Document:

Exhibit
      10.7

     

    SECOND
      AMENDMENT

     

    TO
      AMENDED AND RESTATED FINANCING AGREEMENT

     

    SECOND
      AMENDMENT,
      dated
      as of September 30, 2006 (this "Amendment"),
      to
      the Amended and Restated Financing Agreement referred to below, by and between
      COMMAND
      SECURITY CORPORATION,
      a New
      York corporation (the "Company"),
      and
THE
      CIT GROUP/BUSINESS CREDIT, INC.,
      a New
      York corporation ("CIT").

     

    WHEREAS,
      the
      Company and CIT are parties to that certain Amended and Restated Financing
      Agreement dated as of March 22, 2006, as amended by that certain First Amendment
      and Consent to Amended and Restated Financing Agreement, dated as of June 13,
      2006 (such agreement, as may be further amended, restated, supplemented,
      modified or otherwise changed from time to time, the "Financing
      Agreement"),
      pursuant to which CIT has agreed to make revolving credit loans to the Company
      from time to time in an aggregate amount at any time outstanding not to exceed
      the Revolving Line of Credit (as defined in the Financing Agreement);
      and

     

    WHEREAS,
      the
      Company has requested that CIT amend certain provisions of the Financing
      Agreement, and CIT has agreed to do so on and subject to the terms and
      conditions set forth herein.

     

    NOW
      THEREFORE,
      in
      consideration of the premises and other good and valuable consideration, the
      parties hereto hereby agree as follows:

     

    1.  Definitions
      in Amendment.
      Any
      capitalized term used herein and not defined shall have the meaning assigned
      to
      it in the Financing Agreement.

     

    2.  Definitions
      in the Financing Agreement.
      Section
      1
      of the
      Financing Agreement is hereby amended as follows:

     

    (a)  The
      definition of the term "Borrowing Base" is hereby amended and restated in its
      entirety to read as follows:

     

    "'Borrowing
      Base'
      shall
      mean (without duplication) (a) the sum of (i) eighty-five percent (85%) of
      the
      Company’s aggregate outstanding Eligible Accounts Receivable; provided,
      however,
      that if
      the then Dilution Percentage is greater than five percent (5%), then the rate
      of
      advance herein shall be reduced by the amount of such excess Dilution
      Percentage, plus
      (ii) the
      lesser of (A) 75% of the Company’s aggregate outstanding Eligible Unbilled
      Accounts Receivable or (B) $2,500,000.00, plus
      (iii)
      eighty-five percent (85%) of the aggregate outstanding Delta Receivables of
      up
      to (but not exceeding) $1,500,000, less
      (b) any
      applicable Availability Reserves. For purposes of calculating the Borrowing
      Base, no Trade Accounts Receivable of the Company may constitute at the same
      time both Eligible Accounts Receivable and Eligible Unbilled Accounts
      Receivable."

     

    (b)  The
      definition of the term "Delta Receivables" is hereby amended and restated in
      its
      entirety to read as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    "'Delta
      Receivables'
      shall
      mean the Company’s
      Accounts which arise from the rendition of services to Delta Airlines in
      accordance with agreements entered into with Delta Airlines on or after Delta
      Airline’s commencement of cases under Chapter 11 of Title 11 of the United
      States Code in the United States Bankruptcy Court,
      so long
      as such Accounts do not remain
      unpaid for more than forty-five (45) days from invoice date."

     

    3.  Expenses.
      Section
      8.6
      of the
      Financing Agreement is hereby amended and restated in its entirety to read
      as
      follows:

     

    "8.6. The
      Company shall pay CIT’s standard charges and fees for CIT’s agents and/or
      personnel used by CIT for reviewing the books and records of the Company and
      for
      verifying, testing, protecting, safeguarding, preserving or disposing of all
      or
      any part of the Collateral (which fees shall be in addition to the
      Administrative Management Fee and any Out-of-Pocket Expenses, and are currently
      billed at the rate of $850.00 per examiner per day); provided,
      however,
      that so
      long as no Event of Default shall have occurred and be continuing, the Company
      shall not be obligated to reimburse CIT for more than two (2) field exams during
      any calendar year."

     

    4.  Conditions
      Precedent.
      The
      effectiveness of this Amendment is subject to the fulfillment, in a manner
      satisfactory to CIT, of each of the following conditions precedent (the first
      date upon which all such conditions shall have been fulfilled or waived being
      herein called the "Second
      Amendment Effective Date"):

     

    (a)  Representations
      and Warranties; No Event of Default.
      The
      representations and warranties contained herein, in Section
      7
      of the
      Financing Agreement and in each other Loan Document and certificate or other
      writing delivered to CIT pursuant hereto on or prior to the Second Amendment
      Effective Date shall be correct in all material respects on and as of the Second
      Amendment Effective Date as though made on and as of such date, except to the
      extent that such representations and warranties (or any schedules related
      thereto) expressly relate solely to an earlier date (in which case such
      representations and warranties shall be true and correct in all material
      respects on and as of such date); and no Default or Event of Default shall
      have
      occurred and be continuing on the Second Amendment Effective Date or would
      result from this Amendment becoming effective in accordance with its
      terms.

     

    (b)  Delivery
      of Amendment.
      CIT
      shall have received on or before the Second Amendment Effective Date,
counterparts
      of this Amendment which bear the signatures of the Company and CIT.

     

    (c)  Proceedings.
      All
      proceedings in connection with the transactions contemplated by this Amendment,
      and all documents incidental thereto, shall be satisfactory to CIT and its
      counsel.

     

    (d)  Out-of-Pocket-Expenses.
      The
      Company shall have paid to CIT, in immediately available funds, an amount equal
      to the amount of all Out-of-Pocket-Expenses which were incurred by CIT in
      connection with the preparation, execution and delivery of this Amendment and
      the other related agreements, instruments and documents. Such
      Out-of-Pocket-Expenses
      shall be
      due and payable in full on the date hereof and may, at CIT’s option, be charged
      to the Company’s Revolving Loan Account.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    5.  Representations
      and Warranties.
      The
      Company hereby represents and warrants to CIT as follows:

     

    (a)  Representations
      and Warranties; No Event of Default.
      The
      representations and warranties
      herein,
      in Section
      7
      of the
      Financing Agreement and in each other Loan Document and certificate or other
      writing delivered to CIT pursuant hereto on or prior to the Second Amendment
      Effective Date are correct in all material respects on and as of the Second
      Amendment Effective Date as though made on and as of such date, except to the
      extent that such representations and warranties (or any schedules related
      thereto) expressly relate solely to an earlier date (in which case such
      representations and warranties are true and correct in all material respects
      on
      and as of such date); and no Default or Event of Default has occurred and is
      continuing on the Second Amendment Effective Date or would result from this
      Amendment becoming effective in accordance with its terms.

     

    (b)  Organization,
      Good Standing, Etc.
      The
      Company has all requisite power and authority to execute, deliver and perform
      this Amendment, and to perform the Financing Agreement, as amended
      hereby.

     

    (c)  Authorization,
      Etc.
      The
      execution, delivery and performance by the Company of this Amendment, and the
      performance by the Company of the Financing Agreement, as amended hereby,
      (i) have been duly authorized by all necessary action on the part of the
      Company, (ii) do not and will not contravene the Company’s charter or
      by-laws, any applicable law or any material contractual restriction binding
      on
      or otherwise affecting it or any of its properties, (iii) do not and will
      not result in or require the creation of any lien (other than pursuant to any
      Loan Document) upon or with respect to any of its properties, and (iv) do
      not and will not result in any suspension, revocation, impairment, forfeiture
      or
      nonrenewal of any permit, license, authorization or approval applicable to
      its
      operations or any of its properties.

     

    (d)  Governmental
      Approvals.
      No
      authorization or approval or other action by, and no notice to or filing with,
      any governmental authority or other regulatory body is required in connection
      with the due execution, delivery and performance by the
      Company of
      this
      Amendment, or for the performance of the Financing Agreement, as amended
      hereby.

     

    (e)  Enforceability
      of Loan Documents.
      Each of
      this Amendment, the Financing Agreement, as amended hereby, and each other
      Loan
      Document to which the
      Company
      is a
      party is a legal, valid and binding obligation of the
      Company,
      enforceable against the
      Company in
      accordance with its terms, except as such enforceability may be limited by
      or
      subject to any bankruptcy, insolvency, reorganization, moratorium or other
      similar laws affecting creditors' rights generally.

     

    6.  Miscellaneous.

     

    (a)  Continued
      Effectiveness of the Financing Agreement.
      Except
      as otherwise expressly provided herein, the Financing Agreement and the other
      Loan Documents are, and shall continue to be, in full force and effect and
      are
      hereby ratified and confirmed in all respects, except
      that on
      and
      after the Second Amendment Effective Date (i) all references in the Financing
      Agreement to "this Agreement", "hereto", "hereof", "hereunder" or words of
      like
      import referring to the Financing Agreement shall mean the Financing Agreement
      as amended by this Amendment, and (ii) all references in the other Loan
      Documents to which the Company is a party to the "Financing Agreement",
      "thereto", "thereof", "thereunder" or words of like import referring to the
      Financing Agreement shall mean the Financing Agreement as amended by this
      Amendment. Except as expressly provided herein, the execution, delivery and
      effectiveness of this Amendment shall not operate as an amendment or waiver
      of
      any right, power or remedy of CIT under the Financing Agreement or any other
      Loan Document, nor constitute an amendment or waiver of any provision of the
      Financing Agreement or any other Loan Document.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b)  Counterparts.
      This
      Amendment may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which shall be deemed to be an
      original, but all of which taken together shall constitute one and the same
      agreement. Delivery
      of an executed counterpart of this Amendment by telefacsimile or electronic
      mail
      shall be equally effective as delivery of a manually executed
      counterpart.

     

    (c)  Headings.
      Section
      headings herein are included for convenience of reference only and shall not
      constitute a part of this Amendment for any other purpose.

     

    (d)  Governing
      Law.
      This
      Amendment shall be governed by, and construed in accordance with, the law of
      the
      State of New York.

     

    (e)  Amendment
      as Loan Document.
      The
      Company hereby acknowledges and agrees that this Amendment constitutes a "Loan
      Document" under the Financing Agreement. Accordingly, it shall be an Event
      of
      Default under the Financing Agreement if any representation or warranty made
      by
      the Company under or in connection with this Amendment shall have been untrue,
      false or misleading in any material respect when made or if the Company fails
      to
      perform, keep, or observe any term, provision, condition, covenant, or agreement
      contained
      in this
      Amendment. 

     

    (f)  Collateral.
      The
      Company confirms and agrees that to the extent that any Loan Document purports
      to assign or pledge to CIT, or to grant to CIT a lien on any collateral as
      security for the Obligations of the Company from time to time existing in
      respect of the Financing Agreement and the Loan Documents, such pledge,
      assignment and/or grant of a lien is hereby ratified and confirmed in all
      respects.

     

    (g)  Waiver
      of Jury Trial.
      EACH OF
      THE COMPANY AND CIT HEREBY IRREVOCABLY WAIVES
      ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
      UPON
      OR ARISING OUT OF THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN,
      INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
      COMMON LAW OR STATUTORY CLAIMS.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
      and delivered as of the date first above written.

     

     

    
      	 	
              Company:

            
	 	 	 
	 	
              COMMAND
                SECURITY CORPORATION,

              
                a
                  New York corporation

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

            
	 	
              Title:
                

            

    

     

    
      	 	
              CIT:

            
	 	 	 
	 	
              THE
                CIT GROUP/BUSINESS CREDIT, INC.,

              a
                New York corporation

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                

            
	 	
              Title:

            

    

     

    
      
         

      

      
        5CONFIDENTIAL
      TREATMENT REQUEST

    [*]
      indicates information that has been omitted

    pursuant
      to a confidential treatment request and

    this
      information has been filed under separate

    cover
      with the Commission.

    

    

    
 

    AMENDED
      AND RESTATED LICENSE AGREEMENT

     

    BETWEEN

     

    ADVAXIS,
      INC.

    

    (COMPANY)

     

    AND

     

    THE
      TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

    

    (PENN)

    _______

    

    EFFECTIVE
      DATE: JULY 1, 2002

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

     

    
      
        	
                1.
                  DEFINITIONS

              	
                2

              
	 	 
	
                2.
                  LICENSE GRANT

              	
                4

              
	 	 
	
                3.
                  FEES AND ROYALTIES

              	
                6

              
	 	 
	
                4.
                  CONFIDENTIALITY

              	
                13

              
	 	 
	
                5.
                  TERM AND TERMINATION

              	
                14

              
	 	 
	
                6.
                  PATENT MAINTENANCE AND REIMBURSEMENT

              	
                17

              
	 	 
	
                7.
                  INFRINGEMENT AND LITIGATION

              	
                20

              
	 	 
	
                8.
                  DISCLAIMER OF WARRANTIES; INDEMNIFICATION

              	
                21

              
	 	 
	
                9.
                  USE OF PENN’S NAME

              	
                23

              
	 	 
	
                10.
                  ADDITIONAL PROVISIONS

              	
                23

              
	 	 
	
                ATTACHMENT
                  1
                  -
                  LIST OF INTELLECTUAL PROPERTY

              	
                26

              
	 	 
	
                ATTACHMENT
                  2
                  -
                  JOINDER AGREEMENT 

              	
                28

              
	 	 
	
                ATTACHMENT
                  3
                  -
                  DEVELOPMENT PLAN

              	
                29

              
	 	 
	
                ATTACHMENT
                  4 - STOCK
                  PURCHASE AGREEMENT

              	
                30

              
	 	 
	
                ATTACHMENT
                  5
                  -
                  SHAREHOLDERS AGREEMENT

              	
                31

              
	 	 
	
                ATTACHMENT
                  6
                  -
                  FORM NDA

              	
                32

              
	 	 
	
                ATTACHMENT
                  7
                  -
                  CLIENT AND BILLING AGREEMENT

              	
                32

              
	 	 
	
                ATTACHMENT
                  8
                  -
                  REQUIRED TERRITORIES

              	
                33

              

      

    

    

       

      LICENSE
        AGREEMENT (w/SRA) - COMPANY/PENN

      5
        February 2002 version

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMENDED
      AND RESTATED LICENSE
      AGREEMENT

    

    

    This
      Amended and Restated License Agreement (“AGREEMENT”) is between The Trustees of
      the University of Pennsylvania, a Pennsylvania nonprofit corporation, with
      offices located at 3160 Chestnut Street, Suite 200, Philadelphia, Pennsylvania
      19104-6283 (“PENN”) and Advaxis, Inc., a corporation organized and existing
      under the laws of Delaware (“COMPANY”), having a place of business at The
      Technology Centre of New Jersey, Suite 117, 675 U.S. Route 1, North Brunswick,
      NJ 08902.

    

    This
      AGREEMENT shall be and become effective on the date (the “EFFECTIVE DATE”) on
      which COMPANY raises two-hundred fifty thousand dollars ($250,000) of equity
      capital or convertible debt, namely, July 1, 2002, whereupon the COMPANY shall
      be deemed to have exercised its rights under the Option (as defined below).
      

    

    

    BACKGROUND

    

    A.
      PENN
      owns issued and pending U.S. and foreign patent applications based upon
      information in PENN Dockets D751, H1219, H1219 - CIP, J1598, M2244, M2244 -
      CIP,
      N2483 (which was joined with M2244), O2876 and O2883 naming Dr. Yvonne Paterson
      and colleagues of PENN’s School of Medicine, as inventors; and,

    

    B.
      PENN
      and COMPANY entered into an Exclusive Negotiation and Option Agreement (the
      “Option”) with an effective date of March 15, 2002 and extendable upon agreement
      of the parties, which grants COMPANY exclusive rights to negotiate for a license
      to such pending U.S. and foreign patents and patent applications;
      and,

    

    C.
      COMPANY desires to fund further research by Dr. Paterson relating to therapeutic
      vaccines based on LLO-antigen fusion proteins under a SPONSORED RESEARCH
      AGREEMENT between PENN and COMPANY; and,

    

    D.
      COMPANY desires to obtain the exclusive right and license to use and exploit
      the
      intellectual property developed by Dr. Paterson, et al, as described in
      Attachment 1,
      in
      accordance with the DEVELOPMENT PLAN (as defined below); and,

    

    
      	 	
              E.

            	
              PENN
                has determined that commercial exploitation of the intellectual property
                developed by Dr. Paterson in accordance with the terms of this AGREEMENT
                is in the best interest of PENN and is consistent with its educational
                and
                research missions; and, 

            

      	 	 	 

    

    
      	 	
              F.

            	
              This
                AGREEMENT became effective July 1, 2002 and was amended on August
                4, 2003,
                April 15, 2004, July 16, 2004, September 9, 2004, and March 29, 2005,
                and
                is being amended and restated in July 2006 in order to incorporate
                all
                prior amendments, to make current adjustments to minimum amounts
                and due
                dates, to add certain new language to the AGREEMENT and to clarify
                language and numbering.

            

    

    

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    NOW,
      THEREFORE, in consideration of the promises and covenants contained in this
      AGREEMENT and intending to be legally bound, the parties agree as
      follows:

    

    

    1.
      DEFINITIONS

    

    1.1 AFFILIATE
      means any legal entity directly or indirectly controlling, controlled by or
      under common control with COMPANY that has executed a Joinder Agreement
      substantially in the form of Attachment 2 or such other form as PENN and COMPANY
      may hereafter agree in writing. For purposes of this AGREEMENT, “control” means
      the direct or indirect ownership of more than fifty percent (50%) of the
      outstanding voting securities of a legal entity, or the right to receive more
      than fifty percent (50%) of the profits or earnings of a legal entity, or the
      right to control the policy decisions of a legal entity.

    

    1.2 CALENDAR
      QUARTER means each three calendar month period beginning on January 1, April
      1,
      July 1 and October 1, or any portion thereof, arising during the term of this
      AGREEMENT.

    

    1.3 DEVELOPMENT
      PLAN means a plan for the development and/or marketing of the PENN PATENT RIGHTS
      and/or PENN LICENSED PRODUCTS that reasonably demonstrates COMPANY’s capability
      to bring such patent rights, technical information and/or products to practical
      application, as more fully described in Attachment 3, consisting of the
      following: 

    

    1.3.1 development
      activities to be undertaken, including proposed dates of completion of all
      major
      milestones to develop and commercialize PENN LICENSED PRODUCTS;

    

    1.3.2 a
      list of
      all government regulatory approvals, including the nature of submissions and
      government agencies involved in pre-market clearance;

    

    1.3.3 a
      list of
      current competitors and their competitive products, including competitors’ known
      plans for further development of competing technologies; and

    

    1.3.4 anticipated
      dates of first SALE of each PENN LICENSED PRODUCT described in the DEVELOPMENT
      PLAN.

    

    1.4 FAIR
      MARKET VALUE means the cash consideration which COMPANY, an AFFILIATE, or any
      sublicensee would realize from an unaffiliated, unrelated buyer in an arm’s
      length sale of an identical item or service, as applicable, sold in the same
      quantity and at the same time and place of the transaction.

    

    1.5 FIELD
      OF
      USE means therapeutic use in humans and other mammals.

    

    1.6 NET
      SALES
      means the consideration or FAIR MARKET VALUE attributable to the SALE of any
      PENN LICENSED PRODUCT(S), less the qualifying costs set forth below that are
      directly attributable to such SALE and actually identified on the invoice and
      borne by COMPANY, an AFFILIATE, or any sublicensee. Such qualifying costs shall
      be limited to the following:

    
 

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      1.6.1
        Discounts, in amounts customary in the trade, for quantity purchases, prompt
        payments and for wholesalers and distributors.

    

     

    1.6.2
      Credits or refunds, not exceeding the original invoice amount, for claims or
      returns.

    

    1.6.3
      Prepaid outbound transportation expenses and transportation insurance
      premiums.

    

    1.6.4
      Sales and use taxes and other fees, duties, and imports imposed by any
      governmental agency.

    

    1.7 
      PENN
      LICENSED PRODUCT(S) means products which are made, made for, used or sold by
      COMPANY, an AFFILIATE, or any sublicensees and which: (1) in the absence of
      this
      AGREEMENT would infringe at least one VALID CLAIM or (2) use a process or
      machine covered by a VALID CLAIM.

    

    1.8 
      PENN
      PATENT RIGHTS means all patents represented by or issuing from those United
      States patent applications listed in Attachment 1, including continuation,
      divisional and re-issue applications and any foreign counterparts and extensions
      of the foregoing.

    

    1.9 PRIMARY
      STRATEGIC FIELD
      shall be
      Cancer, including Cancer caused by infection.

    

    1.10 SALE
      means any bona fide transaction for which consideration is in fact received
      by
      COMPANY or AFFILIATE or any sublicensee hereunder or expected for the sale,
      use,
      lease, transfer or other disposition of PENN LICENSED PRODUCT(S). A SALE shall
      be deemed completed at the time COMPANY, an AFFILIATE, or any sublicensee
      invoices, ships, or receives payment for such PENN LICENSED PRODUCT(S),
      whichever occurs first.

    

    1.11 SECONDARY
      STRATEGIC FIELDS
      includes
      (a) Infectious Disease, (b) Allergy, (c) Autoimmune Disease, and (d) any other
      therapeutic indications for which PENN LICENSED PRODUCT(S) are
      developed.

    

    1.12 SPONSORED
      RESEARCH AGREEMENT means a sponsored research agreement between PENN and COMPANY
      providing for the conduct of certain research consistent with this AGREEMENT,
      all on terms and conditions acceptable to PENN and COMPANY.

    

    1.13 TERRITORY
      shall mean any jurisdiction in which a VALID CLAIM persists.

    

    1.14 VALID
      CLAIM means any pending, issued or granted claim of the PENN PATENT RIGHTS
      that
      has not been surrendered, abandoned or declared invalid or unenforceable by
      an
      unappealed and unappealable decision of a court of competent jurisdiction up
      to
the Federal Courts of Appeal level in the United States or equivalent court
      in
      other jurisdictions, as applicable.

     

    

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2.
      LICENSE GRANT

     

    2.1 PENN
      grants to COMPANY for the term of this AGREEMENT an exclusive right and license,
      with the right to grant sublicenses, to make, have made, use, import, sell
      and
      offer for sale PENN LICENSED PRODUCT(S) in the FIELD OF USE in the TERRITORY.
      Except for Section 2.6, no other rights or licenses are granted. Intellectual
      property created or conceived during the performance of the SPONSORED RESEACH
      AGREEMENT shall be governed by the SPONSORED RESEARCH AGREEMENT.

    

    2.2 This
      license grant is exclusive except that PENN may use and permit other not-for
      profit organizations to use the PENN PATENT RIGHTS for educational and research
      purposes.

    

    2.3 COMPANY
      acknowledges that pursuant to Public Laws 96-517, 97-256 and 98-620, codified
      at
      35 U.S.C. 200-212, the United States government retains certain rights in
      intellectual property funded in whole or part under any contract, grant or
      similar agreement with a Federal agency. Pursuant to these laws, the government
      may impose certain requirements regarding such intellectual property, including
      but not limited to the requirement that products resulting from such
      intellectual property sold in the United States must be substantially
      manufactured in the United States. This license grant is expressly subject
      to
      all applicable United States government rights as provided in the
      above-mentioned laws and any regulations issued under those laws, as those
      laws
      or regulations may be amended from time to time.

    

    2.4 The
      right
      to sublicense granted to COMPANY under this AGREEMENT is subject to the
      following conditions:

    

    2.4.1
      In
      each such sublicense, COMPANY must prohibit the sublicensee from further
      sublicensing and require that the sublicensee is subject to the terms and
      conditions of the license granted to COMPANY pursuant to Section 2.1 of this
      AGREEMENT, the limitations thereon set forth in Sections 2.2 , 2.3 and 2.4
      as
      well as sublicensee’s compliance with Sections 3.4.4, 5.5, 5.9 and 9, and
      COMPANY shall impose upon its sublicensees obligations comparable to those
      obligations imposed upon COMPANY pursuant to Sections 8.2 and 8.4 of this
      AGREEMENT. COMPANY may submit a written request to PENN to obtain the right
      to
      allow a sublicensee to further sublicense on a case by case basis. Such right
      to
      allow a sublicensee to further sublicense PENN PATENT RIGHTS shall not be
      unreasonably withheld provided that COMPANY can validate to PENN’s satisfaction
      that such sublicensee has the financial and resource capabilities to develop
      and
      commercialize PENN PATENT RIGHTS and further, such sublicensee agrees that
      any
      sub-sublicense shall be subject to the terms and conditions of the license
      granted to COMPANY under this AGREEMENT.

    

    2.4.2
      Within thirty (30) days after COMPANY enters into any sublicense, COMPANY shall
      deliver to PENN a complete copy of the sublicense written in the English
      language. PENN’s receipt of the sublicense shall not constitute an approval of
      the sublicense or a waiver of any of PENN’s rights or COMPANY’s obligations
      under this AGREEMENT.

     

    

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    2.4.3
      In
      the event of a DEFAULT under Section 5.3 hereunder all payments then or
      thereafter due to COMPANY from its AFFILIATES or sublicensees in connection
      with
      rights granted to such third party pursuant to this AGREEMENT shall upon notice
      from PENN to any such AFFILIATE or sublicensee become owed directly to PENN
      for
      the account of COMPANY; provided however, that PENN shall remit to COMPANY
      the
      amount by which such payments exceed the amounts owed by COMPANY to
      PENN.

    

    2.4.4
      In
      the event that COMPANY enters into sublicenses, COMPANY remains primarily liable
      to PENN for all of COMPANY’S duties and obligations contained in this AGREEMENT,
      and any act or omission of a sublicensee which would be a breach of this
      AGREEMENT if performed by COMPANY shall be deemed to be a breach by COMPANY
      of
      this AGREEMENT.

    

    2.5 Promptly
      after the date of execution of this AGREEMENT, PENN and COMPANY shall in good
      faith negotiate the terms of, and enter into, the SPONSORED RESEARCH AGREEMENT;
      provided, however, that neither PENN nor COMPANY shall be obligated to enter
      into the SPONSORED RESEARCH AGREEMENT on terms that are not acceptable to such
      party in all respects.

    

    2.6 PENN
      grants to COMPANY a series of exclusive options during [[*]]
      following the EFFECTIVE DATE of this AGREEMENT to obtain exclusive licenses
      to
      new inventions on therapeutic vaccines: (1) involving the use of Listeria
      vectors and/or Listeria antigen and/or PEST-containing fusion proteins in the
      FIELD OF USE and (2) developed by, under the supervision of, or in collaboration
      with Dr. Yvonne Paterson; to the extent of PENN’s ownership interest in any
      resulting intellectual property and if Penn has no obligation to license or
      to
      license to any third party any resulting intellectual property. Each option
      shall be granted at [*]
      to
      COMPANY by PENN, and shall extend for a period of [*]
      from the
      date of disclosure of such new inventions if the disclosure was made after
      December 31, 2004 but before [*].
      Upon
      exercise of the option by COMPANY, PENN and COMPANY agree to negotiate in good
      faith a comprehensive license agreement during a period not to exceed ninety
      (90) days after COMPANY’s exercise of its option. Such license agreement shall
      include a license initiation fee of [*],
      subject
      to negotiation and agreement of PENN and COMPANY, shall be substantially similar
      in form to this AGREEMENT and shall include no financial terms that exceed
      or
      are not present in this AGREEMENT. All fees, excluding the license initiation
      fee and royalty payments, shall be fully creditable against payments made by
      COMPANY to PENN under this AGREEMENT. For clarity, such license agreement shall
      require reimbursement of all historic and ongoing patent costs relating to
      any
      licensed new inventions, which patent costs are not creditable against any
      other
      payments of any kind. Upon the expiration of the option period, or, if later,
      the negotiation period, PENN may license such new inventions to any third party
      upon such terms and conditions as PENN deems appropriate. 

    

    2.7 
      PENN
      grants to COMPANY a series of exclusive options during the [*]
      years
      following the EFFECTIVE DATE of this AGREEMENT to obtain exclusive licenses
      to
      new inventions on therapeutic vaccines: (1) involving the use of Listeria
      vectors and/or Listeria antigen and/or PEST-containing fusion proteins in the
      FIELD OF USE; and (2) developed by, under the supervision of, or in
      collaboration with Dr. Fred Frankel; to the extent of PENN’s ownership interest
      in any resulting intellectual property and if Penn has no obligation to license
      or to offer to license to any third party any resulting intellectual property
      Each option shall be granted at [*]
      to
      COMPANY by PENN, and shall extend for a period of [*]
      from the
      date of disclosure of such new inventions if the disclosure was made after
      December 31, 2004 [*].
      PENN
      shall provide COMPANY an accounting of all patent prosecution activities and
      expenses relating to said new inventions within a reasonable time after
      disclosure of said new invention to COMPANY. Upon
      exercise of option by COMPANY, PENN and COMPANY agree to negotiate in good
      faith
      a comprehensive license agreement during a period not to exceed ninety (90)
      days
      after COMPANY’s exercise of its option. Such license agreement shall include a
      license initiation fee of [*],
      subject
      to negotiation and agreement of PENN and COMPANY, fully creditable against
      license maintenance fees and shall be substantially similar in form to this
      AGREEMENT, with financial terms not to exceed those in this AGREEMENT. For
      clarity, such license agreement shall require reimbursement of all historic
      and
      ongoing patent costs relating to the licensed new inventions, which patent
      costs
      are not creditable against any other payments of any kind. Upon the expiration
      of the option period, or, if later, the negotiation period, PENN may license
      such new inventions to any third party upon such terms and conditions as PENN
      deems appropriate. 

     

    

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    3.
      FEES AND ROYALTIES

    

    3.1 LICENSE
      INITIATION FEE AND ROYALTIES

    

    3.1.1
      In
      partial consideration of the exclusive license granted to COMPANY, COMPANY
      shall
      pay to PENN a non-refundable license initiation fee of [*]
      within
      thirty (30) days of the date COMPANY receives in the aggregate [*].
      The
      initiation fee paid to PENN pursuant to this Section shall be creditable against
      license maintenance fees payable on the first anniversary of the Effective
      Date
      pursuant to Section 3.3.6. 

    

    3.1.2
      In
      further consideration of the exclusive license granted to COMPANY, COMPANY
      shall
      perform its obligations under that certain Stock Purchase Agreement dated April
      19, 2002, between COMPANY and PENN (“STOCK
      PURCHASE AGREEMENT”),
      a
      copy of which is attached as Attachment 4. 

    

    3.1.3. In
      further consideration of the exclusive license granted to COMPANY, COMPANY
      must
      pay to PENN, on a quarterly basis, royalties on the annual, worldwide NET SALES
      of PENN LICENSED PRODUCTS as follows:

    

    
      	 	 	
              [*]
                on
                NET SALES in the TERRITORY. 

            

    

    

    However,
      in the event that the PENN royalty rates represent greater than [*]
      of any
      royalty payable to COMPANY by a sublicensee, PENN’s royalty rate shall be
      reduced to [*]
      of such
      sublicense royalties; provided, however, that at no time will the aggregate
      royalty due to PENN for any CALENDAR QUARTER be less than [*]
      of
      worldwide NET SALES of PENN LICENSED PRODUCTS in the TERRITORY. 

     

    

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    3.1.4.
      Following the first commercial SALE of each PENN LICENSED PRODUCT, COMPANY
      must
      pay to PENN non-refundable minimum royalties in advance on the following dates
      and in the corresponding amounts: 

    

    
      	
              Date
                Payment Becomes Due

            	
               Amount 

            
	 	 
	
              the
                first January 1st
                arising after the

            	
            
	
              first
                commercial SALE

            	
              [*]

            
	 	 
	
              the
                second January 1st
                arising
                after

            	
               

            
	
              the
                first commercial SALE

            	
              [*]

            
	 	 
	
              the
                third and fourth January 1st 

            	
               

            
	
              arising
                after the first commercial SALE

            	
              [*]

            

    

    

    The
      obligation to pay such Minimum Royalties will not, in respect of each PENN
      LICENSED PRODUCT, extend beyond January 1st
      of the
[*]
      year
      following the first commercial sale of that PENN LICENSED PRODUCT. A minimum
      royalty payment paid under this Section 3.1.4 shall serve as an advance payment
      against royalties due under Section 3.1.3 during the period for which such
      minimum royalty payment was paid.

    

    3.1.5
      COMPANY will pay PENN, on a quarterly basis, a percentage of any sublicense
      initiation fee or any other non-royalty payments received by COMPANY from
      sublicensees of PENN PATENT RIGHTS as follows: 

       

    
      	
              If
                Sublicense Becomes Effective Anytime: 

            	
              Percent
                of 

              Sublicense
                Fees 

            
	 	 
	
              On
                or before the 1st
                Anniversary of the EFFECTIVE DATE

            	
              [*] 

            
	
              After
                the 1st
                and on or before the 2nd
                Anniversary 

            	
              [*]

            
	
              of
                the EFFECTIVE DATE

            	 
	
              After
                the 2nd
                and on or before 3rd
                Anniversary 

            	
              [*]

            
	
              of
                the EFFECTIVE DATE

            	 
	
              After
                the 3rd
                and on or before the 4th
                Anniversary

            	
              [*]

            
	
              of
                the EFFECTIVE DATE

            	 
	
              After
                the 4th
                Anniversary of the EFFECTIVE DATE

            	
              [*]

            

    

    

    Such
      sublicense payments include but are not limited to: i) upfront cash payments
      made to COMPANY in consideration of the sublicense, but excluding funds paid
      to
      COMPANY for the conduct of research and development of Licensed Products, not
      to
      exceed the FAIR MARKET VALUE of such services actually performed and documented
      to PENN, and equity investments in COMPANY at FAIR MARKET VALUE, and excluding
      equity received by COMPANY in affiliates, joint venture partners and
      sublicensees; ii) “premium” over the fair market value of equity investments in
      COMPANY, where “premium” is defined as the amount by which cash amounts received
      by COMPANY for a particular equity security exceed the fair market value of
      such
      security and, notwithstanding the definition of FAIR MARKET VALUE set forth
      in
      Section 1.4 above, the fair market value of securities shall, for purposes
      of
      this Section 3.1.5(ii), be the average of the final “bid” and “ask” price of
      COMPANY’s securities as of the close of business on the last business day prior
      to the date such securities are transferred to COMPANY if such securities are
      publicly traded or, in the event that such securities are not traded in the
      public market, the fair market value, as of the date of such securities are
      issued to the sublicensee, shall be established in good faith by the COMPANY
      Board of Directors; and iii) the fair market value of non-cash consideration
      received by COMPANY from a sublicensee (excluding equity received by COMPANY
      in
      sublicensee), where such fair market value, notwithstanding the definition
      of
      FAIR MARKET VALUE set forth in Section 1.4 above, is determined as of the date
      such consideration is received by COMPANY and equals the fair market value
      determined in good faith by the COMPANY Board of Directors

     

    

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    3.1.6
      NET
      SALES of any PENN LICENSED PRODUCT shall not be subject to more than one
      assessment of the scheduled royalty; such assessment shall be the highest
      applicable royalty. Where any PENN LICENSED PRODUCT is the subject of a SALE
      by
      the COMPANY or any AFFILIATE but the COMPANY concludes in good faith that,
      in
      the ordinary course of business, the same PENN LICENSED PRODUCT will be the
      subject of a subsequent SALE by the COMPANY or any AFFILIATE for an amount
      greater than the consideration paid for the previous SALE, the COMPANY may
      exclude consideration paid for the previous SALE from NET SALES until the date
      arising ninety (90) days after the date of the previous SALE. If a subsequent
      SALE for an amount greater than the consideration paid for the previous SALE
      arises prior to such date, then the consideration paid for the previous SALE
      shall be permanently excluded from NET SALES; if there is no subsequent SALE
      for
      an amount greater than the consideration paid for the previous SALE prior to
      such date, then the consideration paid for the previous SALE shall be included
      in NET SALES, but shall still be credited against any subsequent SALE of the
      same PENN LICENSED PRODUCT for a higher price.

    

    3.2 MILESTONE
      PAYMENTS

    

    The
      following milestone payments are non-refundable, non-creditable, and payable
      to
      PENN by COMPANY as follows:

    

    3.2.1.
      In
      partial consideration of the exclusive license granted to COMPANY, COMPANY
      will
      pay PENN the applicable milestone payment listed in the table below within
      thirty (30) days after achievement of each milestone event:

    

    
      	
              Milestone

            	
              Payment

            
	
              Initiation
                of Phase III clinical trials for first PENN LICENSED PRODUCT in either
                the
                PRIMARY STRATEGIC FIELD or the SECONDARY STRATEGIC FIELD. For purposes
                of
                clarification, initiation of Phase III clinical trials means enrollment
                of
                the first subject in a Phase III clinical trial.

            	
              [*]

            
	
              Regulatory
                approval of first PENN LICENSED PRODUCT in either the PRIMARY STRATEGIC
                FIELD or the SECONDARY STRATEGIC FIELD, regardless of whether that
                approval is granted in the United States or elsewhere in the
                TERRITORY

            	
              [*]

            

    

     

    

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    3.2.2 [*]
      shall be
      due for first commercial SALE of the first PENN LICENSED PRODUCT in the PRIMARY
      STRATEGIC FIELD. Such payment shall be payable as follows: [*]
      shall be
      paid within forty-five (45) days of the date of the first commercial SALE,
      [*]
      shall be
      paid on the first Anniversary of the first commercial SALE; and [*]
      shall be
      paid on the second Anniversary of the date of the first commercial
      SALE.

    

    3.2.3 [*]
      shall be
      due and payable within forty-five (45) days following the date of the first
      commercial SALE of a PENN LICENSED PRODUCT in a SECONDARY STRATEGIC FIELD;
      provided,
      however,
      that
      this fee shall only be payable once for each of the SECONDARY STRATEGIC FIELDS
      in which PENN LICENSED PRODUCTS are sold.

     

    

    3.3 DILIGENCE
      AND MAINTENANCE FEES

    

    3.3.1
      Financial Due Diligence

    

    3.3.1.1 COMPANY
      shall, on or before November 12, 2004, raise at least [*]
      in
      equity financing or convertible debt from reputable investors.

     

    3.3.2
      Developmental Due Diligence. 

    

    3.3.2.1 COMPANY
      will use commercially reasonable efforts to develop, commercialize, and market
      PENN LICENSED PRODUCTS as soon as practical, consistent with the terms of the
      DEVELOPMENT PLAN and any DEVELOPMENT PLAN PROGRESS REPORTS provided pursuant
      to
      Section 3.6.1 of this AGREEMENT. The DEVELOPMENT PLAN will be prepared by
      COMPANY and delivered to PENN prior to the EFFECTIVE DATE. 

    

    3.3.2.2 COMPANY
      agrees to commit resources (including relevant resources dedicated by
      sublicensees and strategic or collaboration partners and including research
      grants for Dr. Paterson) during the term of this AGREEMENT to the development
      and commercialization of PENN LICENSED PRODUCTS in the PRIMARY STRATEGIC FIELD
      in amounts not less than the following: 

    

    
      	
              Anniversary
                of 

            	
              Required
                Diligence

            
	
              EFFECTIVE
                DATE 

            	
              Expenditure
                

            
	 	 
	
              First
                

            	
              [*]

            
	
              Second
                

            	
              [*]

            
	
              Third
                

            	
              [*]

            
	
              Fourth
                

            	
              [*]

            
	
              Fifth
                and thereafter 

            	
              [*]

            

    

    

    Notwithstanding
      the above, COMPANY shall not be obligated to make any due diligence expenditures
      at any time after the date the COMPANY first becomes obligated to pay minimum
      royalties pursuant to Section 3.1.4. In the event that total expenditures for
      the development and commercialization of PENN LICENSED PRODUCTS do not meet
      or
      exceed the amounts set forth above, COMPANY must pay to PENN the difference
      between the mandated amount listed above and the actual amount expended by
      COMPANY and/or its sublicensees, strategic or collaboration partner(s). Funds
      invested in development in a given year that are in excess of the above amounts
      shall be creditable up to [*]
      against
      the diligence requirements of the following year.

     

    

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    3.3.2.3 SECONDARY
      STRATEGIC FIELDS: By the [*]
      anniversary of the EFFECTIVE DATE, COMPANY must either (i) initiate research
      and
      development programs for the SECONDARY STRATEGIC FIELDS of infectious disease,
      allergy, and autoimmune disease, at an initial annual expense level of at least
      [*]
      per
      field, or (ii) partner with or grant one or more third parties rights for the
      commercial development of PENN LICENSED PRODUCTS in one or more of such
      SECONDARY STRATEGIC FIELDS.

    

    3.3.2.4 In
      the
      event COMPANY develops PENN LICENSED PRODUCTS in any SECONDARY STRATEGIC FIELDS
      pursuant to Section 3.3.2.3, part (i), the parties will negotiate in good faith
      due diligence requirements for subsequent years for such SECONDARY STRATEGIC
      FIELD under development at that time. If COMPANY fails to complete either part
      (i) or (ii) as described in Section 3.3.2.3 above for such SECONDARY STRATEGIC
      FIELD(S) by the [*]
      anniversary of the EFFECTIVE DATE, COMPANY will forfeit all rights for
      development of commercial products in such SECONDARY STRATEGIC FIELDS, and
      rights will return to PENN for such SECONDARY STRATEGIC FIELD(S). PENN will
      thereafter be free to enter into agreements for such forfeited rights with
      any
      third party for commercial development in the respective SECONDARY STRATEGIC
      FIELD(S).

    

    3.3.3
      Maintenance
      Fees. COMPANY
      must pay to PENN annual license maintenance fees, according to the following
      schedule, on the Due Date:

    

    
      	
              Due
                Date

            	
              Amounts
                Due

            
	
              12/31/08

            	
              [*]

            
	
              12/31/09

            	
              [*]

            
	
              12/31/10

            	
              [*]

            
	
              12/31/11

            	
              [*]

            
	
              12/31/12
                and each December 31st
                thereafter for the remainder of the term of the AGREEMENT

            	
              [*]

            

    

    

    provided,
      however, that such fees shall not be payable on any Due Date which arises at
      any
      time after the first commercial SALE of a PENN LICENSED PRODUCT.

    

    3.4 REPORTS
      AND RECORDS

    

    3.4.1 On
      each
      December 1 arising during the term of this AGREEMENT, COMPANY must provide
      PENN
      with written progress reports (each a “DEVELOPMENT PLAN PROGRESS REPORT”),
      setting forth COMPANY’S progress regarding its efforts to develop and
      commercialize PENN LICENSED PRODUCTS, including activities of AFFILIATES and
      sublicensees, for the preceding year. COMPANY shall also notify PENN within
      thirty (30) days of the first commercial SALE by the COMPANY, an AFFILIATE,
      or
      any sublicensee of each PENN LICENSED PRODUCT. Each DEVELOPMENT PLAN PROGRESS
      REPORT shall include, without limitation:

     

    

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    3.4.1.1 The
      date
      of the DEVELOPMENT PLAN PROGRESS REPORT and the time covered by such
      report.

    

    3.4.1.2 Major
      activities and accomplishments completed by COMPANY, any AFFILIATE or any
      sublicensee since the last DEVELOPMENT PLAN PROGRESS REPORT.

    

    3.4.1.3
      Significant research and development projects currently being performed by
      COMPANY, any AFFILIATE, or any sublicensee and projected dates of
      completion.

    

    3.4.1.4
      Future development activities expected to be undertaken by COMPANY, any
      AFFILIATE, or any sublicensee during the next reporting period.

    

    3.4.1.5
      Current development stage (e.g., pre-clinical, Phase I, Phase II or Phase III)
      of each PENN LICENSED PRODUCT and targeted date of NDA or BLA approval, if
      any.

    

    3.4.1.6
      Significant changes to the DEVELOPMENT PLAN, including the reasons for the
      changes.   

    

    3.4.1.7
      Summary of development efforts related to PENN PATENT RIGHTS being performed
      by
      third parties including the nature of the relationship between the
      COMPANY
      and such third parties.

    

    3.4.2 COMPANY
      must deliver to PENN within forty-five (45) days after the end of each CALENDAR
      QUARTER a report, certified by the chief financial officer of COMPANY, setting
      forth the calculation of the royalties due to PENN for such CALENDAR QUARTER,
      including, without limitation:

    

    3.4.2.1 Number
      of
      PENN LICENSED PRODUCTS involved in SALES, listed by country.

    

    3.4.2.2 Gross
      consideration for SALES of PENN LICENSED PRODUCTS, including all amounts
      invoiced, billed, or received.

    

    3.4.2.3 Qualifying
      costs, as defined in Section 1.5, listed by category of cost.

    

    3.4.2.4 NET
      SALES
      of PENN LICENSED PRODUCTS listed by country.

     

     

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    3.4.2.5 Royalties
      owed to PENN, listed by category, including without limitation earned,
      sublicensee-derived, and minimum royalty categories.

    

    3.4.2.6 Earned
      royalty amounts credited against minimum royalty payments. 

    

    3.4.3 COMPANY
      must pay the royalties due under Sections 3.1 and 3.3 within forty-five (45)
      days following the last day of the CALENDAR QUARTER in which the royalties
      accrue. COMPANY must send with the royalties the report described in Section
      3.4.1.

    

    3.4.4 COMPANY
      must maintain and cause its AFFILIATES and any sublicensees to maintain,
      complete and accurate books and records which enable the royalties, fees, and
      payments payable under this AGREEMENT to be verified. The records for each
      CALENDAR QUARTER must be maintained for five (5) years after the submission
      of
      each report provided pursuant to Section 3.4.2. Upon reasonable prior notice
      to
      COMPANY, COMPANY must provide an independent auditor appointed by PENN and
      reasonably acceptable to COMPANY with access to all books and records relating
      to the SALES of PENN LICENSED PRODUCTS by COMPANY and its AFFILIATES or any
      sublicensees in order to conduct a review or audit of those books and records.
      Access to these books and records pertaining to NET SALES must be made available
      following the date of the first product sale and then no more than once every
      three (3) years following each audit during the term of this AGREEMENT, during
      normal business hours, and on two (2) occasions during the three (3) year period
      immediately following expiration or termination of this AGREEMENT. If a review
      or audit of the books of COMPANY determines that COMPANY has underpaid royalties
      by [*],
      COMPANY
      must reimburse to PENN its actual out-of-pocket costs of employing its auditors
      in connection with such review or audit. Notwithstanding the foregoing, COMPANY
      agrees to conduct, at its expense, an independent audit of SALES and royalties
      at least every five (5) years once annual SALES of a PENN LICENSED PRODUCT
      are
      greater than [*].
      The
      audit shall address, at a minimum, the amount of gross sales by or on behalf
      of
      COMPANY during the audit period, the amount of funds owed to PENN under this
      AGREEMENT, and whether the amount owed has been paid to PENN and is reflected
      in
      the records of the COMPANY. A report by the auditors shall be submitted promptly
      to PENN upon completion along with payment of all amounts
      outstanding.

    

    

    3.4.5 COMPANY
      shall provide to PENN,
      at
      least as frequently as they are distributed to the Board of Directors and/or
      management of COMPANY, copies of: all Board and managerial reports that relate
      to the PENN
      PATENT RIGHTS
      and
PENN
      LICENSED PRODUCTS;
      and all
      business plans, projections and financial statements that are distributed to
      the
      Board of Directors and/or management.

    

    3.5 CURRENCY,
      PLACE OF PAYMENT, INTEREST, PAYMENT OF EXPENSES

    

    3.5.1 All
      dollar amounts referred to in this AGREEMENT are expressed in United States
      dollars. All payments to PENN under this AGREEMENT must be made in United States
      dollars by check payable to “The Trustees of the University of Pennsylvania” and
      sent to the following address: 

     

    

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    The
      Trustees of the University of Pennsylvania

    [*]

    [*]

    [*]

    

    For
      electronic transfer, all payments should be sent to the following
      address:

    

    [*]

    [*]

    [*]

    [*]

    

    3.5.2 If
      COMPANY receives revenues from SALES of PENN LICENSED PRODUCTS in currency
      other
      than United States dollars, such revenues shall, for purposes of calculating
      NET
      SALES, be converted into United States dollars at the conversion rate for the
      foreign currency as published in the eastern edition of The Wall Street Journal
      as of the last business day of the CALENDAR QUARTER in which such NET SALES
      were
      accrued.

    

    3.5.3 Any
      amounts that become due after the execution date of this AGREEMENT that are
      not
      paid when due, including, but not limited to, royalties, reimbursement of patent
      fees, milestone payments, etc., shall accrue interest from the due date until
      paid, at a rate equal to [*]
      per
      month (or the maximum allowed by law, if less). 

    

    4.
      CONFIDENTIALITY

    

    4.1 CONFIDENTIAL
      INFORMATION means and includes all technical information, inventions,
      developments, discoveries, software, know-how, methods, techniques, formulae,
      data, processes and other proprietary ideas, whether or not patentable or
      copyrightable, that PENN identifies as confidential or proprietary at the time
      it is delivered or communicated to COMPANY.

    

    4.2
      COMPANY agrees to maintain in confidence and not to disclose to any third party
      any CONFIDENTIAL INFORMATION of PENN. COMPANY agrees to ensure that its
      employees have access to CONFIDENTIAL INFORMATION only on a need-to-know basis
      and are obligated in writing to abide by COMPANY’s obligations under this
      AGREEMENT. The foregoing obligation shall not apply to:

    

    4.2.1
      information that is known to COMPANY or independently developed by COMPANY
      prior
      to the time of disclosure, in each case, to the extent evidenced by written
      records promptly disclosed to PENN upon receipt of the CONFIDENTIAL
      INFORMATION;

    

    4.2.2
      information disclosed to COMPANY by a third party that has a right to make
      such
      disclosure;

     

    

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    4.2.3
      information that becomes patented, published or otherwise part of the public
      domain as a result of acts by PENN or a third person obtaining such information
      as a matter of right; or 

    

    4.2.4 information
      that is required to be disclosed by order of United States governmental
      authority or a court of competent jurisdiction; provided that COMPANY must
      use
      best efforts to obtain confidential treatment of such information by the agency
      or court.

    

    4.2.5 information
      disclosed by COMPANY to a third party under the normal course of business,
      provided that COMPANY discloses such information under confidentiality
      agreements that are substantially in the form of Attachment 6 or such other
      form
      as PENN may from time-to-time approve.

    

    

    4.3 PENN
      shall not be obligated to accept any confidential information from COMPANY.
      PENN
      shall use best efforts not to disclose confidential information of COMPANY
      that
      is received by PENN’s Center for Technology Transfer from COMPANY to any third
      party (subject to the exceptions analogous to those in Section 4.2). PENN bears
      no institutional responsibility for maintaining the confidentiality of any
      CONFIDENTIAL INFORMATION other than (i) reports provided pursuant to Sections
      3.4.1. and 3.4.2 and (ii) any information disclosed to PENN’s auditor pursuant
      to Section 3.4.4. 

     

    4.4 PENN
      acknowledges that COMPANY is free to enter into confidentiality agreements
      with
      any faculty members or other employees or students of PENN provided such
      agreements are acceptable to the relevant faculty members, employees or students
      and are substantially in the form of Attachment 6 or such other form as PENN
      may
      from time-to-time approve. 

    

    

    5.
      TERM AND TERMINATION

    

    5.1 This
      AGREEMENT, unless sooner terminated as provided in this AGREEMENT, terminates
      upon the expiration of the last to expire or become abandoned of the PENN PATENT
      RIGHTS.

    

    5.2 COMPANY
      may, upon sixty (60) days written notice to PENN, terminate this AGREEMENT
      by
      doing all of the following:

    

    5.2.1
      ceasing to make, have made, use, import, sell and offer for sale all PENN
      LICENSED PRODUCTS; and

    

    5.2.2
      terminating all sublicenses, and causing all AFFILIATES and sublicensees to
      cease making, having made, using, importing, selling and offering for sale
      all
      PENN LICENSED PRODUCTS; and

    

    5.2.3
      paying all monies owed to PENN under this AGREEMENT and the SPONSORED RESEARCH
      AGREEMENT, if any.

     

    

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    5.3 PENN
      may
      terminate this AGREEMENT if any of the following events of default (“DEFAULT”)
      occur:

     

    5.3.1
      COMPANY is late in paying to PENN royalties, expenses, or any other monies
      due
      under this AGREEMENT and COMPANY does not pay PENN in full within ten (10)
      days
      of written demand for such payment (a “Payment Default”); or

    

    5.3.2
      COMPANY, experiences a Trigger Event (as defined below); or

    

    5.3.3
      COMPANY, or any authorized AFFILIATE is in material breach of this AGREEMENT,
      other than a Payment Default, and such breach is not cured within sixty (60)
      days after written notice of the breach is provided to COMPANY.

     

    5.4
       Trigger
      Event means any of the following:

     

    
      	 	
              5.4.1

            	
              If
                COMPANY,

            

    

     

    5.4.1.1
      becomes insolvent, bankrupt or generally fails to pay its debts as such debts
      become due; 

     

    5.4.1.2
      is adjudicated insolvent or bankrupt; admits in writing its inability to pay
      its
      debts; or shall suffer a custodian, receiver or trustee for it or substantially
      all of its property to be appointed and, if appointed without its consent,
      not
      be discharged within thirty (30) days; or

     

    5.4.1.3
      makes an assignment for the benefit of creditors; or suffers proceedings under
      any law related to bankruptcy, insolvency, liquidation or the reorganization,
      readjustment or the release of debtors to be instituted against it and, if
      contested by it, not dismissed or stayed within ten (10) days; 

     

    5.4.1.4 commences
      any action against PENN, including an action for declaratory judgment, to
      declare or render invalid or unenforceable the PENN LICENSED PATENTS or any
      claim thereof; 

     

    5.4.2 If
      proceedings under any law related to bankruptcy, insolvency, liquidation, or
      the
      reorganization, readjustment or the release of debtors are instituted or
      commenced by COMPANY; 

     

    5.4.3 If
      any
      order for relief is entered relating to any of the proceedings described in
      Sections 5.4.1 or 5.4.2; 

     

    5.4.4 If
      COMPANY shall call a meeting of its creditors with a view to arranging a
      composition or adjustment of its debts;

     

    5.4.5 If
      any
      sublicensee experiences an event comparable to a TRIGGER EVENT or is in material
      breach of its sublicense and fails to cure such material breach within sixty
      (60) days of COMPANY’s written notice thereof, and (i) such sublicensee is
      either (x) responsible for a material amount of NET SALES or (y) primarily
      responsible for research and/or development activities relating to any
      contemplated PENN LICENSED PRODUCT described in the DEVELOPMENT PLAN and
      anticipated to result in commercial SALES having a positive material effect
      on
      NET SALES, and (ii) COMPANY fails to use commercially reasonable efforts to
      exercise its termination rights under the relevant sublicense;

     

    

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    5.4.6 If
      any
      AFFILIATE experiences an event comparable to a TRIGGER EVENT and (i) such
      AFFILIATE is either (x) responsible for a material amount of NET SALES or (y)
      primarily responsible for research and/or development activities relating to
      any
      contemplated PENN LICENSED PRODUCT described in the DEVELOPMENT PLAN and
      anticipated to result in commercial SALES having a positive material effect
      on
      NET SALES, and (ii) COMPANY fails to use commercially reasonable efforts to
      exercise its termination rights under any applicable agreements between COMPANY
      and such AFFILIATE implicating the rights granted to COMPANY under this
      AGREEMENT or otherwise deprive such AFFILIATE of any responsibility for the
      development or commercialization of PENN LICENSED PRODUCTS; or

    

    5.4.7 If,
      without PENN’s express prior written consent, COMPANY grants a sublicense to or
      otherwise subsequently conducts material business implicating COMPANY’s rights,
      duties and obligations under this AGREEMENT with, any AFFILIATE or sublicensee
      whose agreement or commercial relationship with COMPANY was previously
      terminated by COMPANY as contemplated in Sections 5.4.5 or 5.4.6 above.

    

    5.5 In
      the
      event of a termination under Section 5.3 above, all duties of PENN and all
      rights (but not duties) of COMPANY under this AGREEMENT immediately terminate
      without the necessity of any action being taken either by PENN or by COMPANY.
      Upon and after any termination of this AGREEMENT, COMPANY, any AFFILIATE, and
      any sublicensee shall refrain from further manufacture, sale, marketing,
      importation and/or distribution of PENN
      LICENSED PRODUCT(s).
      If,
      upon a termination of this AGREEMENT by PENN, a sublicensee is not in breach
      of
      its sublicense agreement and did not cause the Trigger Event, then PENN shall
      agree to negotiate in good faith with sublicensee a license agreement having
      commercially reasonable terms.

     

    5.6 Upon
      termination of this AGREEMENT, COMPANY must, at PENN’s request, deliver to PENN
      all CONFIDENTIAL INFORMATION in respect of which COMPANY is RECIPIENT together
      with one copy of any data generated by COMPANY during the term of this AGREEMENT
      which will facilitate the further development of the technology licensed to
      COMPANY hereunder and which is related directly to the PENN PATENT RIGHTS or
      the
      design, manufacture, use, marketing, product development, and/or testing of
      PENN
      LICENSED PRODUCTS (the “NEW COMPANY DATA”). Upon termination of this AGREEMENT,
      COMPANY agrees to negotiate in good faith a license granting to potential
      licensees identified by PENN rights in the NEW COMPANY DATA on commercially
      reasonable terms. 

    

    5.7 COMPANY’s
      obligation to pay all monies owed but not yet paid under this AGREEMENT shall
      survive termination of this AGREEMENT. In addition, the provisions of Sections
      3.4.2, 3.4.3, 3.4.4 and 3.5, Articles 4 - Confidentiality, Article 5 - Term
      and
      Termination, Article 8 - Disclaimer of Warranties; Indemnification, Article
      9 -
      Use of PENN’s Name; and Article 10 - Additional Provisions shall survive such
      termination in accordance with their respective terms.

     

    

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    5.8 Upon
      termination of this AGREEMENT, COMPANY shall cause physical inventories to
      be
      taken immediately of: (a) all completed PENN
      LICENSED PRODUCT(s)
      on
      hand under the control of COMPANY, any AFFILIATES, or any sublicensees; and
      (b)
      such PENN
      LICENSED PRODUCT(s)
      as
      are in the process of manufacture and component parts thereof as of the date
      of
      termination of this AGREEMENT, which inventories shall be reduced to writing.
      COMPANY shall deliver copies of such written inventories, verified by an officer
      of COMPANY forthwith to PENN.
      PENN
      shall
      have forty-five (45) days after receipt of such verified inventories within
      which to challenge the inventory and request an audit. Upon five (5) days
      written notice to COMPANY, PENN
      and its
      agents shall be given access during business hours to the premises of COMPANY
      and/or AFFILIATES or sublicensees for the purpose of conducting an audit. Upon
      the termination of this AGREEMENT, COMPANY shall, at its own expense forthwith
      remove and promptly upon PENN’s request, efface or destroy all references to
PENN
      from all
      advertising or other materials used in the promotion of COMPANY’s business or
      the business of any AFFILIATE or sublicensee and COMPANY, its AFFILIATES, and
      any sublicensee shall not thereafter represent in any manner that it has rights
      in or to the PENN
      PATENT RIGHTS
      or
PENN
      LICENSED PRODUCT(s).

     

    5.9 Notwithstanding
      the foregoing, if this AGREEMENT terminates other than pursuant to Section
      5.4.1
      or 5.4.2, COMPANY shall have a period of six (6) months to sell off its
      inventory of PENN
      LICENSED PRODUCT(s)
      existing on the date of termination of this AGREEMENT and shall pay royalties
      to
PENN
      with
      respect to such PENN
      LICENSED PRODUCT(s)
      within thirty (30) days following the expiration of such six-month
      period.

    

    6.
      PATENT MAINTENANCE AND REIMBURSEMENT

    

    6.1 Subject
      to this Article 6, PENN controls the prosecution and maintenance of PENN PATENT
      RIGHTS. COMPANY must reimburse PENN for all documented attorneys fees, expenses,
      official fees and other charges incurred on or after the Execution of this
      Agreement and incident to the preparation, prosecution maintenance and licensing
      of PENN PATENT RIGHTS. Reimbursements shall be paid within thirty (30) days
      after COMPANY’S receipt of invoices for such fees, expenses and
      charges.
      For
      purposes of this Article 6, the word “maintenance” includes any interference
      negotiations, claims, or proceedings, in any forum, brought by Penn, Company,
      a
      third party, or the United States Patent and Trademark Office, and any requests
      by Penn or Company that the United States Patent and Trademark Office reexamine
      or reissue any patent in the Penn Patent Rights. Penn
      reserves the right to require the Company to provide a deposit in advance of
      incurring out of pocket patent expenses estimated by counsel to exceed $2,500.
       If Company fails to reimburse patent expenses under this Paragraph 6.1, or
      provide a requested deposit with respect to a Penn Patent Right, then Penn
      will
      be free at its discretion and expense to either abandon such applications or
      patents related to such Penn Patent Right or to continue such preparation,
      prosecution and/or maintenance activities, and any patent rights associated
      with
      such patent action will be automatically excluded from the term “Penn Patent
      Rights” hereunder, on a patent by patent or country by country basis, as
      applicable.

     

    

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    6.2 At
      or
      prior to the Execution of this Agreement, PENN will provide COMPANY a listing
      of
      monies owed for all historically accrued patent and licensing expenses,
      attorneys fees, official fees and all other charges incident to the preparation,
      prosecution and maintenance of the PENN PATENT RIGHTS that were incurred and
      docketed by Penn on or before the Execution date (the “Historic Patent
      Expenses”). Such reimbursement is currently due and owing, but the payment terms
      are hereby extended as follows. Effective ______________ and until paid in
      full,
      Company will pay interest at a rate equal to one and one-half percent
[*]
      per
      month, or fraction thereof (or the maximum allowed by law, if less), on the
      unpaid balance of the Historic Patent Expenses. Payments will be applied first
      to accrued but unpaid interest until paid in full, with any remainder applied
      to
      the outstanding balance of Historic Patent Expenses. Upon the execution of
      this
      Agreement,
      COMPANY
      shall reimburse PENN no less than [*]
      of
      the
      Historic
      Patent Expenses. COMPANY shall reimburse a minimum of [*]
      of
      the
      Historic
      Patent Expenses (and accrued interest) within ninety [*]
      days
      after execution of this Agreement, another [*]
      of
      the
      Historic
      Patent Expenses (and accrued interest) [*]
      after
      execution of this Agreement and the remaining balance of
      the
      Historic
      Patent Expenses (and accrued interest) paid in full within [*]
      days
      after execution of this Agreement, except that Company shall make minimum
      payments toward Historic Patent Expenses and accrued interest in an amount
      equal
      to a minimum of [*],
      upon
      receipt of such proceeds. Notwithstanding anything herein to the contrary,
      Company shall pay the entire remaining balance of Historic Patent Expenses,
      including accrued interest, in
      full
      on or before [*].
      In the
      event that COMPANY fails to make timely payment, the interest on any outstanding
      balance shall be increased to [*]
      per
      month, calculated from the original due date, until the balance is paid in
      full.
      The parties acknowledge that the PENN PATENT RIGHTS are being prosecuted in
      the
      United States and non-US jurisdictions and that US patent counsel works with
      foreign correspondents in each of these jurisdictions. This routinely causes
      delays in receipt of invoices, over which PENN has no control. Regardless when
      received by PENN and/or forwarded to and/or received by COMPANY, COMPANY will
      remain liable for all fees, costs and expenses related to prosecution of the
      PENN PATENT RIGHTS for services performed, fees filed or incurred prior to
      termination of this Agreement. 

    

    6.3 Notwithstanding
      Section 6.1, COMPANY may select an attorney to prosecute the PENN PATENT RIGHTS
      with PENN’s approval, which shall not be unreasonably withheld. In that event,
      during the term of any such CLIENT AND BILLING AGREEMENT, PENN shall be the
      client of the attorney, and COMPANY may directly manage the prosecution of
      the
      PENN PATENT RIGHTS through a fully executed CLIENT AND BILLING AGREEMENT.
      COMPANY shall bear all costs of ongoing prosecution of the PENN PATENT RIGHTS.
      PENN shall be copied on all correspondence related to the prosecution of the
      PENN PATENT RIGHTS between COMPANY and the selected attorney, and retains the
      right to advise COMPANY (and to direct patent counsel) regarding patent
      prosecution. PENN and COMPANY shall in good faith cooperate to implement the
      prosecution and maintenance of PENN PATENT RIGHTS in accordance with the CLIENT
      AND BILLING AGREEMENT and COMPANY must promptly pay for all ongoing attorneys
      fees, expenses, official fees and all other charges incident to the preparation,
      prosecution and maintenance of the PENN PATENT RIGHTS after the execution of
      this AGREEMENT in accordance with such CLIENT AND BILLING AGREEMENT. The parties
      anticipate entering into a Client and Billing Agreement with patent counsel
      upon
      execution of this Agreement. However, in the absence of or upon termination
      of a
      CLIENT AND BILLING AGREEMENT for any reason, the provisions of 6.1 will
      apply.

     

    

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    6.4 COMPANY
      hereby covenants and agrees that it shall in good faith prosecute PENN PATENT
      RIGHTS in all countries set forth in Attachment 7 (the “REQUIRED TERRITORIES”);
      provided, however, that COMPANY will have the right to refuse to pay for any
      proposed expenditure related to the filing, prosecution, and maintenance of
      PENN
      PATENT RIGHTS in the REQUIRED TERRITORIES so long as reasonable notice of such
      refusal is provided to PENN to allow PENN to pay such expenditures; If COMPANY
      refuses such expenditures under the CLIENT AND BILLING AGREEMENT, or does not
      reimburse PENN for expenses related to PENN PATENT RIGHTS, COMPANY’S rights in
      the relevant PENN PATENT RIGHTS granted under Section 2.1 of this AGREEMENT
      shall thereafter terminate on a patent-by-patent basis. Thereafter, (i) PENN
      will be free, at its discretion and expense, to either abandon such applications
      or patents or to continue such preparation, prosecution and/or maintenance
      activities; and (ii) PENN may license such PENN PATENT RIGHTS to any third
      party
      upon such terms and conditions as PENN deems appropriate.

    

    6.5 If
      COMPANY should desire to abandon any of the PENN PATENT RIGHTS (whether an
      already issued patent or an application therefor) in any countries other than
      those countries in the REQUIRED TERRITORIES, COMPANY shall give PENN at least
      [*]
      days
      advance written notice of its intention and, upon the written request of the
      PENN within said [*]
      days,
      shall alternatively consent to termination of the license granted pursuant
      to
      Section 2.1 in respect only of those PENN PATENT RIGHTS COMPANY desires to
      abandon. Upon such limited termination of the license, the other provisions
      of
      this AGREEMENT shall be deemed terminated with regard to such PENN PATENT RIGHTS
      only and COMPANY shall have no further rights or obligations in respect of
      the
      same or subsequently accrued proceeds thereof; provided, however, that (i)
      PENN
      covenants that it shall not assert such PENN PATENT RIGHTS (whether by way
      of
      infringement or otherwise) against COMPANY, or any AFFILIATES or sub-licensees
      of the PENN PATENT RIGHTS without COMPANY’s express prior written consent; and
      (ii) if any third parties continue to hold rights in such PENN PATENT RIGHTS
      under any license or other binding agreement previously entered into by or
      under
      the authority of COMPANY, its AFFILIATES or sublicensees, then both of COMPANY’s
      and PENN’s rights and obligations under this AGREEMENT and in respect of
      proceeds from such third party agreements shall survive such termination, but
      PENN shall be under no obligation to COMPANY or any third parties to file,
      prosecute, maintain, defend or enforce PENN PATENT RIGHTS in respect of which
      the license has been terminated pursuant to this Section 6.5. 

    

    6.6 Nothing
      in Sections 6.4 or 6.5 above shall prevent COMPANY from abandoning or
      surrendering any of the PENN PATENT RIGHTS, or from canceling or amending any
      claim of any of the PENN PATENT RIGHTS, without giving rise to any rights under
      Sections 6.4 or 6.5, provided that such abandonment, surrender, cancellation
      or
      amendment is, in COMPANY’s sole reasonable discretion, necessary or appropriate
      in the ordinary course of the prosecution, maintenance and enforcement of the
      PENN PATENT RIGHTS. For the purposes of Sections 6.4 and 6.5, COMPANY’s election
      not to pursue applications for patents or other rights in respect of the PENN
      PATENT RIGHTS in any countries, territories and regions in which, or in
      accordance with any treaties, conventions or other multi-national agreements
      under which, any applications for patents or other rights in respect of the
      PENN
      PATENT RIGHTS could in good faith lawfully be applied for or otherwise
      prosecuted, shall not constitute or be construed to constitute abandonment
      of
      any PENN PATENT RIGHTS.

     

    

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    6.7 COMPANY
      may at its sole discretion (i) apply for and obtain such extension, term
      restoration or comparable addition to the life of the affected PENN PATENT
      RIGHTS and (ii) apply for and obtain such supplemental protection certificates
      for the approved product or process covered by the PENN PATENT RIGHTS, all
      to
      the extent the same are available pursuant to the applicable laws and
      regulations of the jurisdiction where such regulatory approval is given. Nothing
      herein shall be construed to obligate COMPANY to in fact seek extension or
      restoration of any PENN PATENT RIGHTS or supplemental protection for any PENN
      LICENSED PRODUCTS. Where COMPANY applies for and obtains supplemental protection
      or comparable treatment for any PENN LICENSED PRODUCT, then, subject to
      continued payment by COMPANY of its royalty obligations under this AGREEMENT,
      this AGREEMENT shall not expire pursuant to Section 5.1(a) prior to the date
      of
      termination of such supplemental protection or comparable
      treatment.

    

    6.8 Notwithstanding
      the other provisions of this Article 6, COMPANY shall in good faith confer
      with,
      and regularly keep PENN apprised of, its patent prosecution, maintenance,
      enforcement and defense strategy and plans and shall in good faith consider
      PENN’s comments regarding such strategy and plans including, without limitation,
      the following:

    

    6.8.1 Providing
      to PENN, promptly upon PENN’s request, copies of any office actions or proposed
      responses to office actions affecting PENN PATENT RIGHTS.

    

    6.8.2 Providing
      to PENN, promptly upon PENN’s request, copies of any written communications
      alleging infringement of, or responding to allegations of infringement of,
      the
      PENN PATENT RIGHTS by third parties and any pleadings, motions, briefs or other
      substantive papers filed by COMPANY or any third parties or proposed to be
      filed
      by COMPANY, in connection with any litigation, arbitration or regulatory
      proceedings (including interference and opposition proceedings).

    

    7.
      INFRINGEMENT AND LITIGATION

    

    7.1 PENN
      and
      COMPANY are responsible for notifying each other promptly of any infringement
      of
      PENN PATENT RIGHTS which may come to their attention. PENN and COMPANY shall
      consult one another in a timely manner concerning any appropriate response
      to
      the infringement.

    

    7.2 COMPANY
      may prosecute such infringement at its own expense. COMPANY must not settle
      or
      compromise any such suit in a manner that imposes any obligations or
      restrictions on PENN or grants any rights to the or the PENN PATENT RIGHTS,
      without PENN’s prior written permission. Financial recoveries from any such
      litigation will first be applied to reimburse COMPANY for its litigation
      expenditures with additional recoveries being paid to COMPANY, subject to a
      royalty due PENN based on the provisions of Article 3. 

    

    7.3
      (a)  Voluntary
      Intervention. 
      PENN reserves the right to voluntarily intervene at PENN’s expense and join
      COMPANY in any litigation under Section 7.2.  If PENN voluntarily elects to
      participate in any such litigation, then financial recoveries from any such
      litigation will be shared between COMPANY and PENN as follows:  (1) on a
      pro rata basis in proportion with their respective shares of the aggregate
      Litigation Expenditures by COMPANY and PENN, until the party that spent a lower
      amount on its Litigation Expenditures has recovered all of its Litigation
      Expenditures; then (2) any amounts remaining shall be paid to the other party
      to
      this Agreement, until that party has recovered all of its Litigation
      Expenditures; and then (3) [*]
      of any
      amount remaining would be paid to PENN, and [*]
      of any
      amount remaining would be paid to COMPANY, regardless of respective Litigation
      Expenditures.

     

    

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      For purposes of this Agreement, “Litigation Expenditures” shall be defined
      as:  reasonable attorneys’ fees, court costs, local counsel fees,
      deposition costs, subpoena costs, court reporter costs, expert fees, and other
      reasonable expenses directly incurred for investigation or litigation of
      claims.  

     

                           
      (b) Involuntary
      Participation. 
      If PENN is required to participate involuntarily in any litigation referred
      to
      under Section 7.3, (such as, for example, but not limited to, being joined
      or
      named as a defendant, necessary party, involuntary plaintiff, or indispensable
      party), then (i) COMPANY will reimburse PENN’s Litigation Expenditures on an
      ongoing basis, within 30 days of submission of actual invoices; and (ii)
      financial recoveries from any such litigation will be shared between COMPANY
      and
      PENN as follows:  (1) COMPANY will be reimbursed for all Litigation
      Expenditures of COMPANY and Litigation Expenses reimbursed by COMPANY to PENN;
      then (2) twenty percent (20%) of any amount remaining would be paid to PENN,
      and
      eighty percent (80%) of any amount remaining would be paid to COMPANY,
      regardless of respective Litigation Expenditures.

     

    7.4 Subject
      to COMPANY’S obligations under Section 7.2 above, COMPANY shall be free to
      determine at its sole discretion when, if at all, and how to assert and
      prosecute infringement claims relating to PENN PATENT RIGHTS where such
      determinations are based upon bona
      fide
      strategic issues such as COMPANY’S concerns regarding challenges to the validity
      of the PENN PATENT RIGHTS. If COMPANY elects at its sole discretion not to
      prosecute or otherwise abate any infringement for non-strategic reasons, COMPANY
      shall so notify PENN. If COMPANY does not prosecute infringement for any reason,
      PENN may in its sole discretion prosecute such infringement at its own expense.
      In such event, financial recoveries will be entirely retained by
      PENN. 

    

    7.5 Cooperation.
      In any action to enforce any of the PENN PATENT RIGHTS, either party, at the
      request and expense of the other party shall cooperate to the fullest extent
      reasonably possible. This provision shall not be construed to require either
      party to voluntarily join or intervene in any litigation, or to undertake any
      activities, including legal discovery, at the request of any third party except
      as may be required by lawful process of a court of competent
      jurisdiction.

    

    8.
      DISCLAIMER OF WARRANTIES; INDEMNIFICATION

    

    8.1 THE
      PENN
      PATENT RIGHTS, PENN LICENSED PRODUCTS AND ALL OTHER TECHNOLOGY LICENSED UNDER
      THIS AGREEMENT ARE PROVIDED ON AN “AS IS” BASIS AND PENN MAKES NO
      REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT THERETO. BY
      WAY
      OF EXAMPLE BUT NOT OF LIMITATION, PENN MAKES NO REPRESENTATIONS OR WARRANTIES
      (i) OF COMMERCIAL UTILITY; (ii) OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
      PURPOSE; OR (iii) THAT THE USE OF THE PENN PATENT RIGHTS, PENN LICENSED PRODUCTS
      AND ALL TECHNOLOGY LICENSED UNDER THIS AGREEMENT WILL NOT INFRINGE ANY PATENT,
      COPYRIGHT OR TRADEMARK OR OTHER PROPRIETARY RIGHTS OF OTHERS. PENN SHALL NOT
      BE
      LIABLE TO COMPANY, COMPANY’S SUCCESSORS OR ASSIGNS OR ANY THIRD PARTY WITH
      RESPECT TO: ANY CLAIM ARISING FROM COMPANY’S USE OF THE PENN PATENT RIGHTS, PENN
      LICENSED PRODUCTS AND ALL TECHNOLOGY LICENSED UNDER THIS AGREEMENT OR FROM
      THE
      MANUFACTURE, USE OR SALE OF PENN LICENSED PRODUCTS. NEITHER PARTY SHALL BE
      LIABLE TO THE OTHER FOR ANY CLAIM FOR LOSS OF PROFITS, LOSS OR INTERRUPTION
      OF
      BUSINESS, OR FOR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND
      REGARDLESS OF THE CAUSE OF ACTION OR THEORY OF LIABILITY UPON WHICH SUCH CLAIM
      IS BASED, AND WHETHER OR NOT THE PARTY AGAINST WHOM SUCH CLAIM IS MADE WAS
      AWARE
      OF THE POSSIBILITY OF SUCH DAMAGES.

     

    

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    8.2 COMPANY
      must defend, indemnify and hold harmless PENN, its trustees, officers, agents
      and employees (individually, an “Indemnified Party”, and collectively, the
“Indemnified Parties”), from and against any and all liability, loss, damage,
      action, claim or expense suffered or incurred by the Indemnified Parties
      (including attorney’s fees) (individually, a “Liability”, and collectively, the
“Liabilities”) that results from or arises out of third-party claims made in
      connection with: (a) the development, use, manufacture, promotion, sale or
      other
      disposition of any PENN PATENT RIGHTS or PENN LICENSED PRODUCTS by COMPANY,
      its
      assignees, AFFILIATES, sublicensees, vendors or other third parties; (b) any
      breach by COMPANY of this AGREEMENT, as well as any Liabilities resulting from
      the enforcement by an Indemnified Party of this Section. Without limiting the
      foregoing, COMPANY must defend, indemnify and hold harmless the Indemnified
      Parties from and against any Liabilities resulting from:

    

    8.2.1
      any
      product liability or other claim of any kind made by a third party and related
      to the use by a third party of a PENN LICENSED PRODUCT that was manufactured,
      sold or otherwise disposed by COMPANY, its assignees, AFFILIATES, sublicensees,
      vendors or other third parties;

    

    8.2.2
      a
      claim by a third party that the PENN PATENT RIGHTS or the design, composition,
      manufacture, use, sale or other disposition of any PENN LICENSED PRODUCT
      infringes or violates any patent, copyright, trademark or other intellectual
      property rights of such third party; and

    

    8.2.3
      claims made by third parties (including governmental agencies) in connection
      with clinical trials or studies conducted by or on behalf of COMPANY relating
      to
      the PENN PATENT RIGHTS or PENN LICENSED PRODUCTS, including, without limitation,
      any claim by or on behalf of a human subject of any such clinical trial or
      study.

     

    8.3 COMPANY
      is not permitted to settle or compromise any claim or action giving rise to
      Liabilities in a manner that imposes any restrictions or obligations on PENN
      or
      grants any rights to the PENN PATENT RIGHTS or PENN LICENSED PRODUCTS without
      PENN’s prior written consent. If COMPANY fails or declines to assume the defense
      of any such claim or action within thirty (30) days after notice thereof, PENN
      may assume the defense of such claim or action for the account and at the risk
      of COMPANY for indemnification, and any Liabilities related thereto shall be
      conclusively deemed a liability of the party responsible for indemnification.
      The indemnification rights of PENN or any other Indemnified Parties are in
      addition to all other rights which such Indemnified Party may have at law or
      in
      equity or otherwise.

     

    

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    8.4 INSURANCE

    

    8.4.1
      Within ninety (90) days of the EFFECTIVE DATE of this AGREEMENT, COMPANY must
      procure and maintain a policy or policies of comprehensive general liability
      insurance, including broad form and contractual liability, in a minimum amount
      of $2,000,000 combined single limit per occurrence and in the aggregate as
      respects personal injury, bodily injury and property damage arising out of
      COMPANY’s performance under this AGREEMENT.

    

    8.4.2
      COMPANY must, upon commencement of clinical trials involving PENN LICENSED
      PRODUCTS, procure and maintain a policy or policies of product liability
      insurance in a minimum amount of $3,000,000 combined single limit per occurrence
      and in the aggregate as respects bodily injury and property damage arising
      out
      of COMPANY’s performance under this AGREEMENT.

    

    8.4.3
      The
      policy or policies of insurance described in this Section 8.4 must be issued
      by
      an insurance carrier with an AM Best rating of “A” or better and must name PENN
      as an additional insured with respect to COMPANY’s performance of this
      AGREEMENT. COMPANY must provide PENN within thirty (30) days of the EFFECTIVE
      DATE with certificates evidencing the insurance coverage required herein. Such
      certificates must provide that COMPANY’s insurance carrier(s) notify PENN in
      writing at least thirty (30) days prior to cancellation or material change
      in
      coverage.

    

    8.4.4
      PENN may periodically review the adequacy of the minimum limits specified above
      and reserves the right to require COMPANY to adjust the liability coverage,
      provided such adjustments do not require COMPANY to obtain coverage in excess
      of
      those customarily obtained by entities incurring comparable risks in comparable
      industries. The specified minimum insurance amounts do not constitute a
      limitation on COMPANY’s obligation to indemnify PENN under this
      AGREEMENT.

    

    

    9.
      USE OF PENN’S NAME

    

    COMPANY
      and its employees and agents must not use and COMPANY must not permit its
      AFFILIATES or sublicensees to use PENN’s name or any adaptation thereof, or any
      PENN seal, logotype, trademark, or service mark, or the name, mark, or logotype
      of any PENN representative or organization in any way without the prior written
      consent of PENN.

    

    

    10.
      ADDITIONAL PROVISIONS

     

    

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    10.1 Nothing
      in this AGREEMENT shall be deemed to establish a relationship of principal
      and
      agent between PENN and COMPANY, nor any of their agents or employees for any
      purpose whatsoever, nor shall this AGREEMENT be construed as creating any other
      form of legal association or arrangement which would impose liability upon
      one
      party for the act or failure to act of the other party.

    

    10.2 COMPANY
      is not permitted to assign this AGREEMENT or any part of it, either directly
      or
      by merger or other operation of law, without the prior written consent of PENN,
      which consent shall not be unreasonably withheld. A withholding of PENN’s
      consent shall be considered as reasonable in the event that the acquiring party
      of the assignee of this license is not reputable or is not capable of developing
      the PENN PATENT RIGHTS in the FIELD OF USE. Any prohibited assignment of this
      AGREEMENT or the rights hereunder shall be null and void. No assignment relieves
      COMPANY of responsibility for the performance of any accrued obligations which
      it has prior to such assignment.

    

    10.3 
      A waiver
      by either party of a breach of any provision of this AGREEMENT will only be
      valid if express, in writing and signed by an authorized representative of
      the
      waiving party and will not constitute a waiver of any subsequent breach of
      that
      provision or a waiver of any breach of any other provision of this
      AGREEMENT.

    

    10.4 Notices,
      payments, statements, reports and other communications under this AGREEMENT
      shall be in writing and shall be deemed to have been received as of the date
      sent if sent by public courier (e.g. Federal Express) or by Express Mail,
      receipt requested, and addressed as follows:

    

    
 

    
      	If for PENN:	with a copy
              to:
	 	 
	
              University
                of Pennsylvania

            	
              Office
                of General Counsel

            
	
              Center
                for Technology Transfer

            	
              University
                of Pennsylvania

            
	
              [*]

            	
              [*]

            
	
              [*]

            	
              [*]

            
	
              [*]

            	
              [*]

            
	 	 
	
              If
                for COMPANY:

            	
              with
                a copy to:

            
	 	 
	
              Advaxis,
                Inc.

            	
              [*]

            
	
              [*]

            	
              [*]

            
	
              [*]

            	
              [*]

            
	
              [*]

            	
              [*]

            

    

    

    Either
      party may change its official address upon written notice to the other
      party.

    

    10.5 This
      AGREEMENT shall be construed and governed in accordance with the laws of the
      Commonwealth of Pennsylvania, without giving effect to conflict of law
      provisions. In the event that a party to this AGREEMENT perceives the existence
      of a dispute with the other party concerning any right or duty provided for
      herein, the parties will, as soon as practicable, confer in an attempt to
      resolve the dispute. If the parties are unable to resolve such dispute amicably,
      then the parties hereby submit to the exclusive jurisdiction of and venue in
      the
      courts located in the Eastern District of the Commonwealth of Pennsylvania
      with
      respect to any and all disputes concerning the subject of this
      AGREEMENT.

     

    

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    10.6
      PENN
      and COMPANY shall not discriminate against any employee or applicant for
      employment because of race, color, sex, sexual or affectional preference, age,
      religion, national or ethnic origin, handicap, or because he or she is a
      disabled veteran or a veteran of the Vietnam Era.

    

    10.7 COMPANY
      must comply with all prevailing laws, rules and regulations that apply to its
      activities or obligations under this AGREEMENT. Without limiting the foregoing,
      it is understood that this AGREEMENT may be subject to United States laws and
      regulations controlling the export of technical data, computer software,
      laboratory prototypes and other commodities, articles and information, including
      the Arms Export Control Act as amended in the Export Administration Act of
      1979,
      and that the parties’ obligations are contingent upon compliance with applicable
      United States export laws and regulations. The transfer of certain technical
      data and commodities may require a license from the cognizant agency of the
      United States Government and/or written assurances by COMPANY that COMPANY
      shall
      not export data or commodities to certain foreign countries without prior
      approval of such agency. PENN neither represents that a license is not required
      nor that, if required, it will issue.

    

    10.8 If
      any
      provision of this AGREEMENT
      shall be
      held to be illegal, invalid or unenforceable, then such illegality, invalidity
      or unenforceability shall attach only to such provision and shall not in any
      manner affect or render illegal, invalid or unenforceable any other provision
      of
      this AGREEMENT,
      and
      this AGREEMENT
      shall be
      carried out as if any such illegal, invalid or unenforceable provision were
      not
      contained herein.

    

    10.9 This
      AGREEMENT
      embodies
      the entire agreement of the parties with respect to the matters herein
      contained, and supersedes all prior oral or written agreements relating thereto
      except to the extent expressly addressed in the STOCK
      PURCHASE AGREEMENT
      or the
STOCKHOLDER’S
      AGREEMENT.
      Any
      modification of this AGREEMENT must be in writing and signed by an authorized
      representative of each party.

    

      IN
      WITNESS WHEREOF, the parties, intending to be legally bound, have caused this
      AGREEMENT to be executed by their duly authorized representatives.

    

    

    
 

    
      	
              THE
                TRUSTEES OF THE

              UNIVERSITY
                OF PENNSYLVANIA

            	 	ADVAXIS,
              INC.
	 	 	 
	
              SIGNATURE:____________________________

            	 	
              
                SIGNATURE:____________________________    

              

            
	 	 	 
	
              TYPED
                NAME:     
                John Zawad, PhD       

            	 	
              TYPED
                NAME:___________________________    

            
	 	 	 
	
              TITLE:
                Managing
                Director                     
                   

               
                Center for Technology Transfer 

            	 	
              TITLE:_________________________________

            
	 	 	 
	
              DATE:_______________________________      

            	 	
              DATE:_______________________________      

            

    

     

    

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    ATTACHMENT
      1 - List of Intellectual Property

    

    [*]

     

    

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    ATTACHMENT
      1 - List of Intellectual Property

    

    

    [*]

    

     

    

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    ATTACHMENT
      2 - Sponsored Research Agreement 

    

    
 

    

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    ATTACHMENT
      3 - Development Plan 

     

     

    

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    ATTACHMENT
      4 - Stock Purchase Agreement

     

    

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    ATTACHMENT
      5 - Shareholder’s Agreement

     

    

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    ATTACHMENT
      6 - Form NDA 

    ATTACHMENT
      7 - Client and Billing Agreement

    

       

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    ATTACHMENT
      8 - Required Territories 

    

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