Licensee shall have
the right to publish, present or otherwise disclose, including in scientific journals or promotional literature, information pertaining
to the Licensed Technology or any Licensed Product, subject to this Section 2.3. If Licensee desires to submit any publication
that would disclose Confidential Information of Licensor, Licensee will provide Licensor with thirty (30) days’ prior written
notice of such proposed publication or fifteen (15) days’ prior written notice of any presentation (such applicable period,
the “Review Period”) and a copy of such proposed publication or presentation. Licensor will use reasonable
efforts to complete its review of such proposed publication or presentation promptly, and in any event will complete its review
within the applicable Review Period. If during the Review Period, Licensee receives written notice from Licensor identifying specific
Confidential Information of Licensor in such a proposed publication or presentation, then, at the reasonable request of Licensor
in such notice, Licensee shall, and shall use Commercially Reasonable Efforts to ensure that its Affiliates and Sublicensees,
delete such Confidential Information from the proposed publication or delay such publication or presentation for up to an additional
thirty (30) days in order to permit Licensor to file a patent application covering such Confidential Information. For the avoidance
of doubt, Licensee shall not be required to submit to Licensor for review publications pertaining to the Licensed Technology or
any Licensed Product if such publications do not include Licensor’s Confidential Information.

 

2.4. No Additional Rights.

 

2.4.1. No Grant of Other
Technology or Patent Rights.

 

Each
Party understands and acknowledges that the other Party owns its own Intellectual Property and all rights therein. Except as otherwise
expressly provided in this Agreement, under no circumstances shall a Party hereto, as a result of this Agreement, obtain any ownership
interest or license, or be deemed to obtain any ownership interest or license, in or to any technology, know-how, patents, patent
applications, products, or materials of the other Party, including, but not limited to, items Controlled or developed by the other
Party, at any time pursuant to this Agreement. This Agreement does not create, and shall under no circumstances be construed or
interpreted as creating, an obligation on the part of either Party to grant any license to the other Party other than as expressly
set forth herein. Any further contract or license agreement between the Parties shall be in writing. No licenses are implied by
Licensor to Licensee, except as specifically stated in this Agreement. Except as explicitly set forth in this Agreement, Licensor
shall not be deemed by estoppel or implication to have granted Licensee any license or other right to any Intellectual Property
of Licensor or its Affiliates.

 

    - 9 -

     

    

 

2.4.2. Reserved
Rights.

 

Except as set forth
in Section 11.14, all rights and interests not expressly granted to Licensee under this Agreement are reserved by Licensor
(the “Reserved Interests”) for itself, its licensors, and other licensees and sublicensees, including,
but not limited to, the rights to use and grant licenses under the Licensed Technology and/or any other technology Controlled
by Licensor or its Affiliates to make, have made, use, offer to sell, sell, have sold and import products (other than Licensed
Products) in the Territory for use outside the Field. Subject to Licensor’s payment obligations in Section 5.3, and
except as set forth in Section 11.14, it shall not be a breach of this Agreement for Licensor, acting directly or indirectly,
to exploit its Reserved Interests in any manner anywhere in the Territory, including, but not limited to, the research, development
and commercialization or licensing of others to research, develop and commercialize products (other than Licensed Products), in
the Territory.

 

Section 3

ACB and Licensed Know-How Supply

 

3.1. General.

 

As soon
as is reasonably practicable following the Effective Date, at Licensee’s cost and expense, Licensor shall develop and deliver
the ACB meeting the ACB Specifications to Licensee (or third party selected by Licensee).

 

3.2. Delivery and Nonconforming
ACB.

 

Licensor
warrants that Licensor has made available to Licensee all material information regarding the ACB in Licensor’s possession
and control as of the Effective Date. Concurrently with its delivery of the ACB, Licensor shall deliver a report certifying that
the ACB meets the ACB Specifications. Licensor warrants that the ACB will meet the ACB Specifications and be fit for the manufacture
of the MCB by Licensee or its designee. If Licensee, acting reasonably, determines that the ACB does not conform to the ACB Specifications,
then Licensee shall promptly notify Licensor of the details of such nonconformance and Licensor shall use its Commercially Reasonable
Efforts to promptly deliver a conforming ACB to Licensee or third party designated by Licensee.

 

Section 4

Due Diligence

 

4.1. Regulatory Approval.

 

Licensee
will be solely responsible, at Licensee’s expense, for securing any federal, state, or local Regulatory Approval from Regulatory
Authorities necessary for commercial sale of Licensed Products in the Field in the Territory, and Licensee shall deliver regular
reports to Licensor concerning such Regulatory Approvals in accordance with Section 5.4.2.

 

    - 10 -

     

    

 

4.2. Licensee Responsibilities.

 

4.2.1. Licensee
shall be solely responsible, at its expense, for the commercialization of Licensed Products in the Field in the Territory. Licensee
will use Commercially Reasonable Efforts to make commercially available at least one Licensed Product in the Field in the United
States and at least one of the following countries: United Kingdom, France, Germany, China, or Japan (each a “Major
Market Country”) during the Term.

 

4.2.2.
Licensee shall provide periodic updates on Licensee’s Licensed Product development and commercialization activities in the
Field in the Territory by submitting to Licensor written reports not later than June 30 and December 31 of each year during the
Term.

 

4.2.3. Licensee
shall achieve the following milestones (“Milestones”): (a) on or before the five (5) year anniversary
of the Effective Date, file an IND for a Licensed Product in the Field; and (b) on or before the ten (10) year anniversary of the
Effective Date, Licensee shall have received Regulatory Approval for a Licensed Product in the Field in the United States or in
a Major Market Country.

 

Section 5

Consideration; Records &
Reports

 

5.1. Upfront Consideration.

 

In partial
consideration for the rights granted by Licensor to Licensee under this Agreement, Licensee shall: (a) pay to Licensor on or before
the Effective Date the non-refundable, one- time upfront payment in the amount set forth in Section 5.1(a) of Exhibit
A, and (b) issue to Novellus LLC Five Hundred (500) shares of Licensee’s Common Stock pursuant to a subscription agreement
in substantially the form as attached hereto as Exhibit E. The full amount of the payment obligations set forth in this
Section 5.1 shall represent a mature obligation as of the Effective Date, which shall not be contingent on any action or
performance by Licensor.

 

5.2. Continuing Payments.

 

5.2.1. Milestone Payments.

 

The first
time a Milestone set forth in Section 5.2.1 of Exhibit A is achieved by Licensee, its Affiliate, or a Sublicensee,
Licensee shall pay to Licensor the corresponding milestone payment set forth in Section 5.2.1 of Exhibit A (each,
a “Milestone Payment”), such Milestone Payment to be made within thirty (30) days of the achievement
of the applicable Milestone. For the avoidance of doubt, in the event that the achievement of one or more Milestones is skipped
or avoided (e.g., by obtaining Regulatory Approval for a Licensed Product before enrolling the first patient in a Phase
IIb Clinical Trial or a Phase III Clinical Trial for such Licensed Product), then Licensee shall make the Milestone Payments associated
with all such skipped or avoided Milestones upon the earlier of (a) achieving the next Milestone listed on Exhibit A, or
(b) the First Commercial Sale of such Licensed Product. No Milestone Payment will be payable more than one time.

 

5.2.2. Royalties on Net
Sales.

 

During
the Royalty Term, on a Fiscal Quarter basis, Licensee shall pay to Licensor a royalty equal to the percentage of Net Sales
set forth in Section 5.2.2 of Exhibit A (“Royalty on Net Sales”). On a
country-by-country basis, upon expiration of the last to expire of a Valid Claim in the subject country or if no Valid Claim
exists in the subject country, the Royalty on Net Sales due thereafter under this Section 5.2.2 shall be reduced by
[***] ([***]%) in the applicable country. On a country-by-country basis, upon expiration of the Royalty Term in the subject
country, Licensee shall have a fully-paid, royalty-free, non-exclusive license under the Licensed Know-How for development
and commercialization of Licensed Products in the applicable country in the Field. Payments under this Section 5.2.2
shall be due within sixty (60) days of the end of each Fiscal Quarter.

 

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5.2.3. Royalties on Sublicense
Fees.

 

Licensee
shall, within thirty (30) days of receipt of any Sublicensee Fees, pay to Licensor an amount equal to the percentage of such Sublicense
Fees received as set forth in Section 5.2.3 of Exhibit A.

 

5.2.4. No Multiple Royalties.

 

For the avoidance
of doubt, no multiple Royalties on Net Sales will be required to be paid because a Licensed Product or its manufacture, use, sale
or importation is covered by more than one (1) Valid Claim.

 

5.3. Licensor’s Payment
Obligations.

 

Licensor
shall, on a Fiscal Quarter basis, pay to Licensee an amount equal to fifty percent (50%) of the Licensor Revenue received in such
Fiscal Quarter. Payments under this Section 5.3 shall be due within sixty (60) days of the end of any Fiscal Quarter during
which Licensor Revenue is received.

 

5.4. Records and Reports.

 

5.4.1. Reports on Development
Activities.

 

Licensee
shall maintain customary records of the development and commercialization activities conducted by Licensee hereunder, and all data
and other information resulting from such activities. Such records shall fully and properly reflect all work done and results achieved
in the performance of the development and commercialization activities in good scientific manner appropriate for regulatory and
patent purposes. Licensor shall have the right to review and copy such records maintained by Licensee at reasonable times and to
obtain access to the originals to the extent necessary or useful for regulatory and patent purposes. Licensee shall provide Licensor
with annual written reports detailing Licensee’s development and commercialization activities under this Agreement for the
immediately preceding year.

 

5.4.2. Regulatory Reports.

 

Licensee shall keep Licensor informed
of regulatory developments relating to any Licensed Products in the Field in the Territory through its delivery of the reports
described in Section 5.4.1.

 

5.4.3. Regulatory Responsibilities.

 

Subject to
the terms and conditions of this Agreement, as between Licensee and Licensor, Licensee shall be solely responsible for all regulatory
matters for Licensed Products in the Field in the Territory, including preparing and filing any and all regulatory materials for
each Licensed Product, at its sole expense.

 

    - 12 -

     

    

 

5.4.4. Royalty Reports
and Payments.

 

5.4.4.1.
Licensee’s Obligations. Within sixty (60) days following the end of each Fiscal Quarter, commencing with the
Fiscal Quarter in which the First Commercial Sale of any Licensed Product is made anywhere in the Territory, Licensee shall provide
Licensor with a report containing the following information for the applicable Fiscal Quarter, on a Licensed Product basis: (i)
the amount of Net Sales in the Territory; (ii) calculation of Net Sales in the Territory showing deductions provided for in the
definition of “Net Sales”; (iii) a calculation of the royalty payment due on such Net Sales; and (iv) the exchange
rate for such country. Concurrent with the delivery of the applicable quarterly report, Licensee shall pay in U.S. dollars all
amounts due to Licensor pursuant to this Agreement with respect to Net Sales by Licensee and its Affiliates and Sublicensees for
such Fiscal Quarter. All payments due to Licensor hereunder shall be made in U.S. dollars by wire transfer of immediately available
funds into an account designated by Licensor. If Licensor does not receive payment of any sum due to by the due date, simple interest
shall thereafter accrue on the sum due to Licensor until the date of payment at the per annum rate of [***] ([***]%) over the then-current
prime rate reported in The Wall Street Journal or the maximum rate allowable by Applicable Laws, whichever is lower.

 

5.4.4.2.
Licensor’s Obligations. Within sixty (60) days following the end of each Fiscal Quarter during which Licensor
receives Licensor Revenue, Licensor shall provide Licensee with a report containing sufficient information to demonstrate the accuracy
of the payment made by Licensor pursuant to Section 5.3. Concurrent with the delivery of the applicable quarterly report,
Licensor shall pay in U.S. dollars all amounts due to Licensee pursuant to this Agreement for such Fiscal Quarter. All payments
due to Licensee hereunder shall be made in U.S. dollars by wire transfer of immediately available funds into an account designated
by Licensee. If Licensee does not receive payment of any sum due to by the due date, simple interest shall thereafter accrue on
the sum due to Licensee until the date of payment at the per annum rate of [***] ([***]%) over the then-current prime rate reported
in The Wall Street Journal or the maximum rate allowable by Applicable Laws, whichever is lower.

 

5.5. Audit and Inspection
Rights.

 

5.5.1. Licensor’s
Rights. Licensee and its Affiliates and Sublicensees will maintain records in sufficient detail to permit Licensor to confirm
the accuracy of the calculation of payments made by Licensee under this Agreement, including royalty payments and the achievement
of Milestones. Upon reasonable prior notice, the records of Licensee and its Affiliates shall be available during regular business
hours (without undue disruption of Licensee’s or its Affiliate’s business) for a period of three (3) years from the
end of the calendar year to which they pertain for examination by a nationally recognized independent accountant selected by Licensor
and reasonably acceptable to Licensee or its Affiliate, for the sole purpose of verifying the accuracy of the reports and payments
furnished by Licensee pursuant to this Agreement. Any such auditor shall not disclose Licensee’s Confidential Information,
except to the extent such disclosure is necessary to verify the accuracy of the reports furnished by Licensee or the amount of
payments due by Licensee to Licensor under this Agreement. Licensor shall provide Licensee with a copy of the accountant’s
report. Licensor shall have the right, one time per calendar year, to request that Licensee exercise its audit rights with respect
to any Sublicensee. If Licensee has already exercised its audit rights with respect to the subject Sublicensee for the relevant
calendar year, then Licensor shall have the right to request that Licensee share the results of such audit with Licensor. Any amounts
shown to be owed but unpaid shall be paid within thirty (30) days from Licensee’s receipt of the accountant’s report,
plus interest (as set forth above) from the original due date. Licensor shall bear the full cost of such audit unless such audit
discloses an underpayment by Licensee of more than five percent (5%) of the amount due during the Fiscal Quarter(s) audited, in
which case Licensee shall reimburse Licensor for the reasonable, documented fees paid to the relevant accountant by Licensor.

 

    - 13 -

     

    

 

5.5.2.
Licensee’s Rights. Licensor and its Affiliates will maintain records in sufficient detail to permit Licensee
to confirm the accuracy of the calculation of payments made by Licensor under Section 5.4.4.2 of this Agreement. Upon reasonable
prior notice, the records of Licensor and its Affiliates shall be available during regular business hours (without undue disruption
of Licensor’s or its Affiliate’s business) for a period of three (3) years from the end of the calendar year to which
they pertain for examination by a nationally recognized independent accountant selected by Licensee and reasonably acceptable
to Licensor or its Affiliate, for the sole purpose of verifying the accuracy of the reports and payments furnished by Licensor
pursuant to Section 5.4.4.2 of this Agreement. Any such auditor shall not disclose Licensor’s Confidential Information,
except to the extent such disclosure is necessary to verify the accuracy of the reports furnished by Licensor or the amount of
payments due by Licensor to Licensee under Section 5.4.4.2 of this Agreement. Licensee shall provide Licensor with a copy
of the accountant’s report. Any amounts shown to be owed but unpaid shall be paid within thirty (30) days from Licensor’s
receipt of the accountant’s report, plus interest (as set forth above) from the original due date. Licensee shall bear the
full cost of such audit unless such audit discloses an underpayment by Licensor of more than five percent (5%) of the amount due
during the Fiscal Quarter(s) audited, in which case Licensor shall reimburse Licensee for the reasonable, documented fees paid
to the relevant accountant by Licensee.

 

5.6. Taxes.

 

Each
Party shall be solely responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from
the efforts of the Parties under this Agreement. The Parties agree to cooperate with one another and use reasonable efforts to
reduce or eliminate tax withholding or similar obligations in respect of payments made by a Party to the other Party under this
Agreement. To the extent either Party is required to deduct and withhold taxes on any payment to the other Party, such Party shall
pay the amounts of such taxes to the proper governmental authority in a timely manner and promptly transmit to the other Party
an official tax certificate or other evidence of such withholding sufficient to enable the other Party to claim such payment of
taxes. Each Party shall use reasonable efforts to provide the other Party with any tax forms that may be reasonably necessary in
order for the other Party to not withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty.
Each Party shall provide the other with reasonable assistance to enable the recovery, as permitted by Applicable Laws, of withholding
taxes, value added taxes, or similar obligations resulting from payments made under this Agreement, such recovery to be for the
benefit of the Party bearing such withholding tax or value added tax.

 

Section 6

Representations, Warranties
and Covenants

 

6.1. Representations
and Warranties of Licensor. Licensor hereby represents and warrants to Licensee that, as of the Effective Date:

 

6.1.1. Licensor
is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with full power and
authority to operate its properties and to carry on its business as presently conducted.

 

6.1.2.
Except as set forth in Schedule 6.1.2, Licensor is the sole owner of the Licensed Technology. Factor is the sole owner of
the Licensed Patents and the Licensed Know-How exclusively licensed to Licensor pursuant to the Factor Agreement.

 

6.1.3.
The execution of this Agreement and performance of Licensor’s obligations under this Agreement do not conflict with, cause
a default under, or violate any existing contractual obligation that may be owed by Licensor or any Affiliate of Licensor to any
third party.

 

    - 14 -

     

    

 

6.1.4. There
is no action, suit, proceeding or investigation pending or, to Licensor’s and its Affiliates’ knowledge, currently
threatened orally or in writing against or affecting Licensor or any Affiliate thereof that questions the validity of this Agreement
or the right of Licensor to enter into this Agreement or consummate the transactions contemplated hereby and, to Licensor’s
and its Affiliates’ knowledge, there is no basis for the foregoing.

 

6.1.5. No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental
authority, or any third party, on the part of Licensor or any Affiliate thereof is required in connection with its execution, delivery
and performance of this Agreement.

 

6.1.6.
Licensor has the right to grant the licenses and rights that it purports to grant under this Agreement and has not granted to any
third party any license or other right that conflicts with the licenses and rights granted under this Agreement.

 

6.1.7.
To Licensor’s knowledge, the issued and unexpired claims included in the Licensed Patents existing as of the Effective Date
are valid and enforceable.

 

6.1.8.
To Licensor’s knowledge, no reexamination, interference, invalidity, opposition, nullity or similar claim or proceeding is
pending or threatened with respect to any Licensed Patent.

 

6.1.9. Other
than the Licensed Patents set forth on Exhibit B, Licensor nor any of its Affiliates owns or controls any patents (i) necessary
or useful for developing, making, having made, using and importing of the Cell Lines, the ACB, or the MCB or (ii) necessary or
useful for or that would be infringed by, the manufacture, use, sale, offering for sale or import of Licensed Products in the Field.

 

6.1.10.
None of Licensor or any of its Affiliates has received written notice from any third party claiming that the manufacture, use,
sale, offer for sale or import of any Licensed Product infringes, misappropriates or violates, or would infringe, misappropriate
or violate the patent or other intellectual property rights of any third party.

 

6.1.11.
There are no claims, judgments, liens, encumbrances, or settlements against Licensor or any of its Affiliates with respect to the
Licensed Technology, and none of Licensor or any of its Affiliates is a party to any legal action, suit or proceeding relating
to the Licensed Technology.

 

6.1.12.
None of Licensor or its Affiliates has received any communication from any third party, including any Regulatory Authority or other
governmental authority, threatening any action, suit or proceeding which would be reasonably expected to adversely affect or restrict
the ability of Licensor to consummate transactions perform its obligations contemplated under this Agreement.

 

6.1.13.
To the actual knowledge of Licensor and its Affiliates, the developing, making, having made, using and importing of the Cell Lines,
the ACB, or the MCB, or the manufacture, use, sale, offering for sale or import of Licensed Products in the Field do not infringe
any patents owned or controlled by any third party.

 

6.1.14.
None of Licensor or its Affiliates has employed, or otherwise used in any capacity, the services of any individual or entity debarred
or disqualified under Applicable Laws.

 

6.1.15.
None of Licensor’s or its Affiliates’ research or development of the Licensed Technology, manufacture of Licensed
Products, or research leading to the inventions Covered by a Valid Claim of the Licensed Patents was supported in whole or part
by funding or grants by any governmental agency or philanthropic or charitable organization.

 

    - 15 -

     

    

 

6.1.16. Licensor has the right
to deliver the ACB as set forth in Section 3.

 

6.1.17.
The Factor Agreement is enforceable and in full force and effect. Licensor is in compliance with and has not materially breached,
materially violated, or materially defaulted under, or received notice that it has breached, violated, or defaulted under any of
the terms or conditions of the Factor Agreement. Licensor is not aware of any event that has occurred or circumstance or condition
that exists that would, or would reasonably be expected to, constitute such a material breach, material violation, or material
default with the lapse of time, giving of notice, or both. To the knowledge of Licensor, Factor is in material compliance in all
material respects with the terms and conditions of the Factor Agreement. Other than the Factor Agreement, there are no contracts,
agreements, commitments, or undertakings pursuant to which Licensor in-licenses or otherwise has rights under any Patent or intellectual
property rights of any third party that are material to Licensee’s exercise of its rights under this Agreement.

 

6.1.18.
Licensor shall comply with all terms and conditions of, and fulfil all of its obligations under, the Factor Agreement, except for
such noncompliance that could not reasonably be expected to result in a material adverse effect on the rights granted to Licensee
hereunder. Licensor may not materially amend or waive any material term of, or terminate the Factor Agreement without Licensee’s
prior written consent, except where such amendment or waiver could not reasonably be expected to result in a material adverse effect
on the rights granted to Licensee hereunder.

 

6.2. Representations
and Warranties of Licensee. Licensee hereby represents and warrants to Licensor that, as of the Effective Date:

 

6.2.1.
Licensee is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with full
power and authority to operate its properties and to carry on its business as presently conducted.

 

6.2.2.
The execution and performance of Licensee’s obligations under this Agreement do not conflict with, cause a default under,
or violate any existing contractual obligation that may be owed by Licensee to any third party.

 

6.2.3. None
of Licensee or its Affiliates have employed, or otherwise used in any capacity, the services of any individual or entity debarred
or disqualified under Applicable Laws.

 

6.3. Disclaimer.

 

Except as expressly provided in Section 6.1,
nothing in this Agreement will be construed as:

 

6.3.1.
a warranty or representation by Licensor as to the validity or scope of any of the Licensed Technology;

 

6.3.2.
a warranty or representation by Licensor that anything made, used, sold or otherwise disposed of under the licenses granted in
this Agreement, or the practice of the Licensed Technology, will or will not infringe patents of third parties; or

 

6.3.3.
an obligation of Licensor to bring or prosecute actions or suits against third parties for infringement of Licensed Patents or
misappropriation of Licensed Know-How.

 

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6.4. Express Disclaimer.

 

EXCEPT AS EXPRESSLY PROVIDED
IN THIS AGREEMENT, LICENSOR IS PROVIDING THE LICENSED TECHNOLOGY “AS IS.” EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
NEITHER PARTY MAKES ANY REPRESENTATIONS, EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION,
ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR ANY IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT AND
ASSUMES ANY RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE, OR OTHER DISPOSITION OF PRODUCTS INCORPORATING OR MADE BY USE
OF LICENSED PATENTS UNDER THIS AGREEMENT.

 

Section 7

Term and Termination

 

7.1. Term.

 

The
term of this Agreement will begin on the Effective Date and will continue (a) until it is terminated in its entirety under the
provisions of this Section 7 and (b) on a country-by-country and Licensed Product-by-Licensed Product basis until the expiration
of the last-to-expire Royalty Term for any and all Licensed Products (the period from the Effective Date until such termination,
the “Term”).

 

7.2.
Termination by Either Party. Either Party may terminate this Agreement at any time upon written notice to the other
Party if the other Party is in material default or breach of this Agreement and such material default or breach is not cured within
(i) forty-five (45) days in the event a breach of a Party’s payment obligations after written notice thereof is delivered
to the defaulting or breaching Party, (ii) ninety (90) days after written notice thereof is delivered to the defaulting or breaching
Party, or (iii) in the case of a breach (other than a breach of a Party’s payment obligation) that cannot be cured within
ninety (90) days, within a reasonable period not exceeding one hundred twenty (120) days after written notice thereof is delivered
to the defaulting or breaching Party, so long as the breaching Party is making a good faith effort to cure such default or breach
of this Agreement.

 

7.3.
Termination by Licensor. Licensor may, at its option, terminate this Agreement effective upon thirty (30) days written
notice to Licensee if Licensee (i) files for protection under bankruptcy laws; (ii) makes an assignment for the benefit of creditors;
(iii) appoints or suffers appointment of a receiver or trustee over its property; (iv) files a petition under any bankruptcy or
insolvency act or has any such petition filed against it, which is not discharged within sixty (60) days of the filing thereof;
or (v) is unable to pay its debts as they become due in the ordinary course of business. Nothing in this Section 7 shall
prohibit Licensor from pursuing any other remedies at law which it may have in connection with Licensee’s uncured material
breach.

 

7.4. Termination by Licensee.

 

Licensee may, at its option,
terminate this Agreement, in its entirety, upon written notice to Licensor of any of the following events or otherwise as provided
in this Agreement:

 

7.4.1. at
any time without cause, by giving at least ninety (90) days prior written notice of such termination to Licensor; or

 

7.4.2.
effective upon thirty (30) days written notice to Licensor if Licensor (i) files for protection under bankruptcy laws; (ii) makes
an assignment for the benefit of creditors; (iii) appoints or suffers appointment of a receiver or trustee over its property;
(iv) files a petition under any bankruptcy or insolvency act or has any such petition filed against it, which is not discharged
within sixty (60) days of the filing thereof; or (v) is unable to pay its debts as they become due in the ordinary course of business.

 

    - 17 -

     

    

 

Nothing in the foregoing subsections
of this Section 7 shall prohibit Licensee from pursuing any other remedies at law which it may have in connection with Licensor’s
uncured material breach.

 

7.5. Challenging Validity.

 

Licensor
has the right to terminate this Agreement upon written notice to Licensee in the event that Licensee or any of its Affiliates or
Sublicensees directly or indirectly challenges in a legal or administrative proceeding the patentability, enforceability or validity
of any Licensed Patent or the scope or construction of any Valid Claim (each, a “Patent Challenge”);
provided that (i) this Section 7.5 will not apply to any such Patent Challenge that is first made by Licensee or any of
its Affiliates or Sublicensees in defense of a claim of patent infringement brought by Licensor under the applicable Licensed Patent,
and (ii) with respect to any Sublicensee, Licensor will not have the right to terminate this Agreement under this Section 7.5
if Licensee (A) causes such Patent Challenge to be terminated or dismissed (or in the case of ex-parte proceedings, multi-party
proceedings, or other Patent Challenges in which the challenging party does not have the power to unilaterally cause the Patent
Challenge to be withdrawn, causes such Sublicensee to withdraw as a party from such Patent Challenge and to cease actively assisting
any other party to such Patent Challenge), or (B) terminates such Sublicensee’s sublicense to the Licensed Patents being
challenged by the Sublicensee, in each case, within sixty (60) days of the Licensor’s notice to Licensee under this Section
7.5.

 

7.6. Effects of Termination.

 

7.6.1. Termination of License.

 

Upon
a termination (but not upon an expiration) of this Agreement for any reason, Licensee’s rights to the Licensed Technology,
inclusive of the Cell Lines and Licensed Products, which have been granted hereunder and all use thereof will terminate, any and
all rights in the Licensed Technology, inclusive of the Cell Lines and the Licensed Products, will revert back to Licensor and
Licensee will cease using the Cell Lines, and will cease selling, offering for sale, importing, exporting, developing and commercializing
all Licensed Products. Subject at all times to Licensee’s continuing compliance with the terms of this Agreement, for a period
of one (1) year following the termination of this Agreement (the “Sell-Off Period”), Licensee shall have
the right to sell off its inventory of finished Licensed Product then in Licensee’s, its Affiliates’ or Sublicensees’
possession. Following the Sell-Off Period, upon Licensor’s request, Licensee will, (i) to the extent they are in the possession
of Licensee, promptly destroy or return the ACB and all Licensed Products to Licensee or (ii) to the extent they are in the possession
of a third party agent of Licensee, Licensee shall use Commercially Reasonable Efforts to direct such third party agent to promptly
destroy or return the ACB and all unsold Licensed Products to Licensee.

 

7.6.2. Effect on Sublicenses.

 

In
the event that this Agreement is terminated for any reason by Licensor in accordance with Sections 7.2 or 7.3,
any sublicense agreement shall be considered a direct license from Licensor to such surviving Sublicensee, provided that the
Licensor is provided a copy of such sublicense agreement and all amendments thereto in within a reasonable amount of time
following such termination and the Sublicensee agrees in a writing delivered to Licensor within sixty (60) days of such
termination that (i) Licensor is entitled to enforce all relevant provisions of this Agreement directly against such
Sublicensee, and (ii) Licensor shall not assume any obligations to such Sublicensee in excess of those obligations
corresponding to, and consistent with, those of Licensor set forth in this Agreement with respect to the applicable rights of
such Sublicensee to Licensed Technology. An expiration of this Agreement shall have no effect on sublicenses.

 

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7.6.3. Right to Reference
Regulatory Filings.

 

In the
event that this Agreement is terminated for any reason, Licensee will, if requested by Licensor within thirty (30) days following
such termination, engage in good faith negotiations to agree upon terms pursuant to which Licensor and its licensors, licensees
and sublicensees may reference Regulatory Approvals obtained from, and filings made by Licensee with Regulatory Authorities with
respect to the Licensed Products.

 

7.6.4. Accrued Obligations.

 

Expiration
or termination of this Agreement will not release either Party from any obligation that matured prior to the effective date of
such expiration or termination. Upon expiration or termination of this Agreement for any reason, any unpaid amounts payable to
Licensor shall become immediately due, and payment thereof shall remain an ongoing obligation of Licensee until such amount is
paid in full.

 

7.6.5. Survival.

 

Upon expiration
or termination of this Agreement, Sections 2.3, 5.5, 6.3, 6.4, 7.5, 7.6 and 8.5,
the license under Section 5.2.2, and Section 9 through and including Section 11 will, with related definitions,
survive and remain in full force and effect.

 

Section 8

Protection of Intellectual Property
Rights

 

8.1. Patent Prosecution.

 

During
the Term, Licensor will be responsible for preparing, filing, prosecuting and maintaining all patent applications and patents included
in the Licensed Patents in the Territory. For the sake of clarity, as used herein the term “prosecution” shall include
interference, opposition, and derivation proceedings in connection with the Licensed Patents. Licensor shall (a) select patent
counsel to conduct such activities regarding the Licensed Patents and (b) provide Licensee with a reasonable opportunity to comment
thereon and will reasonably consider in good faith such comments. Should Licensor decide that it is not interested in maintaining
a particular Licensed Patent or in preparing, filing, or prosecuting a Patent that is, as of the Effective Date, a Licensed Patent,
it will promptly advise Licensee in writing, and Licensee will have the right, but not the obligation, to assume such responsibilities
in the Territory at its sole cost and expense. If Licensee desires to assume such responsibilities of any such Licensed Patent
pursuant to the immediately preceding sentence, then Licensor will not, as the case may be, so abandon or fail to prepare, file,
prosecute or maintain such Licensed Patents if Licensee advises Licensor, within fourteen (14) calendar days of Licensee’s
receipt of notice of Licensor’s intention not to file or to abandon or not to prosecute or maintain the applicable Licensed
Patents, that Licensee desires to assume filing, prosecution or maintenance of the applicable Licensed Patents at Licensee’s
expense. Licensee has no obligation to pay any costs of preparing, filing, prosecuting, and maintaining any Licensed Patent prior
to the Effective Date.

 

8.2. Enforcement of Licensed
Patents.

 

8.2.1. Notice.
Each Party will promptly report in writing to the other Party of any Competitive Infringement of which such Party (or any of its
Affiliates or Sublicensees) becomes aware.

 

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8.2.2. Competitive Infringement
of Licensed Patents by Third Parties.

 

8.2.2.1.
In the case of any Competitive Infringement by any third party, Licensee will have the first right, but not the obligation, to
cause such third party to cease infringement and to otherwise enforce such Licensed Patent, or to defend the Licensed Patent in
any declaratory judgment action brought by third party(ies) which alleges the invalidity, unenforceability or non-infringement
of the Licensed Patent in the Field.

 

8.2.2.2.
If Licensee does not, within a reasonable period after becoming aware of Competitive Infringement of the Licensed Patents in the
Field, but in any event no less than ninety (90) calendar days from the date of receipt of written notice from Licensor, (i) initiate
legal proceedings against such threatened or actual Competitive Infringement, or defend legal proceedings brought by a third party,
as provided in Section 8.2.2.1 above, or (ii) take other reasonable steps to cause such Competitive Infringement to terminate
(for example, by initiating licensing discussions), Licensor may deliver written notice to Licensee that it intends to take action
to cause such Competitive Infringement to terminate, and Licensor may take such action as it deems reasonably necessary to enforce
its rights in the Licensed Patents in the Field, including, without limitation, to bring, at its own expense, an infringement action
or file any other appropriate action or claim related to such Competitive Infringement against any third party.

 

8.2.2.3.
For any action or proceeding brought by a Party under this Section 8.2.2 (the “Initiating
Party”), regardless of which Party brings such action or proceeding, the other Party (the
“Non-Initiating Party”) shall cooperate reasonably in any such effort, all at the Initiating
Party’s expense, and the Parties shall reasonably cooperate to address new facts or circumstances that come to light
during the course of any such action or proceeding that may affect the need for one Party or the other to participate in such
action. The Non-Initiating Party agrees to be joined as a party plaintiff, at the Initiating Party’s expense, in any
such action if needed for the Initiating Party to bring or continue an infringement action hereunder. The Non-Initiating
Party shall, at its own expense and with its own counsel, have the right to observe and provide comments with respect to any
action brought by the Initiating Party under this Section 8.2.2 (which comments the Initiating Party shall consider in
good faith but be under no obligation to incorporate). Neither Party may settle an action or proceeding brought under this Section
8.2.2 in a manner that, or knowingly take any other action in the course thereof that, (i) imposes any monetary
restriction or obligation on or admit fault of the other Party or (ii) adversely affects the value, scope or validity of, or
otherwise adversely affects the other Party’s rights under this Agreement to as applicable, any Patents within the
Licensed Patents, without the written consent of the other Party, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

8.2.2.4.
Any recovery realized as a result of any litigation under this Section 8.2.2 (including, for greater certainty, the
proceeds of any settlement relating to such litigation), after reimbursement of any litigation expenses of Licensee and
Licensor (including reasonable attorneys’ fees) on a pro rata basis for each of their such expenses relating to
such litigation, as applicable, will be retained by the Party that controlled such litigation at the time of such recovery
for purposes of this Agreement.

 

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8.3. Infringement of Third-Party
Rights.

 

Each
Party will promptly notify the other Party in writing of any notice or claim of any allegation of infringement or commencement
against it of any suit or action for infringement of a third-party patent based upon or arising from actions taken under the licenses
granted in this Agreement (“Third-Party Infringement Claim”). If such Third-Party Infringement Claim
is alleged or commenced against Licensee, Licensee will have the sole right to defend and settle such Third-Party Infringement
Claim, and Licensee will not be obligated to enter into negotiations with such third party to obtain rights for either Licensee
or Licensor under the third-party patent. If such Third-Party Infringement Claim is alleged or commenced against Licensor, Licensee
will have the first right, but not the obligation, to defend and settle such Third- Party Infringement Claim, provided,
however, that Licensee will not be obligated to enter into negotiations with such third party to obtain rights for Licensor
under the third-party patent. With respect to any such defense by Licensee of a Third-Party Infringement Claim alleged or commenced
against Licensor, Licensee will not make any settlements of such Third-Party Infringement Claim that would materially adversely
affect Licensor’s rights or interests in the Licensed Technology without first obtaining Licensor’s prior written
consent. If Licensee opts not to defend or settle such Third-Party Infringement Claim alleged or commenced against Licensor, Licensee
will notify Licensor of such decision and, at Licensor’s expense, Licensor will have the right to undertake the defense
or settlement of such Third-Party Infringement Claim.

 

8.4. Patent Marking.

 

Licensee
and its Sublicensee(s) shall comply with the patent marking provisions of 35 U.S.C. § 287(a) with respect to any Licensed
Product offered for sale or sold in the United States. To the extent required by Applicable Law, Licensee will mark Licensed Products
sold or distributed by Licensee (and will require that Licensee’s Affiliates and Sublicensees mark Licensed Products sold
or distributed by Licensee’s Sublicensees) in a given country in the Territory with a notice that will recite that such Licensed
Products are made under one or more of the Licensed Patents.

 

8.5. Confidential Information.

 

8.5.1. Each
Party will maintain the Confidential Information of the other Party in strict confidence, and will not disclose, divulge or otherwise
communicate such Confidential Information to others, or use it for any purpose, except pursuant to, and in order to carry out,
the terms and objectives of this Agreement, or with the express written consent of the Party who provided such Confidential Information.
Each Party will maintain the confidentiality of the other Party’s confidential information using methods and practices that
are substantially similar to those that the receiving Party uses to maintain the confidentiality of its own confidential information,
but in no event less than a reasonable degree of care. Except as may be authorized in advance in writing by the disclosing Party,
the receiving Party will disclose or grant access to the Confidential Information to only those of its employees and agents as
reasonably necessary or useful to exercise its rights or perform its obligations under this Agreement and such employees and agents
will have entered into non-disclosure agreements, or be bound by professional obligations of confidentiality, no less protective
of the disclosing party’s Confidential Information than those set forth in this Section 8.5.

 

8.5.2. Notwithstanding the foregoing,
a receiving Party may disclose Confidential Information of the disclosing Party to:

 

8.5.2.1.
its Affiliates, and to its and their directors, employees, consultants, contractors, attorneys, advisors and agents, in each case
who have a specific need to know such Confidential Information in connection with an activity under or relating to this Agreement
and who are bound in writing by obligations of confidentiality and restrictions on use at least as stringent as those herein;

 

8.5.2.2.
any bona fide actual or prospective collaborators who are under written obligations of confidentiality and non-use at least as
stringent as those herein, to the extent reasonably necessary to enable such actual or prospective collaborators to (i) determine
their interest in collaborating with the receiving Party on the development and/or commercialization of Licensed Products and (ii)
engage in such a collaboration;

 

8.5.2.3.
governmental authorities in connection with filing, prosecuting, or maintaining patent rights as permitted by this Agreement;

 

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8.5.2.4.
Regulatory Authorities in connection with regulatory filings for Products that the receiving Party has a license or right to develop
hereunder in a given country or jurisdiction;

 

8.5.2.5.
the extent required to do so by Applicable Law or a proper legal, governmental or other competent authority, or by the rules of
any securities exchange on which any security issued by either Party is traded, or included in any filing or action taken by the
receiving Party to obtain or maintain government clearance or approval to market a subject Licensed Product; provided, however,
that, (i) to the extent permissible and practicable, the receiving Party required to make such disclosure shall give the disclosing
Party reasonable advance notice of such disclosure requirement and shall afford the disclosing Party a reasonable opportunity
to oppose, limit or secure confidential treatment for such required disclosure, or, where it is impracticable or illegal to give
an advance notice, the Party required to make such disclosure shall give the disclosing Party reasonable notice promptly after
such required disclosure; (ii) the Party required to make such disclosure shall disclose only that portion of the Confidential
Information legally required to be disclosed; (iii) the Party required to make such disclosure shall use reasonable efforts to
secure confidential treatment of such Confidential Information; and

 

8.5.2.6.
to any bona fide potential Sublicensee or successor to said Party’s interest under this Agreement, to a bona fide potential
lender from which said Party is considering borrowing money, to a bona fide potential collaborator in connection with development
or commercialization of Licensed Products, or to any bona fide financial investor from which said Party may take money; provided,
however, in any such case said Party shall first obtain a written obligation of confidentiality no less stringent than
that imposed in this Section 8.5 from the bona fide potential Sublicensee or successor, bona fide potential lender, bona
fide potential collaborator or bona fide financial investor.

 

8.5.3. Any
information disclosed pursuant to Section 8.5.2 shall remain Confidential Information and subject to the restrictions set
forth in this Agreement, including the foregoing provisions of this Section 8.5.2.3.

 

8.6. Use of Names.

 

Neither
Party may identify the other Party in any promotional advertising or other promotional materials to be disseminated to the public
or any portion thereof, or use the name of any staff member or employee of the other Party or any trademark, service mark, trade
name, symbol or logo that is associated with the other Party, without the other Party’s prior written consent. Notwithstanding
the foregoing, and for the avoidance of doubt, without the consent of the other Party either Party may comply with disclosure requirements
of all Applicable Laws relating to its business, including, without limitation, United States and state securities laws. During
the Term, and with the prior, written consent of the other Party, each Party may include the other Party’s name, logo, and
a brief description of such other Party on said Party’s website and such other Party hereby consents to such inclusion of
its name, logo, and a brief description on said Party’s website; provided, however, that (i) the Party whose name, logo,
and description is being included on the other Party’s website shall have first approved in writing the manner in which its
name and logo are being used and (ii) either Party shall have the right to revoke such consent at any time and for any reason,
and promptly following written notice of such revocation, and in any event within ten (10) days of the other Party’s receipt
of such notice, the posting Party shall remove the other Party’s name, logo, and description from the posting Party’s
website.

 

8.7. Press Releases.

 

The Parties shall mutually agree
upon the timing and content of any press releases or other public announcement relating to this Agreement and the transactions
and/or activities contemplated herein

 

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8.8. Licensee’s Affiliates
and Sublicensees.

 

For the avoidance of doubt, and
notwithstanding anything to the contrary in this Agreement, Licensee’ Affiliates and Sublicensees may exercise Licensee’s
rights under Sections 8.1, 8.2 and 8.3.

 

Section 9

Indemnification; Insurance

 

9.1. Indemnification by
Licensee.

 

Licensee
will indemnify, defend and hold harmless Licensor, its Affiliates and their respective directors, officers, employees, consultants,
licensors and agents, and their respective successors, heirs, and assigns (each a “Licensor Indemnitee”),
against all suits, actions, claims, proceedings, in each case brought by a third party (each, a “Claim”)
and the resulting liabilities, demands, damages, losses, or expenses (including legal expenses, investigative expenses, and attorneys’
fees) (“Losses”) to the extent arising out of Licensee’s or, as applicable Licensee’s Affiliate’s
or Sublicensee’s: (a) gross negligence or intentional misconduct, (b) failure to comply with Applicable Laws, or (c) Licensee’s,
its Affiliates’ or Sublicensee’s Exploitation of Licensed Product or the exercise of the licenses granted under this
Agreement, including the production, manufacture, sale, use, lease, consumption, administration, shipping, storage, transfer, advertisement,
analysis, measurement, description, or characterization of the Licensed Technology, or Licensed Products, or any activity arising
from or in connection with any right or obligation of Licensee hereunder, except in each case (a) through (c) to the extent resulting
from a Licensor Indemnitee’s (i) gross negligence or intentional misconduct; (ii) failure to comply with Applicable Law;
(iii) Exploitation of the Licensed Technology; or (iv) breach of this Agreement.

 

9.2. Indemnification by
Licensor.

 

Licensor
will indemnify, defend and hold harmless Licensee, its Affiliates, Sublicensees, any contractors of the foregoing, and their respective
directors, officers, employees, consultants, licensors and agents, and their respective successors, heirs, and assigns (each a
“Licensee Indemnitee”) against any Claims and Losses to the extent arising out of Licensor’s or
its Affiliate’s: (a) gross negligence or intentional misconduct; (b) failure to comply with Applicable Laws; or (c) Exploitation
of the Licensed Technology, including, for the avoidance of doubt, the Cell Lines, outside the Field; except in each case (a) through
(c) to the extent resulting from a Licensee Indemnitee’s (i) gross negligence or intentional misconduct; (ii) failure to
comply with Applicable Law; (iii) Exploitation of the Licensed Technology; or (iv) breach of this Agreement.

 

9.3. Indemnification Procedure.

 

Each
Party’s agreement to indemnify, defend, and hold harmless under Section 9.1 or 9.2, as applicable, is
conditioned upon the indemnified Party (a) providing written notice to the indemnifying Party of any Claim as soon as
reasonably possible, and in any event no later than within thirty (30) days after the indemnified Party has actual knowledge
of such Claim, (b) permitting the indemnifying Party to assume control over the investigation of, preparation and defense
against, and settlement or voluntary disposition of any such Claim, (c) assisting the indemnifying Party, at the indemnifying
Party’s reasonable expense, in the investigation, preparation, defense, and settlement or voluntary disposition of any
such Claim, and (d) not compromising, settling, or entering into any voluntary disposition of any such Claim without the
indemnifying Party’s prior written consent, which consent shall not be unreasonably withheld; provided, however,
that, if the Party entitled to indemnification fails to promptly notify the indemnifying Party pursuant to the foregoing
clause (a), the indemnifying Party will only be relieved of its indemnification obligation to the extent materially
prejudiced by such failure. In no event may the indemnifying Party compromise, settle, or enter into any voluntary
disposition of any Claim in any manner that admits material fault or wrongdoing on the part of the indemnified Party or
incurs non-indemnified liability on the part of the indemnified Party without the prior written consent of the indemnified
Party, and in no event may the indemnifying Party settle, compromise, or agree to any voluntary disposition of any matter
subject to indemnification hereunder in any manner which (i) imposes any monetary restriction or obligation on or admits
fault of the other Party or (ii) adversely affects the other Party’s rights under this Agreement, without such other
Party’s prior written consent.

 

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9.4. Insurance.

 

Licensee
shall maintain in full force and effect during the Term and for a period of three (3) years after expiration or termination of
this Agreement, worker’s compensation, general liability and professional liability insurance coverage and, in addition Licensee
shall maintain clinical trial liability and product liability insurance coverage, all in such amounts as are customary in the life
sciences and pharmaceutical industries. Upon written request, Licensee shall provide evidence of such insurance to Licensor. Licensor
shall be named as an additional insured with respect to such insurance policies, and Licensee shall ensure that Licensor will receive
no less than thirty (30) days’ prior notice of any cancelation, non-renewal or material change in such insurance coverage.

 

Section 10

Alternative Dispute
Resolution

 

10.1. Negotiation.

 

In
the event of any dispute or disagreement between the Parties as to the interpretation of any provision of this Agreement (or the
performance of any obligations hereunder), the matter, upon written request of either Party, shall be referred to representatives
of the Parties for decision, each Party being represented by an executive officer (the “Representatives”).
The Representatives shall promptly meet in a good faith effort to resolve the dispute. If the Representatives do not mutually agree
upon a decision within thirty (30) calendar days after reference of the matter to them, each of the Parties shall be free to exercise
the remedies available to it under Section 10.2. Each Party may extend the period of time for negotiation among the Representatives
for an additional period of fourteen (14) calendar days on one (1) occasion per dispute.

 

10.2. Submission to Arbitration.

 

If
the Parties are unable to resolve such dispute pursuant to Section 10.1, either Party may submit the dispute to binding
arbitration (without any recourse to the federal or state courts except to enforce any arbitral award or, within forty five (45)
days of an Arbitrator’s rendering of a final decision, to appeal such final decision based solely on a claim that the Arbitrator
engaged in gross misconduct or made a material error or miscalculation in his or her decision) in accordance with the rules of
JAMS/End Dispute (“JAMS”) then in force (except as expressly modified below), and the arbitration hearings
shall be held before a single arbitrator (“Arbitrator”) in New York, New York. The Parties agree to
appoint an Arbitrator who is knowledgeable in the patenting prosecution, patent licensing, biotechnology and/or life sciences
industries. If the Parties cannot agree upon an Arbitrator within ten (10) days after a demand for arbitration has been filed
with the JAMS by either of them, either or both Parties may request the JAMS to name a panel of five (5) candidates to serve as
Arbitrator. The Parties shall each, in successive rounds (with the Party demanding the arbitration having the first chance to
strike a name), strike one name off this list until only one name remains, and such last-named person shall be the Arbitrator.

 

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10.3. Conduct of Arbitration.

 

The
Arbitrator shall be required to (a) follow the substantive rules of New York State or Federal law, as applicable, (b) require
all testimony to be transcribed, and (c) accompany his or her award with findings of fact and a statement of reasons for the decision.
The Arbitrator shall have the authority to permit discovery for no more than ninety (90) days, to the extent deemed appropriate
by the Arbitrator, upon reasonable request of a Party. The Arbitrator shall have no power or authority to (i) add to or detract
from the written agreement of the Parties set forth herein, (ii) modify or disregard any provision of this Agreement or any of
the other related documents, or (iii) address or resolve any issue not submitted by the Parties. The Arbitrator shall hold proceedings
during a period of no longer than thirty (30) calendar days promptly following conclusion of discovery, and the Arbitrator shall
render a final decision within thirty (30) days following conclusion of the hearings. The Arbitrator shall have the power to grant
injunctive relief (without the necessity of a Party posting a bond) in the event a Party has violated the confidentiality provisions
set forth in this Agreement, but shall have no power to award punitive and/or exemplary damages in the event of a breach, provided,
however, that nothing in this Agreement will operate to prevent a Party from seeking injunctive relief in a court of competent
jurisdiction. In the event of any conflict between the commercial arbitration rules then in effect and the provisions of this
Agreement, the provisions of this Agreement shall prevail and be controlling.

 

10.4. Interim Relief.

 

Either
Party may, without waiving any remedy under this Agreement, apply to the Arbitrator for interim injunctive relief until the arbitration
award is rendered or the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement,
seek from any court having jurisdiction any injunctive or provisional relief necessary to protect the rights regarding the Intellectual
Property of that Party pending the arbitration award. The Arbitrator shall have no authority to award punitive or any other type
of damages not measured by a Party’s compensatory damages.

 

10.5. Cost of Arbitration.

 

Each Party
shall share in the actual and direct costs of the engagement of the Arbitrator, but the prevailing Party in the arbitration shall
be reimbursed by the non-prevailing Party for the prevailing Party’s fees and costs of arbitration (e.g., the costs, fees
and expenses of outside experts and counsel retained by the prevailing Party). If one Party is not deemed by the Arbitrator to
be the primary prevailing Party, then each Party will pay its own costs, fees and expenses (including attorneys’ fees) and
an equal share of the Arbitrator’s fees and any administrative fees of arbitration.

 

10.6. Excluded Claims.

 

Notwithstanding
anything to the contrary herein, nothing in this Section 10 shall preclude a Party from seeking injunctive relief or specific
performance in a court of competent jurisdiction. Unless otherwise mutually agreed upon by the Parties in writing, any Excluded
Claims shall be brought in the federal court for the Southern District of New York, if federal jurisdiction is available, or,
alternatively, in the state courts in New York, New York. Each of the Parties hereby submits to the exclusive jurisdiction of
such courts for the purpose of any such litigation; provided, however, that a final judgment in any such litigation
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Each Party irrevocably and unconditionally agrees not to assert (a) any objection which it may ever have to the laying of venue
of any such litigation in such courts, (b) any claim that any such litigation brought in any such court has been brought in an
inconvenient forum, and (c) any claim that such court does not have jurisdiction with respect to such litigation. As used in this
Section 10.6, the term “Excluded Claim” means a dispute, controversy or claim that concerns:
(w) the scope, construction, validity or infringement of a patent, trademark or copyright; (x) any antitrust, anti-monopoly or
competition law or regulation, whether or not statutory; or (y) the Licensee’s or, as applicable Licensee’s Affiliates
or Sublicensee(s), Exploitation of Licensed Products or use of the Licensed Technology outside of the Field.

 

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10.7. Injunctive Relief;
Specific Performance.

 

Notwithstanding anything to the
contrary herein, nothing in this Section 10 shall preclude a Party from seeking injunctive relief or specific performance in a
court of competent jurisdiction.

 

10.8. Confidentiality.

 

Except
to the extent necessary to confirm an award or as may be required by law, neither a Party nor an Arbitrator may disclose the existence,
content, or results of the arbitration without the prior written consent of both Parties, except to its directors, officers and
investors. In no event shall arbitration be initiated after the date when commencement of a legal or equitable proceeding based
on the dispute, controversy or claim would be barred by the applicable Massachusetts statute of limitations.

 

Section 11

Miscellaneous

 

11.1. Compliance with Law.

 

In connection
with its Exploitation of Licensed Products, Licensee agrees to comply with all Applicable Laws. Without limiting the foregoing,
by entering into this Agreement, the Parties specifically intend to comply with all Applicable Laws pertaining to Licensed Products,
including (i) the federal anti- kickback statute (42 U.S.C. §1320a-7b) and the related safe harbor regulations; and (ii) the
Limitation on Certain Physician Referrals, also referred to as the “Stark Law” (42 U.S.C. §1395nn). Accordingly,
no part of any consideration paid hereunder is a prohibited payment for the recommending or arranging for the referral of business
or the ordering of items or services; nor are the payments intended to induce illegal referrals of business.

 

11.2. Assignment.

 

This
Agreement will be binding upon and will inure to the benefit of each Party and each Party’s respective transferees, successors
and assigns, pursuant to the provisions set forth below. Licensee may not transfer or assign this Agreement without the prior written
consent of Licensor, except that Licensee may transfer or assign this Agreement without the prior written consent of Licensor in
the event that a third party (the “Acquiring Party”) acquires all or substantially all of Licensee’s
business, capital stock or assets, whether by sale, merger, change of control, operation of law or otherwise (an “Acquisition”).
Upon an Acquisition, the rights granted to Licensee under this Agreement pertaining to any and all Licensed Products shall inure
to the benefit of the Acquiring Party. For the avoidance of doubt, in the event of an Acquisition, the Acquiring Party will be
responsible for all payments and other obligations set forth in this Agreement, including, but not limited to, all payments set
forth herein, and any obligations that matured prior to the Acquisition date. Upon an Acquisition, any unpaid portion of any deferred
payments payable to Licensor hereunder shall remain an ongoing obligation of the Acquiring Party until such amount is paid in full.
For the avoidance of doubt, an Acquisition shall not include any transaction or series of transactions principally for bona fide
equity financing purposes in which cash is received by Licensee or any successor, indebtedness of Licensor is cancelled or converted
or any combination thereof. Any attempted assignment in contravention of this Section 11.2 will be null and void.

 

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11.3. Entire Agreement.

 

This
Agreement constitutes the entire agreement between the Parties hereto with respect to the subject matter thereof and supersedes
all previous agreements, negotiations, commitments, and writings with respect to such subject matter, inclusive of the Option Agreement.
Neither Party shall be obligated by any undertaking or representation regarding that subject matter other than those expressly
stated herein or as may be subsequently agreed to by the Parties hereto in writing. In the event of any conflict or inconsistency
between any provision of any Exhibit hereto and any provision of this Agreement, the provisions of this Agreement shall prevail.

 

11.4. Amendment.

 

No amendment, modification or supplement
of any provision of this Agreement will be valid or effective unless made in writing and signed by a duly authorized officer of
each Party.

 

11.5. Notices.

 

Any notice
required to be given pursuant to the provisions of this Agreement will be in writing and will be deemed to have been given at the
time when actually received as a consequence of any effective method of delivery, including but not limited to hand delivery, transmission
by electronic transmission, including PDF (portable document format), delivery by a professional courier service or delivery by
first class, certified or registered mail (postage prepaid) addressed to the Party for whom intended at the address below, or at
such changed address as the Party will have specified by written notice in accordance with this Section 11.5; provided,
however, that any notice of change of address will be effective only upon actual receipt.

 

If to Licensor:

Novellus Therapeutics Limited

c/o Novellus,
Inc.

1035 Cambridge Street, Suite 17B

Cambridge,
MA 02141

Attn: Matt Angel, Ph.D.,

Director [***].

 

with copy (which shall not
constitute notice) to:

Morse, Barnes-Brown & Pendleton, P.C.

480 Totten Pond Road, 4th Floor

Waltham, MA 02451

Attn: Stanley F. Chalvire, Esq

[***].

 

If to Licensee:

Novecite, Inc.

11 Commerce Drive, 1st Floor

Cranford,
NJ 07016

Attn: Myron Holubiak, Chief Executive Officer

[***].

 

with copy (which shall not
constitute notice) to:

Citius Pharmaceuticals, Inc.

11 Commerce Drive, 1st Floor

Cranford,
NJ 07016

Attn: Myron Holubiak, Chief Executive Officer

[***].

 

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11.6. Governing Law.

 

11.6.1.
The substantive law governing this Agreement (which shall be applied in the arbitration) shall be, with respect to disputes involving
general contract or trade secret matters, the internal laws of the State of New York, and with respect to matters involving patents,
the United States Patent Act, as to copyright matters, the United States Copyright Act, and as to trademark matters, the United
States Trademark Act, each as amended from time to time. Any award rendered by the Arbitrator shall be final, conclusive and binding
upon the Parties to this Agreement, and judgment thereon may be entered and enforced in any state or federal court of competent
jurisdiction.

 

11.6.2. If
any provisions of this Agreement are or will come into conflict with the laws or regulations of any jurisdiction or any governmental
entity having jurisdiction over the Parties or this Agreement, those provisions will be deemed automatically deleted, if such deletion
is allowed by relevant law, and the remaining terms and conditions of this Agreement will remain in full force and effect. If such
a deletion is not so allowed or if such a deletion leaves terms thereby made clearly illogical or inappropriate in effect, the
Parties agree to substitute new terms as similar in effect to the present terms of this Agreement as may be allowed under Applicable
Law.

 

11.7. Descriptive Headings.

 

This
Agreement has been prepared jointly by the Parties 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. The headings of each Section in this Agreement have been inserted for convenience of reference only and are not intended
to limit or expand on the meaning of the language contained in the particular Section. Except where the context otherwise requires,
the use of any gender shall be applicable to all genders, and the word “or” is used in the inclusive sense (and/or).
The term “including” as used herein means including, without limiting the generality of any description preceding such
term.

 

11.8. Independent Contractors.

 

Both Parties
are independent contractors under this Agreement. Nothing contained in this Agreement will be deemed to create an employment, agency,
joint venture or partnership relationship between the Parties hereto or any of their agents or employees, or any other legal arrangement
that would impose liability upon one Party for the act or failure to act of the other Party. Neither Party will have any express
or implied power to enter into any contracts or commitments or to incur any liabilities in the name of, or on behalf of, the other
Party, or to bind the other Party in any respect whatsoever. Notwithstanding anything contained herein to the contrary, and for
the avoidance of doubt, Licensor shall not be deemed an Affiliate of Licensee, and Licensee shall not be deemed an Affiliate of
Licensor.

 

11.9. Severability.

 

The
illegality or partial illegality of any provision of this Agreement will not affect the validity of the remainder of the Agreement,
or any provision thereof, and the illegality or partial illegality of any provision of this Agreement will not affect the validity
of the Agreement in any jurisdiction in which such determination of illegality or partial illegality has not been made, except
in either case to the extent such illegality or partial illegality causes the Agreement to no longer contain all of the material
provisions reasonably expected by the Parties to be contained therein. Moreover, in the event that a court of competent jurisdiction
determines that any provision of this Agreement is illegal or partially illegal, then it is the intention of the Parties that
such provision be modified to the minimum extent deemed necessary by such court to make such provision enforceable and to give
effect to the original intention of the Parties.

 

    - 28 -

     

    

 

11.10. Waiver of Compliance.

 

The failure
of either Party to comply with any obligation, covenant, agreement or condition under this Agreement may be waived by the Party
entitled to the benefit thereof only by a written instrument signed by the Party on granting such waiver, but such waiver or failure
to insist upon strict compliance with such obligation, covenant, agreement or condition will not operate as a waiver of, or estoppel
with respect to, any subsequent or other failure. The failure of any Party to enforce at any time any of the provisions of this
Agreement will in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of the Agreement
or any part thereof or the right of any Party thereafter to enforce each and every such provision. No waiver of any breach of such
provisions will be held to be waiver of any other or subsequent breach.

 

11.11. Counterparts.

 

This Agreement
may be executed by original or facsimile signature in any number of counterparts, each of which need not contain the signature
of more than one Party but all such counterparts taken together will constitute one and the same agreement.

 

11.12. Authority.

 

The persons signing on behalf
of Licensor and Licensee hereby warrant and represent that they have authority to execute this Agreement on behalf of the Party
for whom they have signed.

 

11.13. Non-Solicitation.

 

During
the Term, neither Party shall, without the prior written consent of the other Party, directly or indirectly solicit for employment
any employee of the other Party or any of its Affiliates or subsidiaries, or any person who has terminated his or her employment
with the other Party or any of its Affiliates or subsidiaries within the previous twelve (12)-month period prior to any purported
solicitation; provided, however, the foregoing will not prevent a Party from employing any such
person who contacts such Party on his or her own initiative without any direct or indirect solicitation by or encouragement from
the soliciting or hiring person. General advertising which is not directed at any specific employee of a Party will not be deemed
solicitation, and hiring of employees of such Party which are solicited in this manner will not be a breach of this provision.

 

11.14. Non-Competition.

 

During
the Term, Licensor shall not (and shall ensure that its Affiliates do not): (a) Commercialize any Cell Products in the Field;
(b) enter into any agreement (except a Sponsored Research Agreement) pursuant to which any third party may Exploit any Cell Product
in the Field; (c) otherwise enable any third party, directly or indirectly, to Exploit any Cell Product in the Field, except with
respect to research regarding a Cell Product pursuant to Sponsored Research Agreements; (d) Exploit the ACB or MCB for any purpose
either in the Field or outside of the Field, (e) enter into any agreement pursuant to which any third party may Exploit the ACB
or MCB for any purpose either in the Field or outside of the Field or (f) otherwise enable any third party, directly or indirectly,
to Exploit the ACB or MCB in the Field or outside of the Field. For the purpose of this Section 11.14, “Cell
Product” means any product that includes mesenchymal stem cells. “Sponsored Research Agreement”
means an agreement between (x) Licensor or its Affiliates on the one hand and (y) a not-for-profit academic institution on the
other hand, pursuant to which (i) the parties thereto engage in the conduct of research regarding Cell Products and (ii) subject
to any research use licenses granted to the academic institution for the purpose of conducting such research, Licensor and its
Affiliates own all right, title and interest in and to all of their Intellectual Property rights. “Commercialize”
means, with respect to any subject matter, seeking Regulatory Approval for, marketing, selling or promoting such subject matter.

 

    - 29 -

     

    

 

11.15. Right
of First Negotiation. During the Term, if Licensor or any of its Affiliates develops or acquires ownership or Control
of a product or potential product (including a molecule or composition) that may be used in the Field (a “New
Product”), Licensor shall not (and shall ensure that its Affiliates do not) enter into any material
negotiations or agreement involving a license of the New Product in the Field or pursuant to which any third party may
Exploit such New Product in the Field without first complying with all of its obligations set forth in this Section 11.15.
New Products exclude the Licensed Products. Licensor hereby recognizes that Licensee has a right of first negotiation to
obtain a license to develop and Commercialize a New Product, as further described below. For this purpose, prior to Licensor
or any of its Affiliates entering into any material negotiations or agreement with any third party with respect to any
license of a New Product including rights in the Field or the Exploitation of a New Product in the Field, Licensor shall
offer (including on behalf of its Affiliates) to Licensee a license to fully Exploit such New Product (a “New
Product Transaction”) before commencing such negotiations or entering into such agreement. Such offer shall be
effected by providing to Licensee written notice of the offer and all material terms of such offer. For the avoidance of
doubt, references in this Section 11.15 to “ownership or Control of a product or potential product” means
ownership or Control of Intellectual Property rights pertaining to such product or potential product. For the avoidance of
doubt, references in this Section 11.15 to licensing a New Product mean licensing such Intellectual Property rights and
related tangible materials such as cells. Licensor and its Affiliates retain the right to enter into Sponsored Research
Agreements with third party academic institutions with respect to New Products and, notwithstanding anything set forth in
this Section 11.15 to the contrary, any such Sponsored Research Agreements with third party academic institutions
shall not be subject to the right of first negotiation set forth herein.

 

If, within thirty (30) days
of Licensor’s provision of such notice and the material terms of such offer (such thirty (30) day period, the “ROFN
Notice Period”), Licensee notifies Licensor in writing of Licensee’s desire to negotiate an agreement for a
New Product Transaction (such notice, a “Negotiation Notice”), the Parties shall use reasonable efforts
to negotiate, on an exclusive basis, in good faith the terms and conditions applicable to a New Product Transaction during a period
of one hundred fifty (150) days following the date of the Negotiation Notice (the “New Product Agreement”).
During the ROFN Notice Period, and, in the event that Licensee provides Licensor with a Negotiation Notice, until the earlier of
(a) the date on which the Parties conclude a New Product Agreement or (b) one hundred fifty (150) days following the date of the
Negotiation Notice, Licensor shall reasonably and promptly cooperate with Licensee’s due diligence inquiries with respect
thereto.

 

During
the ROFN Notice Period and one hundred fifty (150) day negotiation period (if applicable), neither Licensor nor any Affiliate
thereof shall enter into any transaction pursuant to which any third party may Exploit the applicable New Product in the Field.
Should (i) the Parties not enter into a New Product Agreement within the one hundred fifty (150) day negotiation period or (ii)
Licensee not provide a Negotiation Notice during the thirty (30) day ROFN Notice Period, then Licensor and its Affiliates will
be entitled to discuss, propose, negotiate, and/or execute a New Product Transaction for the applicable New Product(s) with a
third party, provided that (1) if Licensee provided a Negotiation Notice with respect to such New Product(s), the terms of any
such agreement executed with a third party shall not be on material terms more favorable on the whole to such third party than
the last terms offered to Licensee by Licensor unless Licensor has provided first to Licensee a reasonable opportunity (not to
exceed twenty (20) business days) to execute such an agreement with Licensor and (2) if a New Product Transaction with such a
third party is not executed within twelve (12) months following the (a) end of the one hundred fifty (150) day negotiation period
or (b) expiration of the ROFN Notice Period without Licensee’s exercise of its negotiation rights, as applicable, Licensor
shall be required to follow the process set forth in this paragraph again with respect to such New Product(s) before executing
a New Product Transaction therefor with a third party.

 

11.16. Force Majeure.

 

Neither
Party hereto shall be liable for failures and delays in performance due to strikes, lockouts, fires, acts of God or the public
enemy, riots, incendiaries, interference by civil or military authorities, acts of terrorism, endemic, pandemic, and the results
related to such acts, compliance with the laws of various states/countries, or with the orders of any governmental authorities,
delays in transit or delivery on the part of transportation companies, failures of communication facilities, or any failure of
sources of material.

 

Remainder of page intentionally
left blank.

 

    - 30 -

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have duly executed this License Agreement as of the Effective Date.

 

	NOVELLUS THERAPEUTICS LIMITED (LICENSOR)	 
	 	 	 
	By:	/s/ Christopher Rohde	 
	 	Name:	Christopher Rohde	 
	 	Title:	Director	 
	 	 	 
	NOVECITE, INC. (LICENSEE)	 
	 	 	 
	By:	/s/ Myron Holubiak	 
	 	Name: 	Myron Holubiak	 
	 	Title:	CEO	 

 

    - 31 -

     

    

 

Exhibit A

 

Financial Terms

 

		Sec. 5.1(a)	Licensee shall pay Licensor an upfront fee equal to $5,000,000,
payable on the Effective Date.

 

		Sec. 5.1(b)	Licensee shall issue to Novellus LLC the number of shares
of Licensee’s Common Stock representing no less than twenty-five percent (25%) of Licensee’s outstanding common and
preferred shares on a fully diluted basis.

 

		Sec. 5.2.1	For each Licensed Product, each time a Milestone set
forth below is achieved, Licensee shall pay to Licensor the corresponding Milestone Payment set forth below:

 

	Milestone	 	Milestone Payment	 
	Development Milestones	 	 		 
	IND Filing with a Regulatory Authority	 	$	[***]	 
	First Patient Enrolled in a Phase I Clinical Trial	 	$	[***]	 
	First Patient Enrolled in a Phase IIb Clinical Trial or Phase III Clinical Trial	 	$	[***]	 
	Application for Regulatory Approval (either NDA or 
BLA) filed with a Regulatory Authority	 	$	[***]	 
	Regulatory Approval of Licensed Product from 
Regulatory Authority by Licensee, its Affiliates or Sublicensees	 	$	[***]	 
	Regulatory Approval of Licensed Product from EMEA by Licensee, its Affiliates or Sublicensees	 	$	[***]	 
	Regulatory Approval of Licensed Product from PMDA by Licensee, its Affiliates or Sublicensees	 	$	[***]	 

 

		Sec. 5.2.2	During the Royalty Term, and subject to adjustment as
set forth in the Agreement, on a Fiscal Quarter basis, Licensee shall pay to Licensor a Royalty on Net Sales in such Fiscal Quarter
equal to [***] ([***]%) of Net Sales of such Licensed Product.

 

		Sec. 5.2.3	Licensee shall, within thirty (30) days of receipt of
any Sublicense Fees, pay to Licensor [***] ([***]%) of Sublicense Fees received in such Fiscal Quarter.

 

     

     

    

 

Exhibit B

 

Licensed Patents

 

	Docket 

Number	 	Assignee	 	Country	 	Application No. 

Application Date	 	Registration No. 

Registration Date	 	Case Status
	FAB-

                                                           001AU
	 	Factor

                                   Bioscience
	 	 Australia	 	2012347919

                                   Dec-05-2012
	 	2012347919

                                   May-18-2017
	 	 PATENTED
	FAB-

                                                           001AUD1
	 	Factor

                                   Bioscience
	 	 Australia	 	2016277545

                                   Dec-05-2012
	 	2016277545

                                   Sep-28-2017
	 	 PATENTED
	FAB-

                                                           001AUD3
	 	Factor

                                   Bioscience
	 	 Australia	 	2019203662

                                   Dec-05-2012
	 	2019203662

                                   May-14-2020
	 	 PATENTED
	FAB-

                                                           001AUD4
	 	Factor

                                   Bioscience
	 	 Australia	 	2020202780

                                   Dec-05-2012
	 	 N/A	 	 Pending
	FAB-

                                                           001BR
	 	Factor

                                   Bioscience
	 	 Brazil	 	1120140136645

                                   Dec-05-2012
	 	 N/A	 	 Pending
	FAB-

                                                           001CA
	 	Factor

                                   Bioscience
	 	 Canada	 	2,858,148

                                   Dec-05-2012
	 	 N/A	 	 Pending
	FAB-

                                                           001CN
	 	Factor

                                   Bioscience
	 	 China	 	201280068223.0

                                   Dec-05-2012
	 	ZL201280068223.0

                                   Nov-25-2015
	 	 PATENTED
	FAB-

                                                           001CND1
	 	Factor

                                   Bioscience
	 	 China	 	201510852019.3

                                   Dec-05-2012
	 	ZL201510852019.3

                                   May-29-2017
	 	 PATENTED
	FAB-

                                                           001CND2
	 	Factor

                                   Bioscience
	 	 China	 	201510853689.7

                                   Dec-05-2012
	 	ZL201510853689.7

                                   Aug-13-2019
	 	 PATENTED
	FAB-

                                                           001CND3
	 	Factor

                                   Bioscience
	 	 China	 	201510853690.X

                                   Dec-05-2012
	 	ZL201510853690.X

                                   Jul-31-2020
	 	 PATENTED
	FAB-

                                                           001CND4
	 	Factor

                                   Bioscience
	 	 China	 	202010626574.5

                                   Dec-05-2012
	 	 N/A	 	 Pending
	  FAB-

                                                           001EP
	 	  Factor

                                   Bioscience
	 	  Europe	 	  12813595.1

                                   Dec-05-2012
	 	  2788033

                                   May-31-2017
	 	PATENTED 

Validated in 

CH

DE 

FR 

GB

IE

 

     

     

    

 

	Docket 

Number	 	Assignee	 	Country	 	Application No. Application Date	 	Registration No. Registration Date	 	Case Status
	FAB-

                                                           001EPD1
	 	Factor

                                                           Bioscience
	 	 Europe	 	17170810.0

                                                           May-02-2017
	 	 N/A	 	 Allowed
	FAB-

                                                           001HK
	 	Factor

                                                           Bioscience
	 	Hong Kong	 	15103141.5

                                                           Dec-05-2012
	 	1202443

                                                           Mar-23-2018
	 	 PATENTED
	FAB-

                                                           001HKD1
	 	Factor

                                                           Bioscience
	 	Hong Kong	 	16108558.9

                                                           Dec-05-2012
	 	1220490

                                                           Feb-23-2018
	 	 PATENTED
	FAB-

                                                           001HKD2
	 	Factor

                                                           Bioscience
	 	Hong Kong	 	16110473.7

                                                           Dec-05-2012
	 	 N/A	 	 Pending
	FAB-

                                                           001HKD4
	 	Factor

                                                           Bioscience
	 	Hong Kong	 	18101023.9

                                                           Jan-23-2018
	 	 N/A	 	 Pending
	FAB-

                                                           001JP
	 	Factor

                                                           Bioscience
	 	 Japan	 	2014-546024

                                                           Dec-05-2012
	 	6073916

                                                           Jan-13-2017
	 	 PATENTED
	FAB-

                                                           001JPD1
	 	Factor

                                                           Bioscience
	 	 Japan	 	2016-213019

                                                           Oct-31-2016
	 	6294944

                                                           Feb-23-2018
	 	 PATENTED
	FAB-

                                                           001KR
	 	Factor

                                                           Bioscience
	 	Republic of Korea	 	10-2014-7018569

                                                           Dec-05-2012
	 	 N/A	 	 Allowed
	FAB-

                                                           001MX
	 	Factor

                                                           Bioscience
	 	 Mexico	 	MX/a/2014/00666 3

                                                           Dec-05-2012
	 	354995

                                                           Mar-27-2018
	 	 PATENTED
	FAB-

                                                           001RU
	 	Factor

                                                           Bioscience
	 	Russian

                                                           Federation
	 	2014127505

                                                           Dec-05-2012
	 	2624139

                                                           Jun-30-2017
	 	 PATENTED
	FAB-

                                                           001RUD2
	 	Factor

                                                           Bioscience
	 	Russian Federation	 	RU 2018112719

                                                           Apr-10-2018
	 	 N/A	 	 Pending
	 FAB-

                                                           003
	 	Factor

                                                           Bioscience
	 	 USA	 	13/465,490

                                                           May-07-2012
	 	8,497,124

                                                           Jul-30-2013
	 	 PATENTED
	FAB-

                                                           003C1
	 	Factor

                                                           Bioscience
	 	 USA	 	13/931,251

                                                           Jun-28-2013
	 	9,127,248

                                                           Sep-08-2015
	 	 PATENTED
	FAB-

                                                           003C2
	 	Factor

                                                           Bioscience
	 	 USA	 	14/810,123

                                                           Jul-27-2015
	 	9,399,761

                                                           Jul-26-2016
	 	 PATENTED
	FAB-

                                                           003C3
	 	Factor

                                                           Bioscience
	 	 USA	 	15/178,190

                                                           Jun-9-2016
	 	9,562,218

                                                           Feb-07-2017
	 	 PATENTED

 

     

     

    

 

	Docket 

Number	 	Assignee	 	Country	 	Application No. 

Application Date	 	Registration No. 

Registration Date	 	Case Status
	FAB-

                                                           003C4
	 	Factor

                                                           Bioscience
	 	 USA	 	15/358,818

                                                           Nov-22-2016
	 	9,695,401

                                                           Jul-04-2017
	 	 PATENTED
	FAB-

                                                           003C5
	 	Factor

                                                           Bioscience
	 	 USA	 	15/605,513

                                                           May-25-2017
	 	9,879,228

                                                           Jan-30-2018
	 	 PATENTED
	FAB-

                                                           003C6
	 	Factor

                                                           Bioscience
	 	 USA	 	15/844,063

                                                           Dec-15-2017
	 	9,969,983

                                                           May-15-2018
	 	 PATENTED
	FAB-

                                                           003C7
	 	Factor

                                                           Bioscience
	 	 USA	 	15/947,741

                                                           April-06-2018
	 	10,131,882

                                                           Nov-20-2018
	 	 PATENTED
	FAB-

                                                           003C8
	 	Factor

                                                           Bioscience
	 	 USA	 	US 16/037,597

                                                           July-17-2018
	 	10,301,599

                                                           May-28-2019
	 	 PATENTED
	FAB-

                                                           003C9
	 	Factor

                                                           Bioscience
	 	 USA	 	US 16/374,482

                                                           April 3, 2019
	 	10,443,045

                                                           Oct 15, 2019
	 	 PATENTED
	FAB-

                                                           003C10
	 	Factor

                                                           Bioscience
	 	 USA	 	US 16/562,497

                                                           Sept-05-2019
	 	 N/A	 	 Pending
	FAB-

                                                           016PR
	 	Factor

                                                           Bioscience
	 	 USA	 	US 63/016,626

                                                           April 28,2020
	 	 N/A	 	 Pending

 

     

     

    

 

Exhibit C

 

ACB Specifications

 

The ACB shall consist of: (a) at least five
vials, each vial containing at least one million viable human induced mesenchymal stem cells and having the specifications set
forth below, and (b) a characterization data package including cell count, viability, surface markers, protein secretion, and sterility
test results.

 

	Type	 	Assay	 	Specification
	1. Cell Density	 	Cell Count	 	[***]
	2. Cell Viability	 	Viable Staining	 	[***]
	3. Microbial Safety	 	Sterility	 	[***]
	4. Surface Markers	 	[***]	 	[***]
	 	 	[***]	 	[***]
	5. Protein Secretion	 	[***]	 	[***]
	6. Other	 	[***]	 	[***]
	 	 	[***]	 	[***]

  

     

     

    

 

Exhibit D

 

Original Cell Line

 

The mesenchymal stem cells
(MSCs) that were derived from an induced pluripotent stem cell line that was made using the mRNA cell reprogramming methods disclosed
in the Licensed Patents and having the unique identifier: [***].

 

     

     

    

 

Exhibit E

 

Form of Subscription
Agreement

 

THE SECURITIES SUBJECT TO THIS SUBSCRIPTION
AGREEMENT ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER
THE SECURITIES ACT OF 1933 (the “1933 Act”), AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, PURSUANT
TO REGISTRATION OR EXEMPTION THEREFROM. PURCHASER SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

NAME OF PURCHASER: Novellus
LLC

 

NOVECITE, INC.

 

SUBSCRIPTION
AGREEMENT

 

The undersigned, Novellus
LLC, a Delaware limited liability company (the “Purchaser”), hereby subscribes to and agrees to purchase
Five Hundred (500) shares (the “Shares”) of common stock, $0.001 par value per share (the “Common
Stock”) of NoveCite, Inc., a Delaware corporation (the “Corporation”), at the purchase
price of $1.00 per share for the aggregate total purchase price of Five Hundred Dollars ($500.00).

 

The Shares to be issued
to the Purchaser hereunder shall equal twenty five percent (25%) of the capital stock of the Corporation, calculated on a Fully
Diluted Basis (as defined herein), as of the date of issuance and after giving effect to the issuance, and to be calculated in
the future after giving effect to the anti-dilutive provisions hereof triggered by the issuance of any Additional Securities (as
defined herein), as further provided in Section 3(a).

 

Section 1. Representation
and Warranties of the Purchaser. The Purchaser hereby represents, warrants and agrees as follows:

 

(a) Purchaser
is a limited liability company organized and existing under the laws of Delaware.

 

(b) Purchaser
understands that the sale and issuance of securities contemplated hereby is made in reliance upon the Purchaser’s representation
to the Corporation, which by the Purchaser’s acceptance hereof the Purchaser hereby confirms, that the Shares to be received
by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with
a view to the sale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting participation
in, or otherwise distributing the same. By executing this Subscription Agreement, the Purchaser further represents that the Purchaser
does not have any contract, undertaking, agreement, or arrangement with any person to sell, transfer or grant participations to
such person, or to any third person, with respect to any of the Shares.

 

(c) Purchaser
understands that the Shares have not been registered under the 1933 Act on the grounds that the sale provided for in this Agreement
and the issuance of securities hereunder is exempt from registration under the 1933 Act, and that the Corporation’s reliance
on such exemption is predicated in part on the Purchaser’s representations set forth herein. The Purchaser realizes that
the basis for the exemption may not be present if, notwithstanding such representations, the Purchaser has in mind merely acquiring
the Shares for a fixed or determined period in the future, or for a market rise, or for sale if the market does not rise. The Purchaser
does not have any such intention.

 

     

     

    

 

(d) Purchaser
represents that the Purchaser is experienced in evaluating early-stage companies such as the Corporation, is able to fend for the
Purchaser’s own self in the transactions contemplated by this Agreement, has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of the Purchaser’s investment, and has the ability to
bear the economic risks of the Purchaser’s investment. The Purchaser further represents that the Purchaser has had access,
during the course of the transactions contemplated hereby and prior to the Purchaser’s acquisition of Shares, to all such
information as the Purchaser deemed necessary or appropriate (to the extent the Corporation possessed such information or could
acquire it without unreasonable effort or expense), and that the Purchaser has had, during the course of the transactions and prior
to the Purchaser’s acquisition of Shares, the opportunity to ask questions of, and receive answers from, the Corporation
concerning the terms and conditions of the offering and to obtain additional information (to the extent the Corporation possessed
such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information
furnished to the Purchaser or to which the Purchaser had access.

 

(e) Purchaser
understands that the Shares may not be sold, transferred or otherwise disposed of without registration under the 1933 Act, or any
other applicable securities laws, or an exemption therefrom, and that in the absence of an effective registration statement covering
the Shares or an available exemption from registration under the 1933 Act or any other applicable securities laws, the Shares must
be held indefinitely. In particular, the Purchaser is aware that the Shares may not be sold pursuant to Rule 144 promulgated under
the 1933 Act unless all of the conditions of that Rule are met. Among the conditions for use of Rule 144 is the availability of
current information to the public about the Corporation. Such information is not now available and the Corporation has no present
plans to make such information available. The Purchaser represents that, in the absence of an effective registration statement
covering the Shares the Purchaser will sell, transfer, or otherwise dispose of the Shares only in a manner consistent with the
Purchaser’s representations set forth herein.

 

(f) Purchaser
agrees that in no event will the Purchaser make a transfer or disposition of any of the Shares (other than pursuant to an effective
registration statement under the 1933 Act or, to the Corporation’s reasonable satisfaction, pursuant to Rule 144), unless
and until (i) the Purchaser shall have notified the Corporation of the proposed disposition and shall have furnished the Corporation
with a statement of the circumstances surrounding the disposition, and (ii) if requested by the Corporation, at the expense
of the Purchaser or transferee, the Purchaser shall have furnished to the Corporation an opinion of counsel, reasonably satisfactory
to the Corporation, to the effect that such transfer may be made without registration under the 1933 Act.

 

(g) Purchaser
understands that each certificate representing the Shares will be endorsed with a legend substantially as follows.

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION
OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
FOR SUCH SECURITIES UNDER THE 1933 ACT, AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE
REGISTRATION PROVISIONS OF THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS.”

 

     

     

    

 

(h) Purchaser
will indemnify the Corporation, its officers, directors, shareholders, employees and agents against any losses or damages suffered
by any of them as a result of the failure of the above representations and warranties to be true or the failure of the Purchaser
to comply with the agreements set forth herein.

 

(i) Purchaser
understands that no public market now exists for any of the securities issued by the Corporation and that there is no assurance
that a public market will ever exist for the Shares.

 

Section 2. Representations
and Warranties of the Corporation. The Corporation hereby represents, warrants and agrees as follows:

 

(a) The
Corporation is duly organized, validly existing and in good standing under the laws of Delaware. The Corporation has all requisite
power and authority to carry on its business as proposed to be conducted.

 

(b) The
Corporation has full legal power and authority to enter into this Agreement and to carry out and perform its obligations hereunder.
The execution, delivery and performance by Corporation of this Agreement and the consummation of the transactions as contemplated
hereby have been duly authorized and approved by all necessary action. This Agreement has been duly authorized, executed and delivered
by the Corporation and, assuming due authorization, execution and delivery by the other party hereto, constitutes the legal, valid
and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or
affecting creditor’s rights generally and to general equitable principles.

 

(c) The
execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of the Corporation’s
obligations hereunder will not conflict with, or result in a violation of or default (or event which after passage of time or notice,
or both, would constitute a default) under, any provision of any governing instrument applicable to the Corporation or any other
agreement or other instrument to which the Corporation is a party or by which the Corporation or any of its properties are bound,
or any foreign or domestic permit, franchise, judgment, decree, stature, rule or regulation applicable to the Corporation or the
Corporation’s business or properties.

 

(d) Assuming
the Purchaser’s representations and warranties set forth in Section 1 are true and correct in all material respects, the
offer and sale, issuance and delivery of the Shares contemplated hereby are exempt from registration under the 1933 Act, and under
applicable state securities and “blue sky” laws, as currently in effect.

 

(e) The Shares
being purchased by the Purchaser hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for
the consideration expressed herein, will be duly authorized and validly issued, fully paid, and nonassessable, and will be free
of restrictions on transfer other than restrictions on transfer under this Agreement and under applicable federal and state securities
laws.

 

     

     

    

 

Section 3. Anti-Dilution Protection;
Registration Rights; Director Designation.

 

(a)  Anti-Dilution.
If, at any time, until the earliest of (i) the initial public offering of the Corporation’s equity securities under the 1933
Act (“IPO”) or (ii) a Change of Control of the Corporation, the Corporation issues Additional Securities,
but excluding any Excluded Securities, that would cause the Purchaser’s collective shareholdings in the Corporation to drop
below twenty five percent (25%) on a Fully Diluted Basis, then concurrently with the issuance of such Additional Securities, the
Corporation shall issue directly to the Purchaser for no additional consideration such additional number of shares of common stock
of the Corporation such that the Purchaser’s shareholdings in Corporation shall equal twenty five percent (25%) of the capital
stock of the Corporation on a Fully Diluted Basis, as calculated after giving effect to the issuance of such Additional Securities
and the resulting anti-dilutive issuance to the Purchaser hereunder. Upon request, but no more frequently than once per calendar
quarter, the Corporation will deliver to the Purchaser a statement of the outstanding capital stock of the Corporation on a Fully
Diluted Basis in sufficient detail as to permit the Purchaser to calculate its percentage equity ownership in the Corporation.

 

The following terms
shall have the following meanings:

 

		(i)	“Additional Securities” means shares of capital stock of any class or
series (including preferred stock), warrants or other rights to subscribe for, purchase or acquire from the Corporation any capital
stock of the Corporation, but excluding any Excluded Securities.

 

		(ii)	“Change of Control” means (x) the acquisition of the Corporation or its
equity securities by another person or entity by means of any transaction or series of related transactions (including, without
limitation, any reorganization, merger or consolidation) that results in the transfer of all of the outstanding equity securities
of the Corporation, or (y) a sale of all or substantially all of the assets of the Corporation.

 

		(iii)	“Excluded Securities” means equity awards issued by the Corporation pursuant
to a stockholder-approved plan and the shares of Common Stock issued pursuant to the exercise of such awards; provided, however,
that such Excluded Securities reserved under any plan (whether or not approved by the stockholders) shall not exceed twenty percent
(20%) of the outstanding equity securities of the Corporation.

 

		(iv)	“Fully Diluted Basis” means, as of a specified date of any issuance of
Additional Securities, the number of shares of common stock of the Corporation then-outstanding, plus the number of shares
of common stock of the Corporation issuable upon exercise or conversion of then-outstanding preferred shares, options (excluding
any Excluded Securities), rights or warrants of the Corporation (which shall be determined without regard to whether such securities
are then exercisable or convertible), but excluding any Excluded Securities, and plus the number of shares of capital stock
issuable under any convertible promissory notes containing a fixed or determinable valuation cap.

 

     

     

    

 

(b) Demand
Registration Rights. Subject to any applicable lock-up agreement (including any lock-up provisions in any applicable underwriting
agreement) the Purchaser or the Corporation may enter into and subject to the conditions set forth in this Section 3(b), at any
time after the Corporation’s IPO, if the Corporation shall receive from the Purchaser a written request that the Corporation
effect any registration under the 1933 Act with respect to the Shares specifying the number of Shares and intended method(s) of
disposition of the Shares (the “Demand Notice”), the Corporation will: (i) promptly give written notice
of the proposed registration to the Purchaser; and (ii) as soon as practicable, file and use its commercially reasonable and diligent
efforts to effect such registration (including, without limitation, filing post-effective amendments, appropriate qualifications
under applicable “blue sky” or other state securities laws, and appropriate compliance with the 1933 Act) and to permit
or facilitate the sale and distribution of all such Shares as specified in the Demand Notice. The aggregate offering price for
such registration under this Section shall not be less than $5,000,000. Notwithstanding the foregoing, the Purchaser may not exercise
its demand registration rights after three (3) years from the effective date of the Corporation’s IPO, and may not exercise
its demand rights on more than two occasions.

 

(c) Piggyback
Registration Rights. For a period of three (3) years from the closing of the Corporation’s IPO, if at any time the Corporation
shall determine to register in a public offering for its own account (or the account of selling stockholders) under the 1933 Act
any of its Common Stock, it shall send to the Purchaser written notice of such determination and, if within twenty (20) days
after receipt of such notice, the Purchaser shall so request in writing, the Corporation shall use its commercially reasonable
efforts to include in such registration statement all or any part of the Shares such Purchaser requests to be registered. This
right shall not apply to a registration of shares of Common Stock on Form S-4 or Form S-8 (or their then equivalents) relating
to shares of Common Stock to be issued by the Corporation in connection with any acquisition of any entity or other business combination
involving the Corporation, or shares of Common Stock issuable in connection with any stock option, stock compensation or other
employee benefit plan of the Corporation for the benefit of employees, officers, directors or consultants of the Corporation. If,
in connection with any offering involving an underwriting or best efforts placement of Common Stock to be issued by the Corporation
and/or selling stockholders, the managing underwriter or the sales agent, as applicable, of such offering or the Corporation shall
impose a limitation on the number of shares of such Common Stock which may be included in any such registration statement because,
in its judgment, such limitation is necessary to effect an orderly public distribution of the Common Stock and to maintain a stable
market for the securities of the Corporation, then the Corporation shall be obligated to include in such registration statement
only such limited portion (which may be none) of the Shares with respect to which the Purchaser has requested inclusion thereunder,
pro rata based upon the number of shares originally requested for inclusion in such registration statement by all selling
stockholders requesting inclusion thereunder. In the case of a registration under Section 3(b) or this paragraph (c), the Corporation
shall bear the expenses of any filing of any registration, including, but not limited to, printing, legal and accounting expenses,
Securities and Exchange Commission and FINRA filing fees and all related “Blue Sky” fees and expenses; provided,
however, that the Corporation shall have no obligation to pay or otherwise bear any portion of the underwriters’
commissions or discounts attributable to the Shares being offered and sold by the Purchaser, or the fees and expenses of any counsel,
tax advisor or accountant selected by the Purchaser in connection with the registration of the Shares.

 

     

     

    

 

(d) Director
Designation. For so long as the Purchaser holds at least fifty percent (50%) of the Shares initially issued to it hereunder,
the Purchaser shall have the right to designate one director of the Corporation (the “Director Designee”).
At any meeting of stockholders at which directors of the Corporation are proposed for election (or through the distribution of
any written consent or proxy of stockholders solicited by the Corporation or any third party for the election of directors), the
Corporation shall propose the Director Designee for election to the Board of Directors, subject to approval by the stockholders.
In lieu of a request for designation and nomination as a director, the Purchaser may substitute the Director Designee with a non-voting
observer to the Board of Directors. The non-voting observer, if any, shall be bound by the same duties, including confidentiality,
as would a director of the Corporation, as well as any Corporation policies applicable to directors of the Corporation; provided,
however, the non-voting observer shall have no fiduciary duty to the Corporation.

 

Section 4. Miscellaneous.

 

(a) Notices.
The Purchaser agrees that the Corporation may deliver any notice of any meeting of the shareholders of the corporation to the Purchaser
by electronic mail or other electronic means and that any notice sent to the Purchaser by the Corporation by such means will be
deemed effective when sent as provided in the Delaware General Corporation Law. The Purchaser and the Corporation agree that the
Purchaser may terminate this Section 4(a) at any time by written notice to the Corporation and such notice of termination of this
Section 4(a) shall be effective upon receipt by the Corporation.

 

(b) Transferability.
Notwithstanding the other provisions of this Agreement, upon ten (10) business days’ prior written notice, the Purchaser
shall be entitled to transfer or assign all or any portion of the Shares issued hereunder to an entity or person which is an affiliate
or stockholder of the Purchaser or any affiliated entity of Purchaser, provided such transferee or assignee is bound by the provisions
of this Agreement and any such transfer or assignment shall be made in accordance with applicable federal securities laws.

 

(c) Governing
Law. The substantive law governing this Agreement (which shall be applied in the arbitration) shall be, with respect to disputes
involving general contract or trade secret matters, the internal laws of the State of New York. Notwithstanding anything contained
herein to the contrary the rights of the Purchaser solely with respect to the Shares shall be governed by the Delaware General
Corporation Law and any relevant case law interpreting such law. Any award rendered by the arbitrator shall be final, conclusive
and binding upon the parties to this Agreement, and judgment thereon may be entered and enforced in any state or federal court
of competent jurisdiction. If any provisions of this Agreement are or will come into conflict with the laws or regulations of any
jurisdiction or any governmental entity having jurisdiction over the Corporation or the Purchaser or this Agreement, those provisions
will be deemed automatically deleted, if such deletion is allowed by relevant law, and the remaining terms and conditions of this
Agreement will remain in full force and effect. If such a deletion is not so allowed or if such a deletion leaves terms thereby
made clearly illogical or inappropriate in effect, the parties agree to substitute new terms as similar in effect to the present
terms of this Agreement as may be allowed under applicable law.

 

     

     

    

 

(c) Counterparts;
Delivery. This Subscription Agreement may be executed in any number of counterparts and may be delivered via electronic mail
(including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., DocuSign) or other transmission
method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes, each of which shall be deemed an original, and all of which together shall constitute one instrument.

 

(d) Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter thereof
and supersedes all previous agreements, negotiations, commitments, and writings with respect to such subject matter. Neither party
shall be obligated by any undertaking or representation regarding that subject matter other than those expressly stated herein
or as may be subsequently agreed to by the parties hereto in writing.

 

(e) Amendment.
No amendment, modification or supplement of any provision of this Agreement will be valid or effective unless made in writing and
signed by a duly authorized officer of each party hereto.

 

(f) Assignment.
This Agreement will be binding upon and will inure to the benefit of each party hereto and each party’s respective permitted
transferees, successors and assigns, pursuant to the provisions set forth below. The Corporation may not transfer or assign this
Agreement without the prior written consent of Purchaser, except that the Corporation may transfer or assign this Agreement without
the prior written consent of Purchaser in the event of a Change of Control. Upon a Change of Control, the rights and obligations
of the Corporation under this Agreement shall inure to the benefit of the acquiring party in the Change of Control. The Purchaser
may not transfer or assign this Agreement without the prior written consent of the Corporation; provided, however, the Purchaser
may transfer the Shares to an affiliated entity or to the stockholders or equity owners of any affiliated entity, and all rights
and obligations of the transferees shall be binding upon, and inure to the benefit of, all parties. Notwithstanding anything contained
herein to the contrary, the right of the Purchaser to designate a director or non-voting observer of the Corporation under Section
3(d) shall not be transferable.

 

[Signatures on next page]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Subscription Agreement effective as of October 2, 2020.

 

	 	CORPORATION:
	 	 
	 	NoveCite, Inc.
	 	 	                     
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	11 Commerce Drive, 1st Floor
	 	Cranford, New Jersey 07016
	 	 
	 	PURCHASER:
	 	 
	 	Novellus LLC
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	1035 Cambridge Street, Suite 17B
	 	Cambridge, Massachusetts 02141

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

Schedule 6.1.2

 

Factor is the sole owner of the Licensed Patents below
and the Licensed Know-How exclusively licensed to Licensor pursuant to the Factor Agreement.

 

	Docket 

Number	 	Assignee	 	Country	 	Application No.

Application Date	 	Registration No. 

Registration Date	 	Case Status
	
        FAB-

        001AU
	 	
        Factor

        Bioscience
	 	Australia	 	
        2012347919

        Dec-05-2012
	 	
        2012347919

        May-18-2017
	 	PATENTED
	FAB-

                                                           001AUD1
	 	
        Factor

        Bioscience
	 	Australia	 	
        2016277545

        Dec-05-2012
	 	
        2016277545

        Sep-28-2017
	 	PATENTED
	FAB-

                                                           001AUD3
	 	
        Factor

        Bioscience
	 	Australia	 	
        2019203662

        Dec-05-2012
	 	
        2019203662

        May-14-2020
	 	PATENTED
	FAB-

                                                           001AUD4
	 	
        Factor

        Bioscience
	 	Australia	 	
        2020202780

        Dec-05-2012
	 	N/A	 	Pending
	FAB-

                                                           001BR
	 	
        Factor

        Bioscience
	 	Brazil	 	
        1120140136645

        Dec-05-2012
	 	N/A	 	Pending
	FAB-

                                                           001CA
	 	
        Factor

        Bioscience
	 	Canada	 	
        2,858,148

        Dec-05-2012
	 	N/A	 	Pending
	FAB-

                                                           001CN
	 	
        Factor

        Bioscience
	 	China	 	
        201280068223.

        0

        Dec-05-2012
	 	ZL201280068223.0 Nov-25-2015	 	PATENTED
	FAB-

                                                           001CND1
	 	
        Factor

        Bioscience
	 	China	 	
        201510852019.

        3

        Dec-05-2012
	 	ZL201510852019.3 May-29-2017	 	PATENTED
	FAB-

                                                           001CND2
	 	
        Factor

        Bioscience
	 	China	 	
        201510853689.

        7

        Dec-05-2012
	 	ZL201510853689.7 Aug-13-2019	 	PATENTED
	FAB-

                                                           001CND3
	 	
        Factor

        Bioscience
	 	China	 	
        201510853690.

        X

        Dec-05-2012
	 	
        ZL201510853690.

        X

        Jul-31-2020
	 	PATENTED
	FAB-

                                                           001CND4
	 	
        Factor

        Bioscience
	 	China	 	
        202010626574.

        5

        Dec-05-2012
	 	N/A	 	Pending
	FAB-

                                                           001EP
	 	
        Factor

        Bioscience
	 	Europe	 	
        12813595.1

        Dec-05-2012
	 	
        2788033

        May-31-2017
	 	
        PATENTED

         

        Validated in CH

        DE FR GB

        IE

	FAB-

                                                           001EPD1
	 	
        Factor

        Bioscience
	 	Europe	 	
        17170810.0

        May-02-2017
	 	N/A	 	Allowed

 

     

     

    

 

	Docket 

Number	 	Assignee	 	Country	 	Application No.

Application Date	 	Registration No. 

Registration Date	 	Case Status
	
        FAB-

        001HK
	 	
        Factor

        Bioscience
	 	
        Hong

        Kong
	 	
        15103141.5

        Dec-05-2012
	 	
        1202443

        Mar-23-2018
	 	PATENTED
	FAB-

                                                           001HKD1
	 	
        Factor

        Bioscience
	 	Hong Kong	 	
        16108558.9

        Dec-05-2012
	 	
        1220490

        Feb-23-2018
	 	PATENTED
	FAB-

                                                           001HKD2
	 	
        Factor

        Bioscience
	 	Hong Kong	 	
        16110473.7

        Dec-05-2012
	 	N/A	 	Pending
	FAB-

                                                           001HKD4
	 	
        Factor

        Bioscience
	 	Hong Kong	 	
        18101023.9

        Jan-23-2018
	 	N/A	 	Pending
	FAB-

                                                           001JP
	 	
        Factor

        Bioscience
	 	Japan	 	
        2014-546024

        Dec-05-2012
	 	
        6073916

        Jan-13-2017
	 	PATENTED
	FAB-

                                                           001JPD1
	 	
        Factor

        Bioscience
	 	Japan	 	
        2016-213019

        Oct-31-2016
	 	
        6294944

        Feb-23-2018
	 	PATENTED
	FAB-

                                                           001KR
	 	
        Factor

        Bioscience
	 	Republic of Korea	 	
        10-2014-

        7018569

        Dec-05-2012
	 	
         

        N/A
	 	
         

        Allowed

	FAB-

                                                           001MX
	 	
        Factor

        Bioscience
	 	Mexico	 	
        MX/a/2014/006 663

        Dec-05-2012
	 	
        354995

        Mar-27-2018
	 	
         

        PATENTED

	FAB-

                                                           001RU
	 	
        Factor

        Bioscience
	 	Russian Federation	 	
        2014127505

        Dec-05-2012
	 	
        2624139

        Jun-30-2017
	 	PATENTED
	FAB-

                                                           001RUD2
	 	
        Factor

        Bioscience
	 	Russian Federation	 	RU   2018112719 Apr-10-2018	 	
         

        N/A
	 	
         

        Pending

	FAB-

                                                           003
	 	
        Factor

        Bioscience
	 	USA	 	
        13/465,490

        May-07-2012
	 	
        8,497,124

        Jul-30-2013
	 	PATENTED
	FAB-

                                                           003C1
	 	
        Factor

        Bioscience
	 	USA	 	
        13/931,251

        Jun-28-2013
	 	
        9,127,248

        Sep-08-2015
	 	PATENTED
	
        FAB-

        003C2
	 	
        Factor

        Bioscience
	 	USA	 	
        14/810,123

        Jul-27-2015
	 	
        9,399,761

        Jul-26-2016
	 	PATENTED
	FAB-

                                                           003C3
	 	
        Factor

        Bioscience
	 	USA	 	
        15/178,190

        Jun-9-2016
	 	
        9,562,218

        Feb-07-2017
	 	PATENTED
	FAB-

                                                           003C4
	 	
        Factor

        Bioscience
	 	USA	 	
        15/358,818

        Nov-22-2016
	 	
        9,695,401

        Jul-04-2017
	 	PATENTED
	FAB-

                                                           003C5
	 	
        Factor

        Bioscience
	 	USA	 	
        15/605,513

        May-25-2017
	 	
        9,879,228

        Jan-30-2018
	 	PATENTED
	FAB-

                                                           003C6
	 	
        Factor

        Bioscience
	 	USA	 	
        15/844,063

        Dec-15-2017
	 	
        9,969,983

        May-15-2018
	 	PATENTED
	FAB-

                                                           003C7
	 	
        Factor

        Bioscience
	 	USA	 	
        15/947,741

        April-06-2018
	 	
        10,131,882

        Nov-20-2018
	 	PATENTED
	
        FAB-

        003C8
	 	
        Factor

        Bioscience
	 	USA	 	
        US 16/037,597

        July-17-2018
	 	
        10,301,599

        May-28-2019
	 	PATENTED
	FAB-

                                                           003C9
	 	
        Factor

        Bioscience
	 	USA	 	
        US 16/374,482

        April 3, 2019
	 	
        10,443,045

        Oct 15, 2019
	 	PATENTED

 

     

     

    

 

	Docket 

Number	 	Assignee	 	Country	 	
        Application No.

        Application Date
	 	Registration No. 

Registration Date	 	Case Status
	
        FAB-

        003C10
	 	
        Factor

        Bioscience
	 	USA	 	
        US 16/562,497

        Sept-05-2019
	 	N/A	 	Pending
	FAB-

                                                           016PR
	 	Factor

                                                           Bioscience
	 	USA	 	
        US 63/016,626

        April 28,2020
	 	N/A	 	PendingExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of December 16, 2020 by and between Adaptimmune,
LLC (the “Company”), a limited liability corporation and wholly-owned subsidiary of Adaptimmune Limited, and
Elliot Norry, an individual residing at 103 Church Street, Appt 20, Philadelphia PA 19106 (“Executive”).

 

WHEREAS the Company and
Executive desire to enter into this Agreement to establish and govern the terms and conditions of Executive’s employment
by the Company;

 

NOW THEREFORE, in consideration
of the promises and mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.             Employment.
The Company agrees to employ Executive and Executive agrees to provide services to the Company pursuant to this Agreement from
January 1, 2021 (“Commencement of Employment”) until the termination of Executive’s employment hereunder
pursuant to Section 5. The period from Commencement of Employment through the date of Executive’s termination
of employment shall be referred to as the “Employment Period.”

 

2.             Position
and Duties.

 

(a)           During
the Employment Period, Executive shall be employed by the Company and shall serve as the Chief Medical Officer of Adaptimmune Therapeutics
plc (the “PLC”) and in such capacity shall have the normal duties, responsibilities, functions and authority of a Chief
Medical Officer, subject to the power and authority of the Chief Executive Officer and the board of directors or the remuneration
committee of such board of directors, as applicable (the “Board”) of the PLC to expand or limit such duties,
responsibilities, functions and authority, and the power and authority of the Board to overrule actions of officers of the
Group. During the Employment Period, Executive shall render such services to the Group which are consistent with Executive’s
position and as the Chief Executive Officer and the Board may from time to time direct.

 

In this Agreement, “Group”
means the PLC and its subsidiaries from time to time and “Group Company” means a company which is a member of
the Group and includes the Company.

 

(b)           During
the Employment Period, Executive shall report to the Chief Executive Officer and shall devote his best efforts and his full business
time and attention to the business and affairs of the Group. Executive shall perform his duties, responsibilities and functions
to the best of his abilities in a diligent, trustworthy, professional and efficient manner, shall comply with the policies and
procedures of the Company and of the PLC and shall comply with all applicable federal, state and/or local laws. In performing his
duties and exercising his authority under this Agreement, Executive shall develop, support and implement the business and strategic
plans approved from time to time by the Board. So long as Executive is employed by the Company, Executive shall not, without the
prior written consent of the Board, accept other employment or perform other services for compensation, which the Board reasonably
considers may be, or become harmful to the interests of the Company or any Group Company or which might reasonably be considered
to interfere with Executive’s duties under this Agreement. Notwithstanding the foregoing, nothing in this Agreement shall
preclude Executive from engaging in educational, charitable, political, professional and civic activities, provided that such engagement
does not interfere with Executive’s duties and responsibilities hereunder.

 

(c)           During
the Employment Period, Executive’s primary work location shall be Philadelphia, Pennsylvania; provided, however, that Executive
shall travel to other locations and countries as and when required by the Board including, but not limited to, travel to the Group’s
affiliate offices in the United Kingdom.

 

3.            At-Will
Relationship. Executive’s employment with the Company is at-will and not for any specified period and may be terminated
by either Executive or the Company at any time for any or no reason, subject to Section 5 of this Agreement. Nothing
in this Agreement is intended to or should be construed to contradict, modify or alter this at-will employment relationship.

 

     

     

    

 

4.             Compensation
and Benefits.

 

(a)           Base
Salary. During the Employment Period, Executive’s base salary initially, with effect from January 1, 2021, shall
be $425,100 per annum, which may be modified by the Company in its sole discretion (the “Base Salary”), and
which shall be payable by the Company in regular installments in accordance with the Company’s payroll practices in effect
from time to time, less applicable deductions and withholding as required by law. For the avoidance of doubt, in any partial calendar
year in the Employment Period, the Base Salary shall be prorated to reflect the period of time for which Executive is actually
employed by the Company pursuant to this Agreement. During the Employment Period, the Base Salary shall be reviewed annually
by the Company in accordance with the guidelines and procedures of the Group applicable to similarly situated executives with the
first such review effective January 2022.

 

(b)           Bonus.
Subject to the terms of the Executive Severance Policy of the PLC, in force from time to time (the “Executive Severance
Policy”), in addition to the Base Salary, Executive will be eligible to receive a bonus following the end of each calendar
year that ends during the Employment Period (“Annual Bonus”), subject to: (i) objective criteria
set forth by the Board or an authorized delegate thereof on an annual basis; and (ii) the overall performance of the Group.
The initial target Annual Bonus with effect from January 1, 2021 shall be forty-five percent (45%) of Executive’s Base
Salary. The Annual Bonus shall be pro-rated for any year of employment and paid in a single lump sum no later than March 15,
of the year following the calendar year in which the Annual Bonus, if any, was earned. For clarity, any Annual Bonus payment made
to Executive shall be purely discretionary and shall not form part of Executive’s contractual compensation under this Agreement.
The first review of the target Annual Bonus percentage will occur in January 2022 and thereafter the target Annual Bonus percentage
shall be reviewed on an annual basis. If the Company makes an Annual Bonus payment to Executive in respect of a particular calendar
year, it shall not be obliged to make subsequent Annual Bonus payments in respect of subsequent calendar years.

 

Executive must be employed
by the Company on December 31st of the calendar year on which the bonus is based in order to be eligible to receive
the Annual Bonus. Any Annual Bonus payments shall be paid to Executive less applicable deductions and withholding as required by
law. Nothing in this Agreement will preclude the Board from changing or altering the objective criteria referred to under Section 4(b)(i),
in whole or in part, in the Board’s sole discretion.

 

(c)           Stock
Options. During the Employment Period, Executive shall be eligible to participate in the equity plans sponsored and/or
maintained by the Company and its affiliates from time to time, in accordance with the terms of any such plans, at the sole and
absolute discretion of the Company and the Board. On such date as the Board may determine and subject to the rules of the
relevant equity plan and any applicable legal or regulatory requirements, Executive shall be awarded “market value”
options to acquire ordinary shares in the PLC and RSU-style options to acquire ordinary shares in the PLC on condition that, at
the time of the award of such stock options, Executive continues to serve as the Chief Medical Officer of the PLC and remains employed
by the Company and is not under notice of termination (given or received). The options shall vest over a period of four years from
the date of grant. The market value options shall have an exercise price per ordinary share of not less than one sixth of the closing
trading price of an American Depositary Share on the last business day prior to the date of grant, translated from USD to GBP,
and the RSU-style options shall have an exercise price of £0.001 per ordinary share.

 

(d)           Employee
Benefits. During the Employment Period, Executive shall be entitled to participate in all of the Company’s then-existing
employee benefit programs for which senior executive employees of the Company are generally eligible. Nothing in this Agreement
will preclude the Company from changing, altering or terminating any of the plans or programs for which senior executive employees
of the Company are eligible, in whole or in part, in the Company’s sole discretion.

 

    2 

     

    

 

(e)           Vacation.
During the Employment Period, Executive shall receive paid vacation per calendar year (prorated to reflect the period of time for
which Executive is actually employed by the Company pursuant to this Agreement), to be accrued and taken in accordance with the
Company’s then-existing vacation policies. In the vacation year in which his employment terminates, Executive's entitlement
to vacation shall accrue on a pro-rata basis for each complete month of service during the relevant year. If, on the termination
of the employment, Executive has exceeded his accrued vacation entitlement, the excess may be deducted from any sums due to him
unless the amounts due to him constitute “deferred compensation” for purposes of Section 409A of the Internal
Revenue Code. If Executive has any unused vacation entitlement, the Company may either require Executive to take such unused vacation
during any notice period or to accept payment in lieu of vacation. Any payment in lieu of vacation shall only be made in respect
of vacation accrued during Executive's final vacation year.

 

(f)            Business
Equipment. During the Employment Period, the Company shall provide Executive with equipment for business use in accordance
with the Company’s then-existing device policy (“Business Equipment”). The Company also agrees to pay
reasonable related monthly service charges for the Business Equipment. Executive understands that the Business Equipment provided
by the Company is for business use and will remain the property of the Company. Upon termination of employment or on demand by
the Company at any time, Executive agrees to immediately return the Business Equipment without copying, deleting or otherwise modifying
any data, documents or information stored on the Business Equipment.

 

5.             Notice
of Termination

 

(a)           Notice
of Termination. Subject to the terms of this Agreement, the Employment Period and Executive’s employment with the Company
may be terminated by the Company immediately at any time and for any or no reason, and by Executive for any reason including but
not limited to Good Reason, on provision of sixty (60) days written notice. Any termination of employment by the Company or by
Executive under this Section 5 shall be communicated by a written notice to the other party hereto indicating the specific
termination provision in this Agreement relied upon (a “Notice of Termination”).

 

(b)          The
Executive Severance Policy as in force from time to time shall apply to Executive in relation to the Employment. Such policy may
be amended or terminated in accordance with the terms of the policy, save that where any proposed amendment or termination substantially
reduces the rights of Executive following the termination of Executive’s employment: (i) the Company will consult with
Executive on such proposed amendment or termination; and (ii) any such substantial reduction in the rights or benefits of
Executive must be agreed with Executive. Where, following consultation, Executive does not agree to any such proposed amendment
or termination, then the Executive Severance Policy shall continue in full force and effect without such proposed amendment or
termination.

 

6.             Confidential
Information.

 

(a)           Executive
shall not, except as may be required to perform Executive’s duties hereunder or as required by applicable law, during the
Employment Period and after employment ends (regardless of the reason), without limitation in time or until such information shall
have become public other than by Executive’s unauthorized disclosure, disclose to others or use, whether directly or indirectly,
any non-public confidential or proprietary information with respect to the PLC or any Group Company, including, without limitation,
their business relationships, negotiations and past, present and prospective activities, methods of doing business, know-how, trade
secrets, data, formulae, product designs and styles, product development plans, customer lists, investors, and all papers, resumes
and records (including computer records) of the documents containing such information (“Confidential Information”).
Executive stipulates and agrees that as between Executive and the PLC or any Group Company the foregoing matters are important
and that material and confidential proprietary information and trade secrets affect the successful conduct of the businesses of
the PLC or any Group Company (and any successor or assignee of the PLC or any Group Company ). Nothing about the foregoing shall
preclude Executive from testifying truthfully in any forum or from providing truthful information to any government agency or commission.

 

    3 

     

    

 

(b)           Executive
agrees not to remove from the Company’s premises any property of the PLC or any Group Company including, but not limited
to, documents, records, or materials containing any Confidential Information, except as necessary to perform Executive’s
work for the Group.

 

(c)           Executive
agrees to deliver or return to the Company, at the Company’s request at any time or upon termination of Executive’s
employment (regardless of the reason): (i) all documents, computer tapes and disks, records, lists, data, drawings, prints,
notes and written information (and all copies thereof) furnished by or on behalf of or for the benefit of the PLC or any Group
Company or prepared by Executive during the term of Executive’s employment by the Company, regardless of whether Confidential
Information is contained therein; and (ii) all physical property of the PLC or any Group Company which Executive received
in connection with Executive’s employment with the Company including, without limitation, credit cards, passes, door and
file keys, and computer hardware and software existing in tangible form.

 

(d)           Executive
represents and warrants to the Company that Executive took nothing with him which belonged to any former employer when Executive
left his prior position and that Executive has nothing that contains any information which belongs to any former employer. If at
any time Executive discovers this is incorrect, Executive shall promptly return any such materials to Executive’s former
employer. The Company does not want any such materials, and Executive shall not be permitted to use or refer to any such materials
in the performance of Executive’s duties hereunder.

 

7.            Work
Product and Intellectual Property, Inventions and Patents.

 

(a)           For
purposes of this Agreement, “Work Product” shall include (i) all works, materials, ideas, innovations,
inventions, discoveries, techniques, methods, processes, formulae, compositions, developments, improvements, technology, know-how,
algorithms, data and data files, computer process systems, computer code, software, databases, hardware configuration information,
research and development projects, experiments, trials, assays, lab books, test results, specifications, formats, designs, drawings,
blueprints, sketches, artwork, graphics, documents, records, writings, reports, machinery, prototypes, models, sequences, and components;
(ii) all tangible and intangible embodiments of the foregoing, of any kind or format whatsoever, including in printed and
electronic media; and (iii) all Intellectual Property Rights (as defined below) associated with or related to the foregoing.

 

“Company Work
Product” shall include all Work Product that Executive partially or completely creates, makes, develops, discovers, derives,
conceives, reduces to practice, authors, or fixes in a tangible medium of expression, whether solely or jointly with others and
whether on or off the Group’s premises, in connection with the Group’s business (w) while employed by the Company,
or (x) with the use of the time, materials, or facilities of the Group, or (y) relating to any product, service, or activity
of the Group of which Executive has knowledge, or (z) suggested by or resulting from any work performed by Executive for the
Group.

 

(b)           For
purposes of this Agreement, “Intellectual Property Rights” means any and all worldwide rights, title, or interest
existing now or in the future under patent law, trademark law, copyright law, industrial rights design law, moral rights law, trade
secret law, and any and all similar proprietary rights, however denominated, and any and all continuations, continuations-in-part,
divisions, renewals, reissue, reexaminations, extensions and/or restorations thereof, now or hereafter in force and effect, including
without limitation all patents, patent applications, industrial rights, mask works rights, trademarks, trademark applications,
trade names, slogans, logos, service marks and other marks, copyrightable material, copyrights, copyright applications, moral rights,
trade secrets, and trade dress.

 

(c)           Executive
acknowledges and agrees that all Company Work Product is and shall belong to the Company. Executive shall and hereby does irrevocably
assign and transfer to the Company all of Executive’s right, title, and interest in and to all Company Work Product, which
assignment shall be effective as of the moment of creation of such Company Work Product without requiring any additional actions
of the parties.

 

    4 

     

    

 

(d)           All
copyrightable material included in Company Work Product that qualifies as a “work made for hire” under the U.S. Copyright
Act is deemed a “work made for hire” created for and owned exclusively by the Company, and the Company shall be deemed
the owner of the copyright and all other Intellectual Property Rights associated therewith.

 

(e)           To
the extent any of the rights, title, and interest in and to Company Work Product cannot be assigned by Executive to the Company,
Executive hereby grants to the Company a perpetual, exclusive, royalty-free, transferable, assignable, irrevocable, worldwide license
(with rights to sublicense through multiple tiers of sublicensees) to practice such non-assignable rights, title, and interest.
To the extent any of the rights, title, and interest in and to Company Work Product can neither be assigned nor licensed by Executive
to the Company, Executive hereby irrevocably waives and agrees never to assert such non-assignable and non-licensable rights, title,
and interest against the Company or its affiliates, or its and their directors, officers, agents, employees, contractors, successors,
or assigns. For the avoidance of doubt, this Section 7(e) shall not apply to any Work Product that (i) does
not relate, at the time of creation, making, development, discovery, derivation, conception, reduction to practice, authoring,
or fixation in a tangible medium of expression of such Work Product, to the Group’s business or actual or demonstrably anticipated
research, development or business; and (ii) was developed entirely in Executive’s own time; and (iii) was developed
without use of any of the Group’s equipment, supplies, facilities, or trade secret information; and (iv) did not result
from any work Executive performed for the Group.

 

(f)            Executive
agrees, represents, and warrants that to the extent any Prior Work Product exists relating in any way to the Group’s existing
business, or demonstrably anticipated research and development or future business, which was created, made, developed, discovered,
derived, conceived, reduced to practice, authored, or fixed in a tangible medium of expression by Executive prior to Executive’s
employment with the Company (collectively, the “Prior Work Product”) the Executive shall notify the Company
of such Prior Work Product and obtain the Company’s prior written consent prior to using in any way the Prior Work Product
during the course of the Executive’s employment with the Company. Executive agrees, represents, and warrants that Executive
has no rights in or to any Work Product related to Executive’s employment with the Company, or to the Company and its affiliates
generally, other than the Prior Work Product. Executive hereby grants to the Company a perpetual, royalty-free, irrevocable, worldwide,
fully paid-up license (with rights to transfer, assign, and sublicense through multiple tiers of sublicensees) to practice all
Intellectual Property Rights relating to any Prior Work Product that Executive uses, incorporates, or permits to be incorporated,
in any Company Work Product. Notwithstanding the foregoing, Executive will not use, incorporate, or permit to be incorporated,
any Prior Work Product in any Company Work Product without the Company’s prior written consent.

 

(g)           Executive
agrees, during and after Executive’s employment, to perform and to assist the Company, its affiliates, and its and their
successors, assigns, delegates, nominees, and legal representatives with all acts that the Company deems necessary or desirable
to permit and assist the Company in applying for, obtaining, perfecting, protecting, and enforcing the full benefits, enjoyment,
rights, and title throughout the world of the Company in and to all Company Work Product, which acts and assistance may include,
without limitation, the signing and execution of documents (at no cost to the Company) and assistance or cooperation in the filing,
prosecution, registration, and memorialization of assignment of any applicable Intellectual Property Rights; acts pertaining to
the enforcement of any applicable Intellectual Property Rights; and acts pertaining to other legal proceedings related to Company
Work Product. If the Company is unable for any reason to secure Executive’s signature to any document that the Company deems
necessary or desirable to permit and assist the Company in applying for, obtaining, perfecting, protecting, and enforcing the full
benefits, enjoyment, rights and title throughout the world of the Company in and to all Company Work Product, Executive hereby
irrevocably designates and appoints the Company, its officers, and directors as Executive’s attorney in fact to sign and
execute such documents in Executive’s name, all with the same legal force and effect as if executed by Executive. This designation
of power of attorney is a power coupled with an interest and is irrevocable. Executive will not retain any proprietary interest
in any Company Work Product and shall not register, file, seek to obtain, or obtain any Intellectual Property Rights covering any
Company Work Product in Executive’s own name.

 

    5 

     

    

 

(h)           Executive
agrees to disclose and describe to the Company promptly and in writing to the Company all Company Work Product to which the Company
is entitled as provided above. Executive shall deliver all Company Work Product in Executive’s possession whenever the Company
so requests, and, in any event, prior to or upon Executive’s termination of employment. After the Company confirms receipt
of Company Work Product, Executive shall delete or destroy all Company Work Product in Executive’s possession whenever the
Company so requests and at the Company’s reasonable direction, without retaining any copies thereof, and, in any event, prior
to or upon Executive’s termination of employment.

 

(i)            Consistent
with Executive’s obligations under Section 6, Executive shall hold in the strictest confidence, and will not
disclose, furnish or make accessible to any person or entity (directly or indirectly) Company Work Product, except as required
in accordance with Executive’s duties as an Executive of the Company.

 

(j)            Executive
agrees to disclose promptly in writing to the Company all Work Product created, made, developed, discovered, derived, conceived,
reduced to practice, authored, or fixed in a tangible medium of expression by Executive for three (3) months after the termination
of Executive’s employment with the Company, whether or not Executive believes such Work Product is subject to this Agreement,
to permit a determination by the Company as to whether or not the Work Product is or should be the property of the Company. Executive
recognizes that Work Product or Confidential Information relating to Executive’s activities while working for the Company
and created, made, developed, discovered, derived, conceived, reduced to practice, authored, or fixed in a tangible medium of expression
by Executive, alone or with others, within three (3) months after termination of Executive’s employment with the Company,
may have been so created, made, developed, discovered, derived, conceived, reduced to practice, authored, or fixed in a tangible
medium of expression by Executive in significant part while employed by the Company. Accordingly, Executive agrees that such Work
Product and Confidential Information shall be presumed to have been created, made, developed, discovered, derived, conceived, reduced
to practice, authored, or fixed in a tangible medium of expression during Executive’s employment with the Company and are
to be promptly disclosed and assigned to the Company unless and until Executive establishes the contrary by written evidence satisfying
a clear and convincing evidence standard of proof.

 

(k)           For
the avoidance of doubt, Executive shall not be entitled to any additional or special compensation or reimbursement in fulfilling
Executive’s obligations under this Section 7, except that the Company, in its sole discretion, may reimburse
Executive for any reasonable expenses which Executive may incur on behalf of the Company.

 

8.             Immunity
under Defend Trade Secrets Act of 2016.

 

The Defend Trade Secrets
Act of 2016 (the “Act”) provides that:  (1) An individual shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that:  (A) is made – (i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely
for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal.  The Act further provides that:  an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to
the attorney of the individual and use the trade secret information in the court proceeding, if the individual:  (A) files
any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court
order.

 

9.             Non-Competition;
Non-Solicitation.

 

(a)           Non-Competition.
During the Employment Period and for a period of twelve (12) months thereafter (the “Restricted Period”), Executive
shall not, without the prior written consent of the Board, directly or indirectly, whether as owner, consultant, Executive, partner,
venturer, agent, through stock ownership, investment of capital, lending of money or property, rendering of services, or otherwise,
engage or participate in a Competitive Business operating within the Restricted Area.

 

    6 

     

    

 

As used in this Agreement,
the term “Competitive Business” means any firm, company or business organization (including in each case any
entity which directly or indirectly controls, is controlled by, or is under common control by any firm, company or business organization)
which, controls, provides or owns (i) any clinical or development program utilizing a T-cell therapy; (ii) any clinical
or development program utilizing a T-cell transfected or transduced with the genetic sequence for any TCR or any CAR-T cell; or
(iii) any manufacture of or any development program for the manufacture of a T-cell therapy; or (iv) any manufacture
of or any development program for the manufacture of any T-cell transfected or transduced with the genetic sequence for any TCR
or any CAR-T cell. Notwithstanding the foregoing, Executive may own up to one percent (1%) of the outstanding stock of a publicly
held corporation which constitutes or is affiliated with a Competitive Business.

 

As used in this Agreement,
the term “Restricted Area” means the United States, the United Kingdom and any other country in which the Company
or any affiliated company; (i) at any time in the twelve (12) months preceding the termination of the Employment Period, has
manufactured for, marketed, sold and/or distributed products or services or conducted clinical trials involving the use of T-cell
therapy to treat or diagnose human disease; or (ii) plans to, during the Restricted Period, manufacture for, market, sell
and/or distribute products or services or conduct clinical trials involving the use of T-cell therapy to treat or diagnose human
disease.

 

(b)           Non-Solicitation
of Employees. During the Employment Period and the Restricted Period, Executive shall not, directly or indirectly (through
another person, entity or otherwise): (i) solicit, induce or attempt to induce any Restricted Person of the Company or any
affiliated company to leave the employ of the Company or any affiliated company, or in any way interfere with the relationship
between the Company or any affiliated company and any employee thereof; or (ii) hire any Restricted Person who was employed
by the Company or any affiliated company at any time during the six (6) months prior to such person’s hiring by Executive.

 

In this Agreement,
 “Restricted Person” means anyone employed or engaged either (i) directly by the Company or any affiliated
company or (ii) indirectly by the Company or any affiliated company through a contract research organization or contract manufacturing
organization, at (i) the level of line management (including associate director, director, vice president, senior vice president)
or above or equivalent or (ii) research and development staff, manufacturing staff or equivalent or (iii) key personnel
engaged for the provision of services to the Company or any affiliated company, and who was so employed or engaged in the six months
prior to the termination of employment. The non-solicitation provisions explicitly cover all forms of oral, written or electronic
communication, including, but not limited to, communications by email, regular mail, telephone, fax, instant message and social
media platforms whether or not in existence at the date of this Agreement.

 

(c)           Non-Solicitation
of Others. During the Employment Period and the Restricted Period, Executive shall not, directly or indirectly (through
another person, entity or otherwise): (i) contact, solicit or accept the business of any customer, vendor or client of the
Company or affiliated company for any reason except for non-competing purposes unrelated to the use of T-cell therapy to treat
or diagnose human disease; or (ii) induce or seek to influence any customer, vendor or client of the Company or affiliated
company to discontinue, modify or reduce its business relationship with the Company or affiliated company for any reason.

 

(d)           If,
at the time of enforcement of Section 6, 7 or 9 of this Agreement, a court shall hold that the duration, scope or geographical
area restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration,
scope or geographical area reasonable under such circumstances shall be substituted for the stated duration, scope or area and
that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted
by law.

 

    7 

     

    

 

(e)           Executive
acknowledges that Executive’s compliance with Sections 6, 7 and 9 of this Agreement is necessary to protect the goodwill,
customer relations, trade secrets, confidential information and other proprietary and legitimate business interests of the Company.
Executive acknowledges that any breach of any of these covenants will result in irreparable and continuing damage to the Company’s
business for which there will be no adequate remedy at law and Executive agrees that, in the event of any such breach of the aforesaid
covenants, the Company and its successors and assigns shall be entitled to injunctive relief and to such other and further relief
as may be available at law or in equity. Accordingly, Executive expressly agrees that upon any breach, or threatened breach, of
the terms of this Agreement, the Company shall be entitled as a matter of right, in any court of competent jurisdiction in equity
or otherwise to enforce the specific performance of the Executive’s obligations under this Agreement, to obtain temporary
and permanent injunctive relief without the necessity of proving actual damage to the Company or the inadequacy of a legal remedy,
and without posting bond. In the event a court orders the Company to post a bond in order to obtain such injunctive relief for
a claim under this Agreement, Executive agrees that the Company will be required to post only a nominal bond. The rights conferred
upon the Company in this Section shall not be exclusive of any other rights or remedies that the Company may have at law,
in equity or otherwise.

 

(f)            In
the event that Executive violates any of the covenants in this Agreement and the Company commences legal action for injunctive
or other relief, then the Company shall have the benefit of the full period of the covenants such that the covenants shall have
the duration of twelve (12) months computed from the date Executive ceased violation of the covenants, either by order of the court
or otherwise. Executive acknowledges that any claim or cause of action of Executive against the Company shall not constitute a
defense to the enforcement by the Company of the covenants of Executive in this Agreement. In the event the Company obtains any
such injunction, order, decree or other relief, in law or in equity, Executive shall be responsible for reimbursing the Company
for all costs associated with obtaining the relief, including reasonable attorneys’ fees and expenses and costs of suit.

 

(g)           Executive
acknowledges and agrees that the restrictive covenants contained herein (i) are necessary for the reasonable and proper protection
of the goodwill of the Company and its trade secrets, proprietary data and confidential information, (ii) are reasonable with
respect to length of time, scope and geographic area and (iii) will not prohibit Executive from engaging in other businesses
or employment for the purpose of earning a livelihood following the termination of Executive’s relationship with the Company.

 

10.           Executive’s
Representations and Covenants. Executive hereby represents and warrants to the Company that: (i) the execution, delivery
and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any
contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound; (ii) Executive
is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person
or entity; (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding
obligation of Executive, enforceable in accordance with its terms; and (iv) Executive is authorized to work in the United
States without restriction. Executive hereby acknowledges and represents that he has been made aware of his right to consult with
independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and
conditions contained herein. Executive further covenants that he shall not make any statements, other than pursuant to the performance
of his job duties and responsibilities, to the press or other media in connection with the Company and/or any affiliated company
at any time either during or after the Employment Period without the prior consent of the Chief Executive Officer.

 

11.           Debarment

 

(a)           Executive
hereby certifies to the Company that, as provided in Section 306(a) and Section 306(b) of the U.S. Federal
Food, Drug and Cosmetic Act (21 U.S.C. SS 335a(a) and 335a(b)) and/or under any equivalent law within or outside the United
States, Executive has not in the past been and/or is not currently (or threatened to be or subject to any pending action, suit,
claim investigation or administrative proceeding which could result in Executive being) (i) debarred or (ii) excluded
from participation in any federally funded healthcare program or (iii) otherwise subject to any governmental sanction in any
jurisdiction (including disqualification from participation in clinical research) that would affect or has affected Executive's
ability to perform Executive’s obligations under this Agreement, or Executive’s employment with the Company or prevent
Executive from working for the Company in any capacity in any jurisdiction.

 

    8 

     

    

 

(b)           Executive
hereby confirms that Executive is not on any of the following exclusion lists: (a) Food and Drug Administration Debarment
List; (b) General Services Administration Excluded Parties List System; or (c) Office of Inspector General List of Excluded
Individuals/Entities. Executive warrants and represents to the Company that Executive will notify the Company immediately if any
of the foregoing occurs or is threatened and that the obligation to provide such notice will remain in effect following the termination
of Executive’s employment with the Company for any reason, voluntary or involuntary. Any violation of this section by Executive
may result in the withdrawal of the offer of engagement or the termination of Executive’s employment with the Company. Immediately
upon the request of the Company at any time, Executive will certify to the Company in writing Executive’s compliance with
the provisions of this section. Executive hereby confirms that Executive understands that the Company will verify the information
Executive certifies under this Agreement. Falsified or incorrect information provided by Executive may result in the withdrawal
of the offer of engagement or the termination of Executive’s employment with the Company.

 

12.
Survival. Sections 5 through 23, inclusive, shall survive and continue in full force in accordance with their
terms notwithstanding the termination of the Employment Period.

 

13.
Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent
by reputable overnight courier service or mailed by first class mail, return receipt requested, to the recipient at the address
below indicated:

 

Notices
to Executive:

Elliot Norry

at such address as most currently
appears in the records of the Company

 

Notices
to the Company:

Adaptimmune,
LLC

351 Rouse
Boulevard

The Navy
Yard

Philadelphia

PA 19112

Attention:
Chief Executive Officer

 

or such other address or to the attention
of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under
this Agreement shall be deemed to have been given when so delivered, sent or mailed.

 

14.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

15.
Complete Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith
embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements
or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 

16.
No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

 

    9 

     

    

 

17.
Counterparts. This Agreement may be executed in separate counterparts (including by means of telecopied signature pages or
electronic transmission in portable document format (pdf)), each of which is deemed to be an original and all of which taken together
constitute one and the same agreement.

 

18.
Successors and Assigns. This Agreement, including, but not limited to, the terms
and conditions in Sections 6, 7 and 9, shall inure to the benefit of, and be binding upon, the heirs, executors, administrators,
successors and assigns of the respective parties hereto, but in no event may Executive assign or delegate to any other party Executive’s
rights, duties or obligations under this Agreement. Executive further hereby consents and agrees that the Company may assign this
Agreement (including, but not limited to, Sections 6, 7 and 9) and any of the rights or obligations hereunder to any third
party in connection with the sale, merger, consolidation, reorganization, liquidation or transfer, in whole or in part, of the
Company’s control and/or ownership of its assets or business. In such event, Executive agrees to continue to be bound by
the terms of this Agreement.

 

19.
Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this
Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the Commonwealth
of Pennsylvania, without giving effect to any choice of law or conflict of law rules or provisions (whether of the Commonwealth
of Pennsylvania or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the Commonwealth
of Pennsylvania.

 

20.
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent
of the Company and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing
or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the
Employment Period with or without Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed
to be an implied waiver of any provision of this Agreement.

 

21.
Insurance. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or
disability insurance on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or
other examination, supply any information and execute and deliver any applications or other instruments in writing as may be reasonably
necessary to obtain and constitute such insurance.

 

22.
Agreement to Arbitrate.

 

(a)           Notwithstanding
any express provision to the contrary, Executive and the Company agree that any claim, controversy or dispute between Executive
and the Company (including without limitation the Company’s affiliates, officers, executives, representatives, or agents)
arising out of or relating to this Agreement, the employment of Executive, the cessation of employment of Executive, or any matter
relating to the foregoing shall be submitted to and settled by arbitration before a single arbitrator in a forum of the American
Arbitration Association (“AAA”) located in Philadelphia, Pennsylvania, and conducted in accordance with the
National Rules for the Resolution of Employment Disputes. In such arbitration: (i) the arbitrator shall agree to treat
as confidential evidence and other information presented by the parties to the same extent as Confidential Information under this
Agreement must be held confidential by Executive; (ii) the arbitrator shall have no authority to amend or modify any of the
terms of this Agreement; and (iii) the arbitrator shall have ten (10) business days from the closing statements or submission
of post-hearing briefs by the parties to render his/her decision.

 

(b)           All
AAA-imposed costs of said arbitration, including the arbitrator’s fees, if any, shall be borne by the Company. All legal
fees incurred by the parties in connection with such arbitration shall be borne by the party who incurs them, unless applicable
statutory authority provides for the award of attorneys’ fees to the prevailing party and the arbitrator’s decision
and award provides for the award of such fees.

 

    10 

     

    

 

(c)           Any
arbitration award shall be final and binding upon the parties, and any court having jurisdiction may enter a judgment on the award.
The foregoing requirement to arbitrate claims, controversies, and disputes applies to all claims or demands by Executive, including
without limitation, any rights or claims Executive may have under the Age Discrimination in Employment Act of 1967, Title VII of
the Civil Rights Act of 1964, the Americans with Disabilities Act of 1991, the Equal Pay Act, the Family and Medical Leave Act
or any other federal, state or local laws or regulations pertaining to Executive’s employment or the termination of Executive’s
employment.

 

(d)           All
claims must be arbitrated, with the limited exception of claims for violations of Sections 6, 7 or 9 of this Agreement.
In the event of an alleged breach of Sections 6, 7 or 9 of this Agreement by Executive, the Company has the option to elect
between arbitration and a judicial forum.

 

23.
Corporate Opportunity. During the Employment Period, Executive shall submit to the Company all business, commercial
and investment opportunities or offers presented to Executive or of which Executive becomes aware (including in Executive’s
capacity as agent, employee, director or officer of the Company), irrespective of Executive’s evaluation of the reasonableness
or desirability of the Company’s investigation thereof, which relate to the business of the Company or any of its affiliates
or subsidiaries (the “Business”) at any time during the Employment Period (“Corporate Opportunities”).
Executive acknowledges that all such Corporate Opportunities are for the benefit of the Company and that Executive would be in
breach of Executive’s duties to the Company if Executive accepted or pursued, directly or indirectly, any such Corporate
Opportunity on Executive’s own behalf.

 

As used in this Agreement,
the term “Business” means the business of developing, designing, testing, marketing, selling, distributing or
manufacturing products or services involving the use of T cell therapy to treat or diagnose human disease and/or any further business
that may be developed by the Company or any of its affiliates of which Executive is aware.

 

24.
Executive’s Cooperation. During the Employment Period and thereafter, Executive shall reasonably cooperate with
the Company and its affiliates or subsidiaries in any internal investigation or administrative, regulatory or judicial proceeding
as reasonably requested by the Company (including, without limitation, Executive’s being reasonably available to the Company
upon reasonable notice for interviews and factual investigations, appearing at the Company’s reasonable request to give testimony
without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning
over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules
that are reasonably consistent with Executive’s other permitted activities and commitments) at reasonable times. In the event
the Company requires Executive’s cooperation in accordance with this Section 24, the Company shall reimburse
Executive solely for reasonable travel expenses (including lodging and meals, upon submission of receipts). Nothing about the foregoing
shall preclude Executive from testifying truthfully in any forum or from providing truthful information to any government agency
or commission.

 

25.
409A Compliance.

 

(a)           The
intent of the parties is that payments and benefits under this Agreement comply with Section 409A and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event shall the Company or its
subsidiaries or affiliates be liable for any additional tax, interest or penalty that may be imposed on Executive under Section 409A
or damages for failing to comply with Section 409A.

 

(b)           A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”

 

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(c)           To
the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Section 409A: (i) all such expenses or other reimbursements hereunder shall be made on or prior to the
last day of the taxable year following the taxable year in which such expenses were incurred by Executive; (ii) any such right
to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (iii) no such
reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

(d)           For
purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be
treated as a right to receive a series of separate and distinct payments.

 

(e)           Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted
by Section 409A.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first written above.

 

	 	ADAPTIMMUNE, LLC
	 	 
	 	By:	/s/ Helen Tayton-Martin
	 	 
	 	Name:	 Helen Tayton-Martin
	 	 
	 	Position:	President and Secretary   
	 	 
	 	 
	 	/s/ Elliot Norry
	 	Elliot Norry

 

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