Document:

a2021smithagreementexecut

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (this “Agreement”),
is dated as of July 15, 2021 (the “Effective
Date”), by and among HQ LTS Corporation, a Delaware
corporation (the “Company”),
HireQuest, Inc., a Delaware
corporation (the “Parent”) and
Cory Smith, an individual
(“Executive”).

 

WHEREAS, the Company is wholly-owned by
the Parent; and

 

WHEREAS, the Executive desires to be
employed by the Company on the terms and conditions set forth
herein; and

 

WHEREAS, in connection therewith, the
Company, the Parent, and Executive desire to enter into this
Agreement.

 

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

 

PART ONE – DEFINITIONS

 

Definitions. For purposes of this
Agreement, the following definitions will be in
effect:

 

“Affiliates”
means all persons and entities directly or indirectly controlling,
controlled by or under common control with the entity specified,
where control may be by management authority, contract or equity
interest.

 

“Board” means
the Board of Directors of the Parent or the Compensation Committee
thereof (or any other committee subsequently granted authority by
the Board), subject to Section 15 below.

 

“Change of
Control” means a change in the ownership or control of
the Parent effected through any of the following transactions: (i)
a merger, consolidation or reorganization approved by the
Parent’s stockholders, unless securities representing more
than fifty percent (50%) of the total combined voting power of the
voting securities of the successor corporation are immediately
thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially
owned the Parent’s outstanding voting securities immediately
prior to such transaction, (ii) any stockholder-approved sale,
transfer or other disposition of all or substantially all of the
Parent’s assets, or (iii) the acquisition, directly or
indirectly, by any person or related group of persons (other than
the Parent or a person that directly or indirectly controls, is
controlled by or is under common control with, the Parent) of
beneficial ownership (within the meaning of Rule 13d-3 of the
Securities Exchange Act of 1934, as amended (the
“Exchange
Act”)) of securities possessing more than fifty
percent (50%) of the total combined voting power of the
Parent’s outstanding securities pursuant to a tender or
exchange offer made directly to the Parent’s stockholders.
Notwithstanding the foregoing, however, in any circumstance or
transaction in which compensation payable pursuant to this
Agreement would be subject to the tax under Section 409A of the
Code if the foregoing definition of “Change of Control”
were to apply, but would not be so subject if the term
“Change of Control” were defined herein to mean a
“change in control event” within the meaning of
Treasury Regulation § 1.409A-3(i)(5), then “Change of
Control” means, but only to the extent necessary to prevent
such compensation from becoming subject to the tax under Section
409A of the Code, a transaction or circumstance that satisfies the
requirements of both (1) a Change of Control under the applicable
clauses (i) through (iv) above, and (2) a “change in control
event” within the meaning of Treasury Regulation Section
§ 1.409A-3(i)(5).

 

“Code” means
the Internal Revenue Code of 1986, as amended from time to time,
and the Treasury regulations and administrative guidance
promulgated thereunder.

 

“Company”
means, unless the context otherwise requires, HQ LTS Corporation, a
Delaware corporation.

 

“Compensation
Committee” means the Compensation Committee of the
Board.

 

“Employment
Period” means the Term and all subsequent
Terms.

 

“Good Reason”
shall mean the occurrence of any of the following without
Executive’s consent: (i) a reduction of more than ten percent
(10%) in Executive’s Base Salary as in effect immediately
prior to such reduction; (ii) a reduction of more than ten percent
(10%) by the Company in the kind or level of employee benefits,
including bonuses, for which Executive was eligible (although
amounts actually earned will vary) immediately prior to such
reduction, with the result that Executive’s overall benefits
package is materially reduced; (iii) the relocation of Executive to
a facility or a location more than twenty-five (25) miles from his
current office in Goose Creek, South Carolina; provided, however,
that a reduction or relocation that is generally applicable to all
executives of the Company shall not constitute “Good
Reason” under clauses (i), (ii), and (iii) hereof. For
purposes of clarity, a change of title and/or job duties and
responsibilities shall not be deemed Good Reason. A termination of
employment by Executive shall not be deemed to be for Good Reason
unless (A) Executive gives the Company written notice describing
the event or events which are the basis for such termination within
60 days after the event or events occur, (B) such grounds for
termination (if susceptible to correction) are not corrected by the
Company within 30 days of the Company’s receipt of such
notice (the “Correction
Period”), and (C) Executive terminates
Executive’s employment no later than 30 days following the
Correction Period.

 

“Termination for
Cause” shall mean the Company’s termination of
Executive’s employment for any of the following reasons: (i)
Executive’s commission of any act of fraud, embezzlement or
dishonesty, (ii) the arrest or conviction of Executive, or the
entry of a plea of nolo contendere by Executive, for a felony;
(iii) Executive’s unauthorized use or disclosure of any
confidential information or trade secrets of the Company, (iv) the
disclosing or using of any material Confidential Information (as
hereinafter defined) of Company at any time by Executive, except as
required in connection with his duties to Company, (v)
Executive’s violation of a published Company policy which
stipulates the Executive may be terminated by the Company for
cause; or (vi) Executive’s continued failure, in the
reasonable good faith determination of the Board, to perform the
major duties, functions and responsibilities of Executive’s
position after written notice from the Company identifying the
deficiencies in Executive’s performance and a reasonable cure
period of not less than thirty (30) days.

 

PART TWO - TERMS AND CONDITIONS OF EMPLOYMENT

 

The
following terms and conditions will govern Executive’s
employment with the Company throughout the Employment Period and
will also, to the extent expressly indicated below, remain in
effect following Executive’s cessation of employment with the
Company.

 

1. Employment
and Duties. During the Employment Period, Executive will
serve as the Chief Financial Officer of HireQuest, Inc. and of HQ
LTS Corporation, or in such other role as assigned by the Company.
Executive will have such duties and responsibilities as are
commensurate with such positions and such other duties and
responsibilities commensurate with such positions (including with
the Parent’s subsidiaries) as are from time to time assigned
to Executive by the Chief Executive Officer. During the Employment
Period, Executive will devote his full business time, energy and
skill to the performance of his duties and responsibilities
hereunder, provided the foregoing will not prevent Executive from
(a) serving as a non-executive director on the board of directors
of non-profit organizations and other companies, (b) participating
in charitable, civic, educational, professional, community or
industry affairs, (c) managing his and his family’s personal
investments, including in an advisory capacity related to current
or potential investments or (d) such other activities approved by
the Board from time to time; provided, that such activities
individually or in the aggregate do not interfere or conflict with
Executive’s duties and responsibilities hereunder, violate
applicable law, or create a potential business or fiduciary
conflict.

 

2. Term.
The term of this Agreement shall run for a period from the
Effective Date through July 15, 2023 (such period, the
“Term”), and
may be terminated earlier as contemplated by Section 7.A.
Termination of this Agreement due to its non-renewal shall not
constitute a Termination for Cause or a resignation by Executive
for Good Reason.

 

3. Compensation;
Additional Incentives.

 

A. Base Salary. Executive’s
base salary (the “Base Salary”)
will be paid at the rate of $7,307.69 bi-weekly (or $190,000.00
annually) during the Term. Executive’s Base Salary may be
increased by the Compensation Committee and/or Board in their sole
discretion, but shall not be decreased without Executive’s
consent. Executive’s Base Salary will be paid at periodic
intervals in accordance with the Company’s normal payroll
practices for salaried employees. Executive will be eligible to
participate in a non-qualified retirement plan set up by the
Company with an employee match at least equivalent to that provided
by the Company to any Company employees entitled to participate in
any Company 401(k) plan.

 

B. Bonus
Opportunities.

 

(i) Discretionary Bonus. With respect to
each fiscal year beginning with the fiscal year ending December 31,
2021, the Compensation Committee shall have sole discretion to
award a discretionary bonus to the Executive.

 

(ii) Performance
Bonus. Beginning with the fiscal year
ending December 31, 2021, Company shall pay to Executive a bonus
according to the Company Senior Executive Bonus Plan (the
“Performance
Bonus”). Subject to final approval by the Compensation
Committee, Executive shall receive the Performance Bonus between 0%
and 50% of his Base Salary upon achieving the various tiered goals
set forth in the Company Senior Executive Bonus Plan.

 

(iii) Short-Term
Deferral. Any bonus payable pursuant to Sections 3.B.(i)
– 3.(B).(ii) shall be paid to the Employee within a
reasonable time, but in no event later than 60 calendar days, after
the last day of the applicable fiscal year to which the bonus
relates.

 

C. The Company may
deduct and withhold, from the compensation payable and benefits
provided to Executive hereunder, any and all applicable federal,
state, local and other taxes and any other amounts required to be
deducted or withheld by the Company under applicable statute or
regulation.

 

D. To the extent that
any compensation paid or payable pursuant to this Agreement is
considered “incentive-based compensation” within the
meaning and subject to the requirements of Section 10D of the
Exchange Act, such compensation shall be subject to potential
forfeiture or recovery by the Company in accordance with any
compensation recovery policy adopted by the Board or any committee
thereof in response to the requirements of Section 10D of the
Exchange Act and any implementing rules and regulations thereunder
adopted by the Securities and Exchange Commission or any national
securities exchange on which the Company’s common stock is
then listed. This Agreement may be unilaterally amended by the
Company to comply with any such compensation recovery
policy.

 

4. Equity
Compensation.

 

A. Executive shall be
granted and issued 10,000 restricted shares of Parent common stock
pursuant to the HireQuest, Inc. 2019 Equity Incentive Plan (the
“Equity
Incentive Plan”), or any successor plan, subject to
the terms and conditions of the plan, which shall vest and become
unrestricted according to the following schedule: 50% on the second
anniversary of the execution of this Agreement, and 6.25% per
fiscal quarter for each of the first eight fiscal quarters
occurring thereafter provided,
however, that this vesting schedule is subject to vesting
upon termination of Executive’s employment as set forth in
Section 7.

 

5. Expense
Reimbursement; Fringe Benefits; Paid Time Off (PTO).

 

A. Executive will be
entitled to reimbursement from the Company for customary, ordinary
and necessary business expenses incurred by Executive in the
performance of Executive’s duties hereunder, provided that
Executive’s entitlement to such reimbursements shall be
conditioned upon Executive’s provision to the Company of
vouchers, receipts and other substantiation of such expenses in
accordance with Company policies.

 

B. Company will pay
for dues and fees required for any professional licenses maintained
by Executive, membership in professional or industry associations,
continuing education requirements associated with any professional
license and conferences and seminars commonly attended by
executives in similar companies.

 

C. During the
Employment Period, Executive will be eligible to participate in any
group life insurance plan, group medical and/or dental insurance
plan, accidental death and dismemberment plan, short-term
disability program and other employee benefit plans, including
profit sharing plans, cafeteria benefit programs and stock purchase
and option plans, which are made available to executives of the
Company and for which Executive qualifies under the terms of such
plan or plans.

 

D. Executive shall be
entitled to paid vacation pursuant to the Company’s policies
in the same amount as is available to other employees of the
Company with equivalent tenure giving credit to Executive for years
of employment by Hire Quest, LLC, and their affiliated
entities.

 

6. Executive
Covenants.

 

A. Covenants. During the 30 days
following the termination of the Employment Period, Executive will
take all actions the Parent or Company may reasonably request to
maintain the Parent’s or Company’s business, goodwill
and business relationships and to assist with transition matters,
all at Company expense. In addition, upon the receipt of notice
from the Parent or Company (including outside counsel), during the
Employment Period and thereafter, Executive will respond and
provide information with regard to matters in which he has
knowledge as a result of his employment with the Company, and will
provide assistance to the Parent or Company and its representatives
in the defense or prosecution of any claims that may be made by or
against the Parent or Company, to the extent that such claims may
relate to the period of Executive’s employment with the
Company, all at Company expense. During the Employment Period and
thereafter, Executive shall promptly inform the Parent and Company
if he becomes aware of any lawsuits involving such claims that may
be filed or threatened against the Parent or Company. During the
Employment Period and thereafter, Executive shall also promptly
inform the Parent and Company (to the extent he is legally
permitted to do so) if he is asked to assist in any investigation
of the Parent or Company (or its actions), regardless of whether a
lawsuit or other proceeding has then been filed against the Parent
or Company with respect to such investigation, and will not do so
unless legally required. The Company will pay Executive at a rate
of $350.00 per hour, plus reasonable expenses, in connection with
any actions requested by the Parent or Company under this paragraph
following any termination of Executive’s employment, with
such amounts being paid to Executive at periodic intervals in
accordance with the Company’s normal payroll practices for
salaried employees. Executive’s obligations under this
paragraph shall be subject to the Parent’s and
Company’s reasonable cooperation in scheduling in light of
Executive’s other obligations. Executive will seek and obtain
Board approval prior to committing Company, Parent, or any of their
Affiliates to any material transaction involving any party which is
an Affiliate or related party (as that term is defined by the SEC
and relevant securities laws) of Executive.

 

B. Survival of Provisions. The
obligations contained in this Section 7 will survive the
termination of Executive’s employment with the Company and
will be fully enforceable thereafter.

 

7. Termination
of Employment.

 

A. General. Subject to Sections
7.D and 7.F, Executive’s employment with the Company is
“at-will” and may be terminated at any time by either
Executive or the Company for any reason (or no reason) in
accordance with this Agreement, which will also result in the Term
ending, by the party seeking to terminate Executive’s
employment providing 60-days written notice of such termination to
the other party. The 60-day notice shall not be required in the
final 60 days of the Term. If the Company intends to renew
Executive’s agreement, the Company shall employ reasonable
best efforts to engage the Executive in negotiations 90 days prior
the final day of the Term.

 

B. Death and Permanent Disability.
Upon the death or permanent disability of the Executive during the
Term, the employment relationship created pursuant to this
Agreement will immediately terminate, the Term will end, and
amounts will only be payable under this Agreement as specified in
this Section 7.B. Should Executive’s employment with the
Company terminate by reason of Executive’s death or permanent
disability during the Employment Period, Executive, or
Executive’s estate, shall be entitled to
receive:

 

(i)           the
unpaid Base Salary earned by Executive pursuant to Section 3.A for
services rendered through the date of Executive’s death or
permanent disability, as applicable, payable in accordance with the
Company’s normal payroll practices for terminated salaried
employees plus all of Executive’s accrued paid time off or
vacation;

 

(ii)           an
amount equal to the Base Salary the Executive would have earned in
the 60 day period following Executive’s death or permanent
disability, assuming said death or disability had not
occurred;

 

(iii)           reimbursement
of all expenses for which Executive is entitled to be reimbursed
pursuant to Section 6, payable in accordance with the
Company’s normal reimbursement practices;

 

(iv)           the
right to continue health care benefits under the Consolidated
Omnibus Budget Reconciliation Act of 1986, as amended, at
Executive’s cost, to the extent required and available by law
and subject to the Company continuing to maintain a group health
plan;

 

(v)           any
accrued but unpaid Bonus pursuant to Section 3.B, payable at such
time as provided in Section 3.B;

 

(vi)           pro-rata
vesting of the restricted stock award set forth in Section 4.A
calculated as if the restricted stock had vested and become
unrestricted on a monthly basis. By way of example, if Executive
becomes permanently disabled one year after the execution of this
Agreement, 25% of his restricted stock shall immediately vest and
become unrestricted. By way of further example, if Executive
becomes permanently disabled two years and two months after the
execution of this Agreement, 54.17% of his restricted stock shall
immediately vest and become unrestricted (2.083% vesting per month
x 26 months).

 

(vii)           the
limited death, disability, and/or income continuation benefits
provided under Section 5.C, if any, will be payable in accordance
with the terms of the plans pursuant to which such limited death or
disability benefits are provided.

 

Compensation and
benefits provided pursuant to Section 7.B.(i) through 7.B.(vi) are
collectively referred to as the “Accrued
Obligations.”

 

If
Executive’s death occurs before payment of any earned Bonus
set forth in section 3.B.(ii) of this Agreement, the applicable
payments will be made to the Executive’s estate. For purposes
of this Agreement, Executive will be deemed “permanently
disabled” if Executive is so characterized pursuant to the
terms of the Company’s disability policies or programs
applicable to Executive from time to time, or if no such policy is
applicable, if the Compensation Committee determines, in its
reasonable discretion, that Executive is unable to perform the
essential functions of Executive’s duties for physical or
mental reasons for ninety (90) days in any twelve-month
period.

 

C. Termination for Cause; Resignation
without Good Reason. The Company may at any time during the
Employment Period, upon written notice summarizing with reasonable
specificity the basis for the Termination for Cause, terminate
Executive’s employment hereunder for any act qualifying as a
Termination for Cause. Such termination will be effective
immediately upon such notice. Upon any Termination for Cause (or
employee’s resignation other than for Good Reason), Executive
shall be solely entitled to receive:

 

(i)           the
unpaid Base Salary and Bonuses earned by Executive pursuant to
Section 3 for services rendered through the date of termination,
payable in accordance with the Company’s normal payroll
practices for terminated salaried employees plus all of
Executive’s accrued paid time off or vacation;

 

(ii)           reimbursement
of all expenses for which Executive is entitled to be reimbursed
pursuant to Section 5, payable in accordance with the
Company’s normal reimbursement practices; and

 

(iii)           the
right to continue health care benefits under the Consolidated
Omnibus Budget Reconciliation Act of 1986, as amended, at
Executive’s cost, to the extent required and available by law
and subject to the Company continuing to maintain a group health
plan.

 

D. Involuntary Termination Without Cause
by the Company; Resignation by Executive for Good Reason.
The Company shall be entitled to terminate Executive with
60-days’ notice, other than a Termination for Cause, and
Executive shall be entitled to resign with or without Good Reason,
in each case at any time. The 60-day notice shall not be required
in the final 60 days of the Term. If the Company intends to renew
Executive’s agreement, the Company shall employ reasonable
best efforts to engage the Executive in negotiations 90 days prior
the final day of the Term. If Executive (1) is terminated by the
Company other than in circumstances constituting a Termination for
Cause, or (2) resigns for Good Reason, then Executive shall be
solely entitled to receive:

 

(i)           The
Accrued Obligations through the date of termination, payable in a
lump sum within 15 days;

 

(ii)           An
amount equal to Executive’s Base Salary for a period equal to
one month for every year of total employment by the Company or any
affiliate, including without limitation, Hire Quest LTS, LLC, Hire
Quest, LLC, and Command Center, Inc. up to a maximum of six (6)
months. By way of example, if Executive has worked for the Company
or an affiliate for five years at the time of involuntary
termination, he would be entitled to five-months’
pay;

 

(iii)           Pro-rated
payment of the Performance Bonus in Section 3.B(ii) to the last day
of employment.

 

(iv)           Pro-rata
vesting of the restricted stock award set forth in Section 4.A
calculated as if the restricted stock had vested and become
unrestricted on a monthly basis. By way of example, if Executive is
terminated without Good Cause or resigns for Good Reason one year
after the execution of this Agreement, 25% of his restricted stock
shall immediately vest and become unrestricted. By way of further
example, if Executive is terminated without Good Cause or resigns
for Good Reason two years and two months after the execution of
this Agreement, 54.17% of his restricted stock award pursuant to
Section 4.A shall immediately vest and become unrestricted (2.083%
vesting per month x 26 months).

 

(v)           For
purposes of clarity, a termination of Executive’s employment
due to Executive’s death or to Executive’s permanent
disability shall not be considered either a termination by the
Company without cause or a resignation by Executive for Good
Reason, and such termination shall not entitle Executive (or his
heirs or representatives) to any compensation or benefits pursuant
to this Section 7.D.

 

E. Termination by Non-Renewal. In
the event the company fails to renew Executive’s employment
before the expiration of this Agreement (“Non-Renewal”),
Executive shall be entitled to receive:

 

(i)           The
Accrued Obligations through the date of termination, payable in a
lump sum within 15 days.

 

(ii)           Pro-rated
payment of the Performance Bonus in Sections 4.B(iii).

 

(iii)           50%
of the restricted stock awarded in Section 4.A shall immediately
vest and become non-restricted.

 

F.           

Compensation following a Change of
Control.

 

(i)           Notwithstanding
any other provision of this Agreement, if a Change of Control
occurs prior to the end of the Term, this Agreement shall be
extended automatically for a one-year renewal period beginning on
the date of the Change of Control (a “Post-Change of Control
Renewal Period”). Following a Change of Control, the
Executive’s annual base salary shall not be decreased and,
during the Post-Change of Control Renewal Period, the
Executive’s base salary shall be increased on an annual basis
by an amount at least equal to the average base salary increase,
expressed as a percentage, provided to executives of the Company or
the Parent of comparable status and position to the Executive. On
and after a Change of Control, the Executive shall be included:
(a) to the extent eligible thereunder (which eligibility shall
not be conditioned on Executive’s salary grade or on any
other requirement which excludes persons of comparable status to
Executive unless such exclusion was in effect for such plan or an
equivalent plan immediately prior to the Change of Control), in any
and all plans providing benefits for the Company’s or the
Parent’s salaried Executives in general (including but not
limited to group life insurance, hospitalization, medical, dental,
and long-term disability plans) and (b) in plans provided to
executives of the Company or the Parent of comparable status and
position to Executive (including but not limited to deferred
compensation, split-dollar life insurance, supplemental retirement,
stock option, stock appreciation, stock bonus, cash bonus and
similar or comparable plans); provided that in no event shall the
aggregate level of benefits under the plans described in clause
(a) and the plans described in clause (b), respectively, in
which Executive is included be less than the aggregate level of
benefits under plans of the Company or the Parent of the type
referred to in such clause, respectively, in which Executive was
participating immediately prior to the Change of
Control.

 

(ii)           If
Executive’s employment is terminated during the Post-Change
of Control Renewal Period, the Company shall pay the Executive a
one-time, lump-sum severance payment equal to one hundred fifty
percent (150%) of the Executive’s Base Salary in effect at
the time of such termination (“Change of Control Severance
Payment”). The Change of Control Severance Payment
shall be paid to the Executive in cash equivalent on the date that
is sixty (60) days after the date of termination of the
Executive’s employment; provided that, to the extent required
to comply with Section 409A of the Code, all or a portion of
the Change of Control Severance Payment shall be delayed until the
first day of the seventh (7th) month following the month in which
the termination of the Executive’s employment occurs, without
interest thereon.

 

(iii)           In
addition, should the Company terminate Executive’s employment
during the Post-Change of Control Renewal Period, all restrictions
on any restricted stock or restricted stock unit awards made to the
Executive by the Company, the Parent or its affiliates shall lapse
such that Executive is fully and immediately vested in such awards
upon such termination of employment; any stock options or
stock appreciation rights granted to Executive pursuant to the
Company’s, the Parent’s or its affiliate’s
equity-based incentive plan(s) shall become fully and immediately
vested upon such termination of employment; and any
performance shares, performance units or similar performance-based
equity awards granted to Executive pursuant to the Company’s,
the Parent’s or its affiliate’s equity-based incentive
plan(s) shall be deemed earned on a pro rated basis according to
the portion of the performance period that has elapsed through the
date of the termination of employment as if all performance
requirements had been satisfied at the target level (or such higher
level as would have been achieved if performance through the date
of the termination of employment had continued through the end of
the performance period).

 

G.           Resignations
from Other Positions. Upon any termination of
Executive’s employment, and as a condition to Executive
receiving any benefits under 7.C, 7.D, 7.E, or 7.F(ii) and (iii)
(the “Severance
Benefits”) under this Agreement, if so requested by a
majority of the Board, Executive will immediately resign (1) as a
director of the Parent and any of its subsidiaries, (2) from all
officer or other positions of the Parent and Company, and (3) from
all fiduciary positions (including as trustee) Executive then holds
with respect to any employee benefit plans or trusts established,
maintained or sponsored by the Parent, the Company, or by any of
their Affiliates. Failure by Executive to resign immediately from
all positions described in the immediately preceding sentence shall
result in automatic forfeiture of any and all rights to the
Severance Benefits.

 

H.           Options
Upon Termination. Except as otherwise provided in Section 7,
upon termination of Executive’s employment for any reason and
subject to the terms of the Company’s Stock Plan, as it may
be amended from time to time, including by reason of
Executive’s death or permanent disability, any portion of any
options held by the Executive that are not then vested will
immediately be forfeited and expire for no consideration and the
remainder of such options will remain exercisable pursuant to the
terms of the Company’s Stock Plan (with the understanding
that any options that are intended to be “incentive stock
options” under the Code shall thereupon be disqualified from
such treatment); provided, that any portion of the options held by
Executive immediately prior to Executive’s death, to the
extent then exercisable, will remain exercisable pursuant to the
terms of the Company’s following Executive’s death; and
provided, further, that in no event shall any portion of the
options be exercisable after the Final Exercise Date.

 

I.           Release.
Notwithstanding anything contained herein, Executive’s right
to receive (or retain) the Severance Benefits other than the
Accrued Obligations through the date of termination, is conditioned
on and subject to Executive’s execution within twenty-one
(21) days (or, to the extent required by applicable law, forty-five
(45) days) following the termination date and non-revocation within
seven (7) days thereafter of a general release of claims and
potential claims against Parent and all of its subsidiaries, and
their respective officers, directors, shareholders, insurers,
employees, and agents in a form provided by the
Company.

 

8. Section
409A of the Code.

 

A. General. This Agreement shall
be interpreted and applied in all circumstances in a manner that is
consistent with the intent of the parties that, to the extent
applicable, amounts earned and payable pursuant to this Agreement
shall constitute short-term deferrals exempt from the application
of Section 409A of the Code and, if not exempt, that amounts earned
and payable pursuant to this Agreement shall not be subject to the
premature income recognition or adverse tax provisions of Section
409A of the Code.

 

B. Separation from Service.
References in this Agreement to “termination” of
Executive’s employment, “resignation” by
Executive from employment and similar terms shall, with respect to
such events that will result in payments of compensation or
benefits, mean for such purposes a “separation from
service” as defined under Section 409A of the
Code.

 

C. Specified Executive. In the
event any one or more amounts payable under this Agreement
constitute a “deferral of compensation” and become
payable on account of the “separation from service” (as
determined pursuant to Section 409A of the Code) of Executive and
if as such date Executive is a “specified employee” (as
determined pursuant to Section 409A of the Code), such amounts
shall not be paid to Executive before the earlier of (i) the first
day of the seventh calendar month beginning after the date of
Executive’s “separation from service” or (ii) the
date of Executive’s death following such “separation
from service.” Where there is more than one such amount, each
shall be considered a separate payment and all such amounts that
would otherwise be payable prior to the date specified in the
preceding sentence shall be accumulated (without interest) and paid
together on the date specified in the preceding
sentence.

 

D. Separate Payments. For purposes
of Section 409A of the Code, each payment or amount due under this
Agreement shall be considered a separate payment, and
Executive’s entitlement to a series of payments under this
Agreement is to be treated as an entitlement to a series of
separate payments.

 

E. Reimbursements. Any
reimbursement to which Executive is entitled pursuant to this
Agreement that would constitute nonqualified deferred compensation
subject to Section 409A of the Code shall be subject to the
following additional rules: (i) no reimbursement of any such
expense shall affect Executive’s right to reimbursement of
any other such expense in any other taxable year; (ii)
reimbursement of the expense shall be made, if at all, not later
than the end of the calendar year following the calendar year in
which the expense was incurred; (iii) the right to reimbursement
shall not be subject to liquidation or exchange for any other
benefit; and (iv) the right to reimbursement of expenses incurred
kind shall terminate one year after the end of the Employment
Period.

 

9. Section
280G of the Code. Notwithstanding anything to the contrary contained
herein (or any other agreement entered into by and between
Executive and the Company or any incentive arrangement or plan
offered by the Parent or Company), in the event that any amount or
benefit paid or distributed to Executive pursuant to this
Agreement, taken together with any amounts or benefits otherwise
paid to Executive by the Parent or Company (collectively, the
“Covered
Payments”), would
constitute an “excess parachute payment” as defined in
Section 280G of the Code, and would thereby subject Executive
to an excise tax under Section 4999 of the Code (an
“Excise
Tax”), the provisions of
this Section 10 shall apply. If the aggregate present value
(as determined for purposes of Section 280G of the Code) of
the Covered Payments exceeds the amount which can be paid to
Executive without Executive incurring an Excise Tax, then the
amounts payable to Executive under this Agreement (or any other
agreement by and between Executive, the Parent, and/or the Company
or pursuant to any incentive arrangement or plan offered by the
Parent or Company) shall be reduced (but not below zero) to the
maximum amount which may be paid hereunder without Executive
becoming subject to the Excise Tax (such reduced payments to be
referred to as the “Payment
Cap”). In the event
Executive receives reduced payments and benefits as a result of
application of this Section 10, Executive shall have the right
to designate which of the payments and benefits otherwise set forth
herein (or any other agreement between the Parent, the Company
and/or Executive or any incentive arrangement or plan offered by
the Parent or Company) shall be received in connection with the
application of the Payment Cap, subject to the following sentence.
Reduction shall first be made from payments and benefits which are
determined not to be nonqualified deferred compensation for
purposes of Section 409A of the Code, and then shall be made
(to the extent necessary) out of payments and benefits that are
subject to Section 409A of the Code and that are due at the
latest future date.

 

10. No
Guarantee of Tax Consequences. The Board, the Compensation
Committee, the Parent, the Company and their Affiliates, officers
and employees make no commitment or guarantee to Executive that any
federal, state, local or other tax treatment will apply or be
available to Executive or any other person eligible for
compensation or benefits under this Agreement and assume no
liability whatsoever for the tax consequences to Executive or to
any other person eligible for compensation or benefits under this
Agreement.

 

11.

Executive Stock Purchase Matching
Program. Parent shall match 20% of the purchases of common
stock of the Parent that the Executive makes during the time period
commencing on the Effective Date and ending upon the
Executive’s termination from employment (the
“Stock
Purchase Matching Period”). For purposes of this
section, a purchase shall include stock received by the Executive
in lieu of cash compensation but shall not include Equity
Compensation described in paragraph 4. This program shall be
subject to the following terms and conditions:

 

A.

The shares of
common stock issued by the Parent pursuant to this Section shall be
Restricted Shares granted under the Equity Incentive Plan (the
“Matching
Restricted Stock”) and shall not vest until the second
anniversary of the date on which the Executive purchased the common
stock that triggered the matching obligation (a “Triggering
Purchase”).

 

B.

If such anniversary
occurs during a Company blackout period under the Company’s
Insider Trading Policy, the Matching Restricted Stock shall vest on
the first day immediately following the end of the blackout
period.

 

C.

The Matching
Restricted Stock shall only vest if the Executive is employed by
the Company or a subsidiary on such vesting date and owns at least
the same number of shares of Parent common stock that were matched
at the time of the Triggering Purchase.

 

D.

The number of
shares of Matching Restricted Stock that the Company shall issue to
the Executive pursuant to this Section shall not exceed $25,000 in
value in the aggregate within any calendar year
period.

 

E.

The Board may
accommodate exceptions to these provisions in its discretion to
account for special or unforeseen circumstances.

 

12. Controlling
Law, Jurisdiction and Venue. This Agreement and all
questions related to its validity, interpretation, performance, and
enforcement shall be governed by the laws of the state of South
Carolina, notwithstanding any conflict-of-interest provisions to
the contrary. Executive agrees that any and all claims arising out
of or relating to this Agreement or Executive’s employment by
the Company shall be resolved by binding arbitration. Arbitration
shall occur in Charleston, South Carolina. Arbitration shall
proceed pursuant to the rules of the American Arbitration
Association except where this agreement conflicts with those rules.
In case of conflict, the terms of this agreement shall govern. A
mutually agreeable neutral arbitrator shall be selected by the
parties from a list provided by the local office of the American
Arbitration Association in the Charleston, South Carolina region.
The arbitration proceedings and opinion shall be confidential. The
arbitration hearing shall occur within 120 days of the date it is
filed. Notwithstanding anything in the rules of the American
Arbitration Association, the parties shall be allowed to engage in
discovery according to the following rules: each party shall serve
all interrogatories and requests for documents within 30 days of
filing the arbitration. Each party shall be limited to 20
interrogatories and 10 document requests. Discovery shall be fully
responded to within 30 days of receipt. The parties may each take 3
depositions including the deposition of an opposing party. No other
discovery shall be allowed except upon written motion to the
arbitrator. The arbitrator shall issue a written opinion including
findings of fact and conclusions of law within thirty days of the
conclusion of the arbitration hearing. The arbitrator may award any
relief, legal or equitable, to either party available under law or
which may be awarded by a court of competent jurisdiction where the
arbitration takes place provided,
however that the arbitrator shall not be empowered to award
punitive or consequential damages. The parties hereby expressly
waive their right to recover punitive and consequential damages in
such a proceeding. The parties shall have the rights to appeal or
seek confirmation or modification of such a decision that are set
forth in the Federal Arbitration Act. This arbitration agreement
and any arbitration shall be governed by the Federal Arbitration
Act to the exclusion of state law inconsistent therewith. The
parties shall share equally the administrative fees and
arbitrator’s fees and expenses unless a contrary provision of
law governs. All other costs and expenses associated with the
arbitration, including, without limitation, each party’s
respective attorney’s fees, shall be borne by the party
incurring the expense.

 

13. Noncompetition,
non-disclosure requirements. During the Restricted Period
(defined below), the Executive shall not, directly or indirectly
(whether by himself or through an affiliate, in partnership or
conjunction with, or as an employee, officer, director, manager,
member, owner, consultant or agent of, any other person) own,
manage, operate, control, consult with, be employed by, participate
in the ownership, management, operation or control of, or otherwise
render services to or engage in, any business within the United
States engaged in or competitive with (X) the businesses conducted
by the Company, the Parent, or their affiliates (including without
limitation providing workers compensation insurance to any
franchisee of the Company, the Parent, or an affiliated); provided,
that a Principal’s ownership of securities of 2% or less of
any publicly traded class of securities of a public company shall
not violate this Section. For purposes of this Agreement, the
Restricted Period shall be defined as the period of such
Executive’s employment with the Company, the Parent, or any
of its affiliates and ending on the later of (x) one year following
such Executive’s termination with the Company, the Parent, or
its affiliates and (y) the second anniversary of the Effective
Date.

 

14. Entire
Agreement; Severability. This Agreement and the agreements
referenced herein contain the entire agreement of the parties
relating to the subject matter hereof, and supersede in their
entirety any and all prior agreements, understandings or
representations relating to the subject matter hereof. No
agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made
by either party which are not expressly set forth in this
Agreement. The provisions of this Agreement shall be deemed
severable and, if any provision is found to be illegal, invalid or
unenforceable for any reason, (a) the provision will be amended
automatically to the minimum extent necessary to cure the
illegality or invalidity and permit enforcement and (b) the
illegality, invalidity or unenforceability will not affect the
legality, validity or enforceability of the other provisions
hereof.

 

15. Amendment;
Committee Authority. This Agreement may be amended,
supplemented, or modified only by a written instrument duly
executed by or on behalf of each party hereto. All determinations
and other actions required or permitted hereunder to be made by or
on behalf of the Parent, the Company, or the Board may be made by
either the Board (excluding Executive therefrom) or the
Compensation Committee (or any other committee subsequently granted
authority by the Board); provided that the actions of the
Compensation Committee (or any other committee subsequently granted
authority by the Board) shall be subject to the authority then
vested in such committee by the Board, it being understood and
agreed that as of the date of this Agreement the Compensation
Committee has full authority, concurrent with the Board, to
administer this Agreement; and provided, further, that a decision
or action by the Compensation Committee (or any other committee
subsequently granted authority by the Board) hereunder shall be
subject to review or modification by the Board if the Board so
chooses.

 

16. Waiver.
The rights and remedies of the parties to this Agreement are
cumulative and not alternative. Neither the failure nor any delay
by either party in exercising any right, power, or privilege under
this Agreement will operate as a waiver of such right, power, or
privilege, and no single or partial exercise of any such right,
power, or privilege will preclude any other or further exercise of
such right, power, or privilege or the exercise of any other right,
power, or privilege. To the maximum extent permitted by applicable
law, (a) no claim or right arising out of this Agreement can be
discharged by one party, in whole or in part, by a waiver or
renunciation of the claim or right unless in writing signed by the
other party; (b) no waiver that may be given by a party will be
applicable except in the specific instance for which it is given;
and (c) no notice to or demand on one party will be deemed to be a
waiver of any obligation of such party or of the right of the party
giving such notice or demand to take further action without notice
or demand as provided in this Agreement.

 

17. No
Violation. Executive represents and warrants that the
execution and delivery of this Agreement and the performance of
Executive’s services contemplated hereby will not violate or
result in a breach by Executive of, or constitute a default under,
or conflict with: (i) any provision or restriction of any
employment, consulting, or other similar agreement; (ii) any
agreement by Executive with any third party not to compete with,
solicit from, or otherwise disparage such third party; (iii) any
provision or restriction of any agreement, contract, or instrument
to which Executive is a party or by which Executive is bound; or
(iv) any order, judgment, award, decree, law, rule, ordinance, or
regulation or any other restriction of any kind or character to
which Executive is subject or by which Executive is
bound.

 

18. Assignment.
Notwithstanding anything else herein, this Agreement is personal to
Executive and neither this Agreement nor any rights hereunder may
be assigned by Executive. The Company or Parent may assign this
Agreement to an affiliate or to any acquirer of all or
substantially all of the business and/or assets of the Company or
the Parent, in which case the term “Company” or
“Parent,” as the case may be, will mean such affiliate
or acquirer. This Agreement will inure to the benefit of and be
binding upon the personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees, legatees
and permitted assignees of the parties.

 

19. Counterparts,
Facsimile. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy
of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement. To the maximum
extent permitted by applicable law, this Agreement may be executed
via facsimile.

 

20. Notices.
Any notice required to be given under this Agreement shall be
deemed sufficient, if in writing, and sent by certified mail,
return receipt requested, via overnight courier, or hand delivered
to the Company or the Parent at 111 Springhall Drive, Goose Creek,
SC 29445, Attn: Chairman of the Compensation Committee and General
Counsel, and to Executive at the most recent address reflected in
the Company’s employment records.

 

Signature page follows.

 

 

 

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

 

 

 

PARENT:

 

HIREQUEST, INC., a Delaware
corporation

 

 

 

By:
_/s/ John D.
McAnnar__________________________

Name:
John D. McAnnar

Title:
Chief Legal
Officer

 

 

 

COMPANY:

 

HQ LTS CORPORATION, a Delaware
corporation

 

 

 

By:
_/s/ John D.
McAnnar________________________

Name:
John D. McAnnar

Title:
Chief Legal
Officer

 

 

EXECUTIVE:

 

CORY SMITH, an individual

 

 

 

By:
_/s/ Cory Smith
____________________

       Cory
Smith, an individual

 

 

 

 

[Signature
Page to Employment Agreement]Exhibit
10.1 

 

Execution Version 

 

*Certain
information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

LICENSE AGREEMENT

 

between

 

MEDIMMUNE
LIMITED

 

and

 

ARIDIS PHARMACEUTICALS, INC

 

Dated as of 12 July 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1	DEFINITIONS	1

 

	ARTICLE 2
    	GRANT
OF RIGHTS	11

 

		2.1	Grants to Licensee	11

 

		2.2	Exclusions	11

 

		2.3	MedImmune Retained Rights; Combination Products	11

 

		2.4	Sublicenses	12

 

		2.5	Limitations Applicable to License Grants	12

 

		2.6	MedImmune’s Right of First Negotiation	12

 

	ARTICLE 3
    	DEVELOPMENT,
REGULATORY AND COMMERCIALIZATION ACTIVITIES	13

 

		3.1	Development	13

 

		3.2	Regulatory Activities	14

 

		3.3	Commercialization	15

 

		3.4	Statements and Compliance with Applicable Law	16

 

		3.5	Manufacture of Licensed Products and Transition Plan	16

 

		3.6	Subcontracting	17

 

	ARTICLE 4	PAYMENTS
AND RECORDS	17

 

		4.1	Upfront Payment	17

 

		4.2	Upfront Equity Payment	17

 

		4.3	Milestones	17

 

		4.4	Royalties	19

 

		4.5	Royalty Payments and Reports	20

 

		4.6.	Sublicense Revenue Payments by Licensee	20

 

		4.7	Mode of Payment; Offsets	21

 

    i

     

    

 

		4.8	Taxes	21

 

		4.9	Interest on Late Payments	22

 

		4.10	Anti-tax Evasion	22

 

		4.11	Financial Records	22

 

		4.12	Audit	23

 

		4.13	Audit Dispute	23

 

	ARTICLE 5
    	INTELLECTUAL
PROPERTY	23

 

		5.1	Ownership of Intellectual Property	23

 

		5.2	Maintenance and Prosecution of Patents	25

 

		5.3	Enforcement of Patents	26

 

		5.4	Infringement Claims by Third Parties	27

 

		5.5	Invalidity or Unenforceability Defenses or Actions	28

 

		5.6	Third Party Patent Rights	29

 

		5.7	Product Trademarks	29

 

		5.8	Corporate Names	29

 

	ARTICLE 6	CONFIDENTIALITY
AND NON-DISCLOSURE	30

 

		6.1	Confidentiality Obligations	30

 

		6.2	Permitted Disclosures	31

 

		6.3	Use of Name	32

 

		6.4	Public Announcements	32

 

		6.5	Return of Confidential Information	32

 

		6.7.	Privileged Communications	33

 

    ii

     

    

 

	ARTICLE 7	REPRESENTATIONS
AND WARRANTIES	34

 

		7.1	Mutual Representations and Warranties	34

 

		7.2	Additional Representations and Warranties of MedImmune	34

 

		7.3	Additional Representations and Warranties of Licensee	34

 

		7.4	DISCLAIMER OF WARRANTIES	35

 

		7.5	ADDITIONAL WAIVER	35

 

		7.6.	Anti-Bribery and Anti-Corruption Compliance	35

 

	ARTICLE 8	INDEMNITY
    	36

 

		8.1	Indemnification of MedImmune	36

 

		8.2	Indemnification of Licensee	36

 

		8.3	Indemnification Procedures	36

 

		8.4	Special, Indirect and Other Losses	37

 

		8.5	Insurance	37

 

	ARTICLE 9	TERM
AND TERMINATION	38

 

		9.1	Term and Expiration	38

 

		9.2	Termination	38

 

		9.3	Rights in Bankruptcy	39

 

		9.4	Consequences of Termination	39

 

		9.5	Remedies	42

 

		9.6	Accrued Rights; Surviving Obligations	42

 

	ARTICLE10	MISCELLANEOUS	42

 

		10.1	Force Majeure	42

 

		10.2	Export Control	42

 

		10.3	Assignment	43

 

		10.4	Severability	43

 

    iii

     

    

 

		10.5	Dispute Resolution	43

 

		10.6	Governing Law, Jurisdiction and Service	44

 

		10.7	Notices	44

 

		10.8	Entire Agreement; Amendments	45

 

		10.9	EquitableRelief	45

 

		10.10	Waiver and Non-Exclusion of Remedies	45

 

		10.11	No Benefit to Third Parties	46

 

		10.12	Further Assurance	46

 

		10.13	Relationship of the Parties	46

 

		10.14	References	46

 

		10.15	Construction	46

 

		10.16	Counterparts	47

 

SCHEDULES

 

1.49 Licensed Patents

 

6.4 Press Release

 

    iv

     

    

 

LICENSE
AGREEMENT

 

This
License Agreement (this “Agreement”) is made and entered into effective as of 12 July 2021 (the “Effective
Date”) by and between MedImmune Limited, a company incorporated in England and Wales with company number 2451177 and
with its registered office address at Milstein Building, Granta Park, Cambridge, CB21 6GH (“MedImmune”) and Aridis
Pharmaceuticals, Inc., a Delaware corporation located at 983 University Avenue, Building B, Los Gatos, California 95032 (“Licensee”).
MedImmune and Licensee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

Recitals

 

WHEREAS,
MedImmune and its Affiliates owns and controls certain intellectual property rights with respect to the Licensed Compound (as defined
herein) and Licensed Products (as defined herein) in the Territory (as defined herein); and

 

WHEREAS,
contemporaneously with the execution of this Agreement, MedImmune and Licensee have executed the Subscription Agreement (as defined below),
pursuant to which, among other things, Licensee will issue the License Shares on the terms and conditions therein; and

 

WHEREAS,
MedImmune wishes to grant a license to Licensee and Licensee wishes to take, a license under such intellectual property rights to develop
and commercialize Licensed Products in the Territory, in each case in accordance with the terms and conditions set forth below.

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises and conditions set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree
as follows:

 

Article 1

DEFINITIONS

 

Unless otherwise specifically
provided herein, the following terms shall have the following meanings:

 

1.1.          “Affiliate”
means, with respect to a Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled
by or is under common control with such first Person at any time for so long as such Person controls, is controlled by or is under common
control with such first Person. For purposes of this definition, “control” and, with correlative meanings, the terms “controlled
by” and “under common control with” means: (a) the possession, directly or indirectly, of the power to direct the
management or policies of a business entity, whether through the ownership of voting securities, by contract relating to voting rights
or corporate governance or otherwise; or (b) the ownership, directly or indirectly, of more than 50% of the voting securities or
other ownership interests of a business entity (or, with respect to a limited partnership or other similar entity, its general partner
or controlling entity).

 

     

     

    

 

1.2.          “Agreement”
has the meaning set forth in the preamble hereto.

 

1.3.          “Anti-Corruption
Laws” means the U.S. Foreign Corrupt Practices Act, as amended, the UK Bribery Act 2010, as amended, and any other applicable
anti-corruption laws and laws for the prevention of fraud, racketeering, money laundering or terrorism.

 

1.4.          “Applicable
Law” means applicable laws, rules and regulations, including any rules, regulations, guidelines or other requirements of
the Regulatory Authorities, that may be in effect from time to time, including the FFDCA and the Anti-Corruption Laws.

 

1.5.          “Arbitrators”
has the meaning set forth in Section 10.5.2.

 

1.6.          “Auditor”
has the meaning set forth in Section 4.12.

 

1.7.          “BLA”
has the meaning set forth in the definition of “Drug Approval Application.”

 

1.8.          “Breaching
Party” has the meaning set forth in Section 9.2.1.

 

1.9.          “Business
Day” means a day other than a Saturday or Sunday or a day on which banking institutions in New York, New York, United States
or London, England are permitted or required to be closed.

 

1.10.          “Calendar
Quarter” means each successive period of three calendar months commencing on January 1, April 1, July 1 and October 1,
except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the day immediately prior to the first
to occur of January 1, April 1, July 1 or October 1 after the Effective Date and the last Calendar Quarter shall end
on the last day of the Term.

 

1.11.          “Calendar
Year” means each successive period of 12 calendar months commencing on January 1 and ending on December 31, except
that the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the year in which the Effective
Date occurs and the last Calendar Year of the Term shall commence on January 1 of the year in which the Term ends and end on the
last day of the Term.

 

1.12.          “Change
of Control” means, with respect to a Party, any of the following events: (a) any Third Party becomes the beneficial owner,
directly or indirectly, as a result of a single transaction or a series of related transactions, of 50% or more of the total voting power
of all classes of shares of capital stock or other interests of such Party (or, if applicable, a parent of such Party) then outstanding
and normally entitled to vote in the general election of directors of such Party (“Voting Stock”), (b) such Party
(or, if applicable, a parent of such Party) consolidates with or merges into a Third Party, or any such Third Party consolidates with
or merges into such Party (or, if applicable, a parent of such Party), in either event pursuant to a transaction in which 50% or more
of the total voting power of all Voting Stock of the surviving entity then outstanding is not held by the Persons holding at least 50%
of the total voting power of all Voting Stock of such Party (or, if applicable, a parent of such Party) outstanding immediately prior
to such consolidation or merger; or (c) such Party (or, if applicable, a parent of such Party) conveys, transfers or leases all or
substantially all of its assets to a Third Party.

 

    2

     

    

 

1.13.          “Combination
Product(s)” means a product that is comprised of or contains the Licensed Compound as an active ingredient together with one
(1) or more other active ingredients and is sold either as a fixed dose/unit or as separate doses/units.

 

1.14.          “Commercially
Reasonable Efforts” means, with respect to the performance of any activities with respect to the Licensed Compound or a Licensed
Product by Licensee, the carrying out of such activities in a sustained and diligent manner and using efforts and resources comparable
to the efforts and resources commonly used in the biopharmaceutical industry by companies with resources and expertise similar to those
of Licensee for compounds or products of similar market potential at a similar stage in development or product life. “Commercially
Reasonable Efforts” shall be determined on a country-by-country (or region-by-region, where applicable) and indication-by-indication
basis, without regard to the particular circumstances of Licensee, including any other product opportunities of Licensee and without regard
to any payments owed by Licensee to MedImmune under this Agreement.

 

1.15.          “Confidential
Information” has the meaning set forth in Section 6.1.

 

1.16.          “Control”
means, with respect to any item of Information, Regulatory Documentation, Patent or other intellectual property right, possession of the
right, whether directly or indirectly and whether by ownership, license or otherwise (other than by operation of the license and other
grants in Section 2.1), to the extent such right is licenseable or transferable without payment or restriction by a Third Party,
to grant a license, sublicense or other right (including the right to reference Regulatory Documentation) to or under such Information,
Regulatory Documentation, material, Patent or other intellectual property right as provided for herein without violating the terms of
any agreement with any Third Party.

 

1.17.          “Controlling
Party” has the meaning set forth in Section 5.5.

 

1.18.          “Corporate
Names” means any Trademarks as MedImmune may designate to Licensee in writing from time to time.

 

1.19.          “Data
Package” has the meaning set forth in Section 2.5.1.

 

1.20.          “Disclosing
Party” has the meaning set forth in Section 6.1.

 

1.21.          “Dispute”
has the meaning set forth in Section 10.5.1.

 

1.22.          “Dollars”
or “$” means United States Dollars.

 

1.23.          “Drug
Approval Application” means a Biologics License Application (“BLA”) and any amendments or supplements thereto
filed with the FDA pursuant to 21 C.F.R. Part 601 or any other application that is required for the purpose of marketing and selling
a biological product and is filed with a Regulatory Authority outside the United States, including, with respect to the EU, a Product
License Application, Marketing Authorization Application (“MMA”) and/or manufacturing and importation license.

 

1.24.          “Effective
Date” has the meaning set forth in the preamble hereto.

 

    3

     

    

 

1.25.          “EMA”
means the European Medicines Agency and any successor agency thereto.

 

1.26.          “Enforcing
Party” has the meaning set forth in Section 5.3.2.

 

1.27.          “European
Union” means the economic, scientific and political organization of European Union member states as it may be constituted from
time to time, specifically including any country that was a European Union member state as of the Effective Date, whether or not such
country is a participating member as of the applicable time.

 

1.28.          “Exploit”
means to make, have made, import, use, sell or offer for sale, including to research, develop, commercialize, register, Manufacture, have
Manufactured, hold or keep (whether for disposal or otherwise), have used, export, transport, distribute, promote, market or have sold
or otherwise dispose of a compound or product. “Exploitation” means the act of Exploiting a compound or product.

 

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

 

1.30.          “FFDCA”
means the United States Federal Food, Drug, and Cosmetic Act, as amended from time to time, together with any rules, regulations and requirements
promulgated thereunder (including all additions, supplements, extensions and modifications thereto).

 

1.31.          “Field”
means all human diagnostic, prophylactic, palliative and therapeutic uses.

 

1.32.          “First
Commercial Sale” means, with respect to a Licensed Product and a country, the first sale for monetary value for use or consumption
by the end user of such Licensed Product in such country after approval of a Drug Approval Application for such Licensed Product has been
obtained in such country. Sales prior to approval of a Drug Approval Application for such Licensed Product in such country, such as so-called
 “treatment IND sales,” “named patient sales,” and “compassionate use sales,” shall not be construed
as a First Commercial Sale.

 

1.33.          “GAAP”
means, with respect to Licensee or its Affiliates or its or their Sublicensees, United States generally accepted accounting principles, International
Financial Reporting Standards or such other similar national standards as Licensee, its Affiliates or its or their Sublicensee adopts,
in each case, consistently applied.

 

1.34.          “Government
Official” means (a) any Person employed by or acting on behalf of a government, government-controlled agency or entity
or public international organization, (b) any political party, party official or candidate, (c) any Person who holds or performs
the duties of an appointment, office or position created by custom or convention or (d) any Person who holds himself out to be the
authorized intermediary of any of the foregoing.

 

1.35.          “Hatch-Waxman
Act” means the U.S. “Drug Price Competition and Patent Term Restoration Act” of 1984, as set forth at 21 U.S.C.
 §355(b)(2)(A)(iv) or (j)(2)(A)(vii)(IV).

 

    4

     

    

 

1.36.          “IND”
means (a) an investigational new drug application filed with the FDA for authorization to commence clinical studies or any corresponding
foreign application in the Territory and (b) all supplements and amendments that may be filed with respect to the foregoing.

 

1.37.          “Indemnification
Claim Notice” has the meaning set forth in Section 8.3.

 

1.38.          “Indemnified
Party” has the meaning set forth in Section 8.3.

 

1.39.          “Information”
means all technical, scientific and other data, know-how and information, including trade secrets, specifications, biological, chemical,
pharmacological, toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety, manufacturing and quality control
data and information, including study designs and protocols, assays and biological methodology, in each case (whether or not confidential,
proprietary, patented or patentable) in written, electronic or any other form now known or hereafter developed.

 

1.40.          “Infringement”
has the meaning set forth in Section 5.3.1.

 

1.41.          “Inventory”
has the meaning set forth in Section 1.1.1.

 

1.42.          “Invoiced
Sales” has the meaning set forth in the definition of “Net Sales.”

 

1.43.          “Joint
Intellectual Property Rights” has the meaning set forth in Section 5.1.2.

 

1.44.          “Joint
Know-How” has the meaning set forth in Section 5.1.2.

 

1.45.          “Joint
Patents” has the meaning set forth in Section 5.1.2.

 

1.46.          “Licensed
Compound” means MedImmune’s proprietary monoclonal antibody known as MEDI4893(suvratoxumab) targeting Staphylococcus
aureus alpha toxin or any variant, fragment, derivative or isotype thereof.

 

1.47.          “Licensed
Know-How” means know-how and information relating directly to the Licensed Compound necessary for the research, development,
manufacture or commercialization of Licensed Compound and/or Licensed Products, that are owned or controlled by MedImmune as of the Effective
Date. Licensed Know-how includes all regulatory dossiers, and information prepared for submission to or discussion with Regulatory Authorities,
and quality assurance or quality management documentation related solely to the Licensed Compound, but excluding the MedImmune Sensitive
Know-How. For the avoidance of doubt, Licensed Know-How shall not include know-how and information relating to Combination Products containing
the Licensed Products and/or Licensed Compound.

 

1.48.          “Licensed
Patents” means the Patents set forth on Schedule 1.49 and any foreign counterparts thereof, as well as any Patents filed
or claiming priority from such Patents or such foreign counterparts, but excluding any Joint Patents

 

    5

     

    

 

1.49.          “Licensed
Product” means any product that is comprised of or contains the Licensed Compound as the sole active ingredient.

 

1.50.          “Licensed
Product Agreement” means, with respect to a Licensed Product, any agreement entered into by and between Licensee or any of its
Affiliates or its or their respective Sublicensees, on the one hand and one or more Third Parties, on the other hand, that is necessary
or reasonably useful for the Exploitation of such Licensed Product in the Field in the Territory, including (a) any agreement pursuant
to which Licensee, its Affiliates or its or their Sublicensees receives any license or other rights to Exploit such Licensed Product,
(b) supply agreements pursuant to which Licensee, its Affiliates or its or their Sublicensees obtain or will obtain quantities of
such Licensed Product, (c) clinical study agreements, (d) contract research organization agreements and (e) service agreements.

 

1.51.          “License
Shares” has the meaning set forth in Section 4.2.1.

 

1.52.          “Licensee”
has the meaning set forth in the preamble hereto.

 

1.53.          “Licensee
Indemnitees” has the meaning set forth in Section 8.2.

 

1.54.          “Licensee
Know-How” means all Information Controlled by Licensee or any of its Affiliates or its or their Sublicensees as of the Effective
Date or that is developed by Licensee or any of its Affiliates or its or their Sublicensees under or in connection with this Agreement
after the Effective Date and at any time during the Term that is (a) not generally known and (b) reasonably necessary or useful
for the Exploitation of the Licensed Compound or a Licensed Product, but excluding any Information to the extent covered or claimed by
published Licensee Patents or Joint Patents or any Joint Know-How.

 

1.55.          “Licensee
Patents” means all of the Patents Controlled by Licensee or any of its Affiliates or its or their Sublicensees as of the Effective
Date or at any time during the Term that are reasonably necessary or useful (or, with respect to Patent applications, would be reasonably
necessary or useful if such Patent applications were to issue as Patents) for the Exploitation of the Licensed Compound or a Licensed
Product, but excluding any Joint Patents.

 

1.56.          “Losses”
has the meaning set forth in Section 8.1.

 

1.57.          “MAA”
has the meaning set forth in the definition of “Drug Approval Application.”

 

1.58.          “Manufacture”
and “Manufacturing” means all activities related to the production, manufacture, processing, filling, finishing, packaging,
labeling, shipping and holding of a product or any intermediate thereof, including process development, process qualification and validation,
scale-up, pre-clinical, clinical and commercial manufacture and analytic development, product characterization, stability testing, quality
assurance and quality control.

 

1.59.          “Material
Anti-Corruption Law Violation” means a violation of an Anti-Corruption Law relating to the subject matter of this Agreement
by or on behalf of Licensee of any of its Affiliates or its or their Sublicensees that would, if it were publicly known, in the reasonable
view of MedImmune, have a material adverse effect on MedImmune or any of its Affiliates or on the reputation of MedImmune or any of its
Affiliates because of its relationship with Licensee.

 

    6

     

    

 

1.60.          “Milestone
Event” means each of the events identified as a milestone event in Section 4.3.1 or Section 4.3.2.

 

1.61.          “MedImmune”
has the meaning set forth in the preamble hereto.

 

1.62.          “MedImmune
Indemnitees” has the meaning set forth in Section 8.1.

 

1.63.          “MedImmune
Sensitive Know-How” has the meaning set forth in Section 3.5.2.

 

1.64.          “Net
Sales” means, with respect to a Licensed Product for any period, the gross amount billed or invoiced by Licensee, its Affiliates
or its or their Sublicensees (including distributors of authorized generic versions of such Licensed Product) to Third Parties for the
sale of a Licensed Product (the “Invoiced Sales”), less deductions for:

 

1.64.1.          normal
and customary trade, quantity and prompt settlement discounts (including chargebacks and allowances) actually allowed;

 

1.64.2.          amounts
repaid or credited by reason of rejection, return or recall of goods, rebates or bona fide price reductions;

 

1.64.3.          freight,
postage, shipping and insurance expenses to the extent that such items are included in the gross amount invoiced, capped at a four percent
(4%);

 

1.64.4.          customs
and excise duties and other taxes or duties related to the sales to the extent that such items are included in the gross amount invoiced;
and

 

1.64.5.          rebates
and similar payments made with respect to sales paid for by any governmental or regulatory authority such as, by way of illustration and
not in limitation of the Parties’ rights hereunder, Federal or state Medicaid, Medicare or similar state program or equivalent foreign
governmental program.

 

Any of the deductions listed above that involves
a payment by Licensee, its Affiliates or its or their Sublicensees shall be taken as a deduction in the Calendar Quarter in which the
payment is accrued by such entity. For purposes of determining Net Sales, a Licensed Product shall be deemed to be sold when invoiced
and a “sale” shall not include transfers or dispositions of such Licensed Product for pre-clinical or clinical purposes or
as samples, in each case, without charge. Licensee’s, its Affiliates’ or its or their Sublicensees’ transfer of any
Licensed Product to an Affiliate or Sublicensee shall not result in any Net Sales, unless such Licensed Product is consumed or administered
by such Affiliate or Sublicensee in the course of its commercial activities. With respect to any Licensed Product that is consumed or
administered by Licensee or its Affiliates or its or their Sublicensees, Net Sales shall include any amount billed or invoiced with respect
to such consumption or administration.

 

    7

     

    

 

Subject to the above, Net Sales shall be calculated
in accordance with the standard internal policies and procedures of Licensee, its Affiliates or its or their Sublicensees, which must
be in accordance with GAAP.

 

1.65.          “Non-Breaching
Party” has the meaning set forth in Section 9.2.1.

 

1.66.          “Non-Prosecuting
Party” has the meaning set forth in Section 5.2.2.

 

1.67.          “Notice
Period” has the meaning set forth in Section 9.2.1.

 

1.68.          “Party”
and “Parties” have the meanings set forth in the preamble hereto.

 

1.69.          “Patents”
means: (a) all national, regional and international patents and patent applications, including provisional patent applications; (b) all
patent applications that claim priority to any patent or patent application in clause (a), including divisionals, continuations, continuations-in-part,
provisionals, converted provisionals and continued prosecution applications; (c) any and all patents that have issued or in the future
issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents, innovation patents and design
patents and certificates of invention; and (d) any and all extensions or restorations by existing or future extension or restoration
mechanisms, including revalidations, reissues, re-examinations or any other post-grant proceedings and extensions (including any supplementary
protection certificates and the like) of the foregoing patents or patent applications ((a), (b) and (c)).

 

1.70.          “Payment”
has the meaning set forth in Section 4.8.1.

 

1.71.          “Person”
means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization,
including a government or political subdivision, department or agency of a government.

 

1.72.          “Phase
3 Clinical Study” means a human clinical study of a product in any country that would satisfy the requirements of 21 C.F.R.
312.21(c) and that is designed or intended to (a) establish that the product is safe and efficacious for its intended use, (b) define
warnings, precautions and adverse reactions that are associated with the product in the dosage range to be prescribed, and (c) support
Regulatory Approval for such product.

 

1.73.          “Product
Trademarks” means the Trademarks used or to be used by Licensee or its Affiliates or its or their Sublicensees for the commercialization
of Licensed Products in the Territory (excluding, in any event, any Corporate Names and any other Trademarks that consist of or include
any corporate name or corporate logo of either Party or any of its Affiliates or its or their (sub)licensees (or Sublicensees)).

 

1.74.          “Prosecuting
Party” has the meaning set forth in Section 5.2.2.

 

1.75.          “Receiving
Party” has the meaning set forth in Section 6.1.

 

    8

     

    

 

1.76.          “Reference
Rate” means the greater of (i) the Federal Open Market Committee’s upper bound federal funds rate, initially set
on the day a payment is due and reset on the first Business Day every month, and (ii) zero. As used in this Section, “Business
Day” shall mean any day which is not, in the United States, a Saturday, a Sunday, a legal holiday or a day on which banking institutions
are closed.

 

1.77.          “Regulatory
Approval” means, with respect to a country in the Territory, any and all approvals (including Drug Approval Applications), licenses,
registrations or authorizations of any Regulatory Authority necessary to commercially distribute, sell or market a Licensed Product in
such country, including, where applicable, (a) pricing or reimbursement approval in such country, (b) pre- and post-approval
marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto) and (c) labeling approval.

 

1.78.          “Regulatory
Authority” means any applicable supra-national, federal, national, regional, state, provincial or local regulatory agencies,
departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to
the Exploitation of the Licensed Compound or a Licensed Product in the Territory, including the FDA in the United States and the EMA in
the European Union.

 

1.79.          “Regulatory
Documentation” means: all (a) applications (including all INDs and Drug Approval Applications), registrations, licenses,
authorizations and approvals (including Regulatory Approvals); and (b) major correspondence and reports submitted to or received
from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority)
and major supporting documents with respect thereto, including all adverse event files and complaint files, in each case ((a) and
(b)) relating to the Licensed Compound or a Licensed Product.

 

1.80.          “Regulatory
Exclusivity Period” means, with respect to each Licensed Product in any country in the Territory, a period of exclusivity (other
than Patent exclusivity) granted or afforded by Applicable Law or by a Regulatory Authority in such country that confers exclusive marketing
rights with respect to such Licensed Product in such country or prevents another Person from using or otherwise relying on any data supporting
the approval of the Drug Approval Application for such Licensed Product to support an application for regulatory approval of another product
for any indication without the prior written consent of the Drug Approval Application holder.

 

1.81.          “Representatives”
has the meaning set forth in Section 7.6.

 

1.82.          “ROFN
Negotiation Period” has the meaning set forth in Section 2.5.1.

 

1.83.          “Royalty
Term” means, with respect to each Licensed Product and each country in the Territory, the period beginning on the date of the
First Commercial Sale of such Licensed Product in such country and ending on the latest to occur of: (a) the expiration of the last-to-expire
Licensed Patent or Joint Patent in such country that contains a Valid Claim; (b) the expiration of the Regulatory Exclusivity Period
for such Licensed Product in such country; and (c) the *th anniversary of the First Commercial Sale of such Licensed Product in
such country.

 

    9

     

    

 

1.84.          “Senior
Officer” means, with respect to MedImmune, its EVP, BioPharmaceuticals R&D and with respect to Licensee, its CEO.

 

1.85.          “Sublicense
Revenue” means, with respect to a Licensed Product or Licensed Compound in a particular country in the Territory for a particular
period of time, all payments, directly or indirectly, by or on behalf of a Sublicensee to Licensee or any of its Affiliates relating to,
or resulting from, in either case, directly or indirectly, any transaction, series of transactions, or other arrangement in which such
Sublicensee obtains from Licensee or any of its Affiliates a license (or sublicense) in respect of the Licensed Patents, the Licensed
Know-How or MedImmune’s interests in the Joint Patents and the Joint Know-How to Exploit a Licensed Product (other than all royalties,
profit share payments and other payments (other than milestone payments) based on the sales of Licensed Products), including (a) all
upfront and other payments payable to Licensee or its Affiliates upon execution of such transaction(s) or arrangement(s) with
a Sublicensee in respect of Licensee’s rights hereunder; (b) all development, regulatory, commercialization or other milestone
payments for milestones under any such transaction(s) or arrangement(s); (c) all license maintenance fees under any such transaction(s) or
arrangements(s); (d) all payments to Licensee or its Affiliates for the supply of Licensed Products that exceed Licensee’s
actual cost of goods sold to procure or Manufacture such Licensed Products; (e) all payments to Licensee or its Affiliates under
any such transaction(s) or arrangement(s) for the reimbursement of research and development costs incurred by Licensee or its
Affiliates that exceed Licensee’s actual cost to perform the applicable activities; (f) the amount by which any amount paid
by a Sublicensee to Licensee or its Affiliates for any equity or debt securities issued to such Sublicensee in respect of any such transaction(s) or
arrangement(s) exceeds the fair market value of such securities; and (g) the fair market value of any other form of consideration
paid to Licensee or its Affiliates by a Sublicensee in respect of any such transaction(s) or arrangement(s).

 

1.86.          “Sublicensee”
means a Person, other than an Affiliate of Licensee, that is granted a sublicense by Licensee or its Affiliate under the grants in Section 2.1,
as provided in Section 2.2, including any distributors of authorized generic versions of a Licensed Product, irrespective of whether
such distributor is granted a sublicense hereunder.

 

1.87.          “Subscription
Agreement” means that certain Subscription Agreement, dated as of 12 July 2021, between the Company and MedImmune.

 

1.88.          “Term”
has the meaning set forth in Section 9.1.

 

1.89.          “Termination
Notice” has the meaning set forth in Section 9.2.1.

 

1.90.          “Territory”
means the entire world.

 

1.91.          “Third
Party” means any Person other than MedImmune, Licensee and their respective Affiliates.

 

1.92.          “Third
Party Claims” has the meaning set forth in Section 8.1.

 

1.93.          “Third
Party Infringement Claim” has the meaning set forth in Section 5.4.

 

    10

     

    

 

1.94.          “Third
Party Patent Right” has the meaning set forth in Section 5.6.

 

1.95.          “Trademark”
means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including
any trademark, trade dress, brand mark, service mark, trade name, brand name, logo or business symbol, whether or not registered.

 

1.96.          “Transition
Plan” has the meaning set forth in Section 3.5.3.

 

1.97.          “United
States” or “U.S.” means the United States of America and its territories and possessions (including the District
of Columbia and Puerto Rico).

 

1.98.          “Valid
Claim” means (a) a claim of any issued and unexpired Patent whose validity, enforceability or patentability has not been
affected by (i) irretrievable lapse, abandonment, revocation, dedication to the public or disclaimer or (ii) a holding, finding
or decision of invalidity, unenforceability or non-patentability by a court, governmental agency, national or regional patent office or
other appropriate body that has competent jurisdiction, such holding, finding or decision being final and unappealable or unappealed within
the time allowed for appeal or (b) a claim of a pending Patent application that was filed and is being prosecuted in good faith and
has not been abandoned or finally disallowed without the possibility of appeal or re-filing of the application.

 

1.99.          “VAT”
has the meaning set forth in Section 4.8.2.

 

1.100.         “Voting
Stock” has the meaning set forth in the definition of “Change of Control.”

 

Article 2

GRANT OF RIGHTS

 

2.1.          Grants
to Licensee. Subject to Sections 2.2, 2.3 and 2.4 and the other terms and conditions of this
Agreement, MedImmune (on behalf of itself and its Affiliates) hereby grants to Licensee an exclusive (including with regard to MedImmune
and its Affiliates) license (or sublicense), with the right to grant sublicenses in accordance with Section 2.2, under the Licensed
Patents, the Licensed Know-How and MedImmune’s interests in the Joint Patents and the Joint Know-How, to Exploit the Licensed Compound
and Licensed Products in the Field in the Territory.

 

2.2.          Exclusions.
For the avoidance of doubt, the licenses granted to Licensee under this Agreement shall not include any rights for Licensee to develop,
Manufacture, commercialize or otherwise Exploit the Licensed Compound in any Combination Product(s), without first obtaining the written
consent of MedImmune, such consent not to be unreasonably withheld, conditioned or delayed.

 

2.3.          MedImmune
Retained Rights; Combination Products. MedImmune and its Affiliates retains the rights to practice
and license (or otherwise transfer or sublicence) the Licensed Patents, the Licensed Know-How and MedImmune’s interests in the
Joint Patents and the Joint Know-How outside the scope of the license grant herein and specifically retains the right to research, develop,
Manufacture, commercialize and otherwise Exploit the Licensed Patents, the Licensed Know-How and MedImmune’s interests in the Joint
Patents and the Joint Know-How in the Field in the Territory solely for use in a three-antibody product comprising Suvratoxumab, an *
antibody, and an * antibody. Other than the foregoing in respect of the three-antibody product, MedImmune agrees that
it will not develop, Manufacture, commercialize or otherwise Exploit the Licensed Compound in any other Combination Product(s) (or
otherwise), without first obtaining the written consent of Licensee, such consent not to be unreasonably withheld, conditioned or delayed.

 

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2.4.          Sublicenses.
Subject to Section 2.5, Licensee shall have the right to grant sublicenses (or further rights of reference), through multiple tiers
of sublicensees, under the licenses granted in Section 2.1, to its Affiliates and other Persons; provided that any such sublicenses
shall be consistent with, and expressly made subject and subordinate to, the terms and conditions of this Agreement. Licensee shall cause
each Sublicensee to comply with the applicable terms and conditions of this Agreement, as if such Sublicensee were a Party to this Agreement.
Licensee hereby guarantees the performance of its Affiliates and permitted Sublicensees that are sublicensed as permitted herein and the
grant of any such sublicense shall not relieve Licensee of its obligations under this Agreement, except to the extent they are satisfactorily
performed by such Sublicensee.

 

2.5.          Limitations
Applicable to License Grants.

 

2.5.1.          No
Other Rights Granted by MedImmune. Except as expressly provided herein, MedImmune grants Licensee
no other right or license, including any rights or licenses to the Licensed Patents, the Licensed Know-How, the MedImmune Corporate Names
or any other Patent, Trademark or other intellectual property rights.

 

2.6.          MedImmune’s
Right of First Negotiation.

 

2.6.1.          If,
at any time after the Effective Date and until delivery of an * data readout, or an * analysis, from the first Phase
3 Clinical Study for any indication, Licensee or its Affiliate intends to sub-license its right to develop or Commercialize such Licensed
Products in the Field in the Territory (or any part thereof) to any Third Party to permit such Third Party to develop or Commercialize
the Licensed Products in the Field, then prior to negotiating with any Third Party to sub-license such development or Commercialization
right, Licensee shall first notify MedImmune of its intent, provide to MedImmune a copy of any additional data with respect to the development
and Commercialization of such Licensed Products in the Field not previously provided to MedImmune (the “Data Package”),
and shall negotiate solely and in good faith with MedImmune for a period commencing upon the date MedImmune receives the Data Package
from Licensee and expiring * days thereafter (the “ROFN Negotiation Period”) with respect to mutually agreeable
commercially reasonable terms for the acquisition by MedImmune, by license or otherwise, of the right to Develop or Commercialize the
Licensed Product in the Field in the Licensee’s Territory or any part thereof. All confidential information provided by Licensee
to MedImmune pursuant to this Section 2.6.1 shall constitute Licensee’s Confidential Information.

 

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2.6.2.          If
the Parties enter into a written agreement for such development or Commercialization rights within the ROFN Negotiation Period, then except
as set forth in any such written agreement, the exclusive license granted to Licensee in Section 2.1 with respect to the territory
covered by such written agreement shall be amended to reflect the rights granted to MedImmune pursuant to such written agreement.

 

2.6.3.          If
MedImmune does not elect to initiate negotiations during the ROFN Negotiation Period or the Parties do not enter into a written agreement
within the ROFN Negotiation Period, whichever is first, then Licensee may elect to appoint a Sublicensee with respect to the sublicensing
of rights under Section 2.1 to Licensed Products, subject to the terms of this Agreement, provided that, (a) *
(b) Licensee shall grant such sublicense in accordance with Section 2.4 and such commercial terms and other terms and conditions
of such sublicense shall be consistent with the terms and conditions of this Agreement including those as to payment in Article 4,
and (c) the Licensee will pay to MedImmune the Sublicense Revenue in accordance with Section 4.6.

 

2.6.4.          For
clarity, this Section 2.6 shall not apply to (a) an assignment or transfer of this Agreement or any right or obligation hereunder
pursuant to Section 10.3(b), (b) any agreement between any not-for-profit, government or academic entity and Licensee or its
Affiliates for development, (c) any agreement with a contractor, contract research organization, contract manufacturer or other Third
Party under which such Third Party performs contract services on behalf of Licensee or its Affiliates, and (d) any sublicense made
after delivery of an interim data readout or interim futility analysis as set out in Section 2.6.1.

 

Article 3

DEVELOPMENT, REGULATORY AND COMMERCIALIZATION ACTIVITIES

 

3.1.          Development.

 

3.1.1.          In
General. Licensee shall have the right and the obligation (subject to Section 3.1.2) to
develop the Licensed Products in the Field in the Territory at its own cost and expense. Licensee shall perform or cause to be performed
its development activities hereunder in good scientific manner.

 

3.1.2.          Diligence.
Licensee shall (i) use Commercially Reasonable Efforts to develop, obtain and maintain Regulatory Approvals for, Licensed Products
for use in the Field in the United States and European Union and (ii) allocate sufficient time, effort, equipment, and skilled personnel
to complete its development activities in accordance with the Development Plan and the timelines set forth therein.

 

3.1.3.          Development
Records. Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, maintain,
in good scientific manner, complete and accurate books and records pertaining to development of Licensed Products hereunder, in sufficient
detail to verify compliance with its obligations under this Agreement. Such books and records shall (a) be appropriate for patent
and regulatory purposes, (b) be in compliance with Applicable Law, (c) properly reflect all work done and results achieved in
the performance of its development activities hereunder, (d) record only such activities and not include or be commingled with records
of activities outside the scope of this Agreement and (e) be retained by Licensee for at least three (3) years after the expiration
or termination of this Agreement in its entirety or for such longer period as may be required by Applicable Law. MedImmune shall have
the right, during normal business hours and upon reasonable notice, to inspect and copy all such books and records maintained pursuant
to this Section 3.1.3 at its expense and to the extent necessary to demonstrate compliance with the terms of this Agreement; provided
that MedImmune shall maintain such records and information disclosed therein in confidence accordance with Article 6.

 

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3.1.4.          Development
Reports. Without limiting Section 3.1.3, within thirty (30) days following the end of each
Calendar Year during which Licensee is conducting development activities hereunder, Licensee shall provide MedImmune with a detailed written
report of such development activities it has performed, or caused to be performed, since the preceding report (or the Effective Date,
with respect to the first report), its development activities in process and the future activities it expects to initiate during the following
12-month period. Each such report shall contain sufficient detail to enable MedImmune to assess Licensee’s compliance with its obligations
set forth in Section 3.1.3, including: (a) Licensee’s, or its Affiliates’ or its or their Sublicensees’ activities
with respect to achieving Regulatory Approvals of Licensed Products in the United States and any other country in the Territory in which
it is carrying out development activities and (b) clinical study results and results of other development activities.

 

3.2.          Regulatory
Activities.

 

3.2.1.          Regulatory
Approvals. Except as otherwise set forth in this Section 3.2, Licensee shall have the sole
right to prepare, obtain and maintain Drug Approval Applications (including the setting of the overall regulatory strategy therefor),
other Regulatory Approvals and other submissions (including INDs) and to conduct communications with the Regulatory Authorities, for the
Licensed Products in the Field in the Territory in its name.

 

3.2.2.          Communications
and Filings with Regulatory Authorities.  With respect to each Licensed Product, Licensee shall
provide MedImmune with a reasonable opportunity to review on all major regulatory filings (including INDs, Drug Approval Applications,
material labeling supplements, Regulatory Authority meeting requests, and core data sheets) in the Territory.

 

3.2.3.          Recalls,
Suspensions or Withdrawals. As between the Parties, Licensee shall be solely responsible for
handling any recall, market suspension or market withdrawal in the Field in the Territory at its sole cost and expense; provided
that prior to any implementation of such a recall, market suspension or market withdrawal, Licensee shall consult with MedImmune to the
extent such consultation may be made in a timely manner and consistent with Applicable Law, and shall consider MedImmune’s comments
in good faith. If a recall, market suspension or market withdrawal is mandated by a Regulatory Authority in the Territory, as between
the Parties, Licensee shall initiate such a recall, market suspension or market withdrawal in compliance with Applicable Law.

 

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3.2.4.          Global
Safety Database. Licensee shall establish, hold and maintain (at Licensee’s sole cost and
expense) the global safety database for the Licensed Products.

 

3.2.5.          Information
Sharing and Right of Reference. Subject to the terms and conditions of this Agreement, Licensee
and MedImmune hereby agree to share Regulatory and safety information pertaining to the Licensed Compound and Licensed Product and (including,
in the case of MedImmune, Regulatory Documentation in its possession as of the Effective Date), in respect of MedImmune, the *-antibody
product of Article 2.3 where such information is relevant to the Licensed Compound component only, and grants to the other access
to, and a right of reference with respect to, any Regulatory Documentation Controlled by the other Party in respect of the Licensed Product
or Licensed Compound or the aforementioned *-antibody product. The Parties agree to execute, acknowledge, and deliver any further
documents or instruments and to perform all such other acts as may be necessary or appropriate in order to effect such right of reference.

 

3.3.          Commercialization.

 

3.3.1.          In
General. Licensee shall have the right and the obligation (subject to Section 3.3.2) to
commercialize the Licensed Products in the Field in the Territory at its own cost and expense.

 

3.3.2.          Diligence.
Licensee shall use Commercially Reasonable Efforts to Commercialize the Licensed Products in the United States and European Union. It
shall be within Licensee’s sole discretion to determine in which other countries in the Territory to Commercialize the Licensed
Products.

 

3.3.3.          Booking
of Sales; Distribution. Licensee shall invoice and book sales, establish all terms of sale (including
pricing and discounts) and warehouse and distribute the Licensed Products in the Field in the Territory and perform or cause to be performed
all related services. Licensee shall handle all returns, recalls or withdrawals (in accordance with Section 3.2.3), order processing,
invoicing, collection, distribution and inventory management with respect to the Licensed Products in the Territory.

 

3.3.4.          Commercialization
Records. Without limitation of Section 4.11, Licensee shall maintain complete and accurate
books and records pertaining to commercialization of the Licensed Products hereunder, in sufficient detail to verify compliance with its
obligations under this Agreement and which shall be in compliance with Applicable Law and properly reflect all work done and results achieved
in the performance of its commercialization activities. Such records shall be retained by Licensee for at least three (3) years after
the expiration or termination of this Agreement in its entirety or for such longer period as may be required by Applicable Law. MedImmune
shall have the right, during normal business hours and upon reasonable notice, to inspect and copy all such books and records maintained
pursuant to this Section 3.3.4; provided that MedImmune shall maintain such records and information disclosed therein in confidence
accordance with Article 6.

 

3.3.5.          Commercialization
Reports. Without limiting Section 3.3.4, within thirty (30) days following the end of each
Calendar Year during which Licensee is conducting commercialization activities hereunder, Licensee shall provide MedImmune with detailed
written reports of such commercialization activities it has performed, or caused to be performed, since the preceding report (or the Effective
Date, with respect to the first report) and the future activities it expects to initiate during the following 12-month period. Each such
report shall contain sufficient detail to enable MedImmune to assess Licensee’s compliance with its obligations set forth in Section 3.3.2,
including in each case: (a) sales force size and allocation; (b) the number and position of details in the applicable period;
(c) the nature of promotional activities and Licensed Product sampling activities; (d) market and sales promotional programs;
and (e) the conduct of advertising, public relations and other promotional programs, including professional symposia and speaker
and peer-to-peer activity programs used in the commercialization of such Licensed Product.

 

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3.4.            Statements
and Compliance with Applicable Law.  Licensee shall, and shall cause its Affiliates to, comply
with all Applicable Law with respect to the Exploitation of Licensed Products. Without limitation to the foregoing, Licensee shall in
all material respects conform its practices and procedures relating to the commercialization of the Licensed Products and educating the
medical community in the Territory with respect to the Licensed Products to any applicable industry association regulations, policies
and guidelines, as the same may be amended from time to time.

 

3.5.            Manufacture
of Licensed Products and Transition Plan.

 

3.5.1.            As
between the Parties, Licensee shall have the sole responsibility for, at its expense, Manufacturing (or having Manufactured) and supplying
the Licensed Compound and Licensed Products for its development and commercialization activities in the Territory.

 

3.5.2.            MedImmune
shall provide Licensee access to Licensed Know-How related to the manufacture of the Licensed Products as is reasonably necessary for
Licensee to develop and commercialize Licensed Product. MedImmune may withhold from disclosure in its sole discretion certain sensitive
Manufacturing Know-How including assays, materials, formulation and preparation of cell culture media and feeds which MedImmune will not
be required to provide to Licensee under any circumstance (“MedImmune Sensitive Know-How”). Subject to the foregoing
sentence, the Parties shall cooperate in good faith to ensure that Licensee shall have such Licensed Know-How as is required for the development
and commercialization of the Licensed Product.

 

3.5.3.            Transition
Plan. Within 30 days after the Effective Date, the Parties will agree the transition activities
to facilitate the Licensee’s Development obligations hereunder (the “Transition Plan”) and endeavor to complete
the Transition Plan within the timelines set forth therein. Once finally agreed between the Parties, the Transition Plan may be thereafter
amended from time to time with the agreement of both Parties. Each Party shall bear its own expenses with respect to its obligations and
activities under the Transition Plan. For a period of three (3) months after the Effective Date and at no cost to the Licensee, MedImmune
shall reasonably cooperate to facilitate the transition of the Licensed Know-How from MedImmune to Licensee.

 

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3.6.            Subcontracting.
Subject to Article 2, Licensee may subcontract with a Third Party to perform any or all
of its obligations hereunder (including by appointing one or more distributors); provided that (a) no such permitted subcontracting
shall relieve Licensee of any obligation (except to the extent satisfactorily performed by such subcontractor) or any liability hereunder
and Licensee shall be and remain fully responsible and liable therefor and (b) the agreement pursuant to which Licensee engages any
Third Party subcontractor must (i) be consistent in all material respects with this Agreement, (ii) contain terms obligating
such subcontractor to comply with the confidentiality, intellectual property and all other relevant provisions of this Agreement and (iii) contain
terms obligating such subcontractor to permit MedImmune rights of inspection, access and audit substantially similar to those provided
to MedImmune in this Agreement. Licensee shall ensure that each subcontractor accepts and complies with all of the applicable terms and
conditions of this Agreement as if such permitted subcontractor were a Party to this Agreement.

 

Article 4

PAYMENTS AND RECORDS

 

4.1.            Upfront
Cash Payment. MedImmune shall submit an invoice to Licensee as soon as possible after the Effective
Date and, no later than ten (10) Business Days following the Effective Date, Licensee shall pay MedImmune a nonrefundable and noncreditable
upfront amount equal to five (5) million Dollars ($5,000,000).

 

4.2.            Upfront
Equity Payment.

 

4.2.1.            Within
seven (7) Business Days following the Effective Date, pursuant to the terms of the Subscription Agreement, Licensee shall issue to
MedImmune or its designated Affiliate a number of newly issued, fully-paid and non-assessable shares of Common Stock that is equal to
a value of six million Dollars ($6,000,000) of Licensee’s fully-diluted, fully paid issued and outstanding capital stock (the “License
Shares”), determined by dividing (i) six million Dollars ($6,000,000), by (ii) the volume-weighted average price of
one share of Licensee’s Common Stock on the Nasdaq Capital Market, for the thirty (30) Business Days immediately preceding the Effective
Date, as reported by Bloomberg L.P.; and

 

4.2.2.            The
License Shares shall be registered for resale by MedImmune in accordance with the registration rights provisions set forth in the Subscription
Agreement.

 

4.3.            Milestones.

 

4.3.1.            Regulatory
Milestones. Licensee shall pay MedImmune each of the following non-refundable, non-creditable
milestone payments within sixty (60) days after the achievement of the corresponding Milestone Event with respect to each Licensed Product:

 

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	Regulatory Milestone Event	Development or Regulatory Milestone Payment
	FDA approval of a BLA for a Licensed Product in first indication	$*
	European Commission approval of an MAA for a Licensed Product in first indication	$*
	FDA approval of a BLA for a Licensed Product in second indication	$*
	European Commission approval of an MAA for a Licensed Product in second indication	$*

 

Each milestone payment in this Section 4.3.1
shall be payable on a Licensed Product-by-Licensed Product basis based on the achievement of the applicable Milestone Event with respect
to the applicable Licensed Product. For the avoidance of doubt, Licensee would not be obligated to pay the foregoing milestones for more
than two (2) Licensed Products and the total milestones that could become payable pursuant to this Section 4.3.1. is * Dollars
($*).

 

4.3.2.            Commercial
Milestones. Licensee shall pay MedImmune each of the following non-refundable, non-creditable
milestone payments after the first achievement of the corresponding Milestone Event:

 

	Commercial Milestone Event	Milestone Payment
	Aggregate worldwide Net Sales of all Licensed Product(s) in a given Calendar Year exceeds $*	$*
	Aggregate worldwide Net Sales of all Licensed Product(s) in a given Calendar Year exceeds $*	$*
	Aggregate worldwide Net Sales of all Licensed Product(s) in a given Calendar Year exceeds $*	$*
	Aggregate worldwide Net Sales of all Licensed Product(s) in a given Calendar Year exceeds $*	$*

 

If more than one of the foregoing Milestone Events
of this Section 4.3.2 is achieved in a given Calendar Year, Licensee shall pay to MedImmune a separate milestone payment with respect
to each such Milestone Event that is achieved in such Calendar Year. Each milestone payment in this Section 4.3.2 shall be payable
only upon the first achievement of such Milestone Event in a given Calendar Year and no amounts shall be due for subsequent or repeated
achievements of such Milestone Event in subsequent Calendar Years.

 

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4.3.3.            Determination
that Milestones Have Occurred. Licensee shall notify MedImmune promptly of the achievement of
each Milestone Event. If, notwithstanding the fact that Licensee has not provided MedImmune such notice, MedImmune believes that any such
Milestone Event has been achieved, it shall so notify Licensee in writing and the Parties shall promptly meet and discuss in good faith
whether such Milestone Event has been achieved. Any dispute under this Section 4.3.3 regarding whether or not a Milestone Event has
been achieved shall be subject to resolution in accordance with Section 10.5.

 

4.3.4.            Invoicing
and Payment. Licensee shall give MedImmune written notice of the achievement of each milestone
event in Sections 4.3.1 and 4.3.2 no later than twenty (20) business days after such achievement. Following receipt of such notice, MedImmune
shall submit an invoice to Licensee for the full amount of the corresponding milestone, which amount shall be payable within thirty (30)
days after the date of invoice.

 

4.4.            Royalties.

 

4.4.1.            Royalty
Rates. Commencing upon the First Commercial Sale of a Licensed Product in the Territory and for
each 12-month period during the Royalty Term Licensee shall pay MedImmune a royalty on Net Sales of each Licensed Product in the Territory
during each Calendar Year at the following rates:

 

	Portion of aggregate Net Sales of all Licensed Products in the Territory during a Calendar Year	Royalty Rate
	Less than *	*%
	Equal to or greater than *	*%

 

4.4.2.            Blended
Royalty. Licensee acknowledges that (a) the Licensed Know-How is proprietary and valuable
and that without the Licensed Know-How, Licensee would not be able to obtain and maintain Regulatory Approvals with respect to the Licensed
Products, (b) such Regulatory Approvals will allow Licensee to obtain and maintain regulatory exclusivity with respect to the Licensed
Products in the Field in the Territory (c) access to the Licensed Know-How has provided Licensee with a competitive advantage in
the marketplace beyond the exclusivity afforded by the Licensed Patents and (d) the milestone payments and royalties set forth in
Section 4.3 and Section 4.4, respectively, are, in part, intended to compensate MedImmune for such exclusivity and such competitive
advantage. The Parties agree that the royalty rates set forth in Section 4.4. reflect an efficient and reasonable blended allocation
of the value provided by MedImmune to Licensee.

 

4.4.3.            Royalty
Term. Licensee shall have no obligation to pay any royalty with respect to Net Sales of any Licensed
Product in any country after the Royalty Term for such Licensed Product in such country has expired, and shall thereafter have a perpetual,
paid-up license with respect to the rights granted hereunder in such country.

 

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4.4.4.            Royalty
Stacking. If during the Royalty Term it is necessary for Licensee, or a sublicensee or Affiliate
(in the reasonable judgment of such party, acting in good faith), to enter into a royalty-bearing license with a Third Party in order
to develop, Manufacture, commercialize or otherwise Exploit a Licensed Product in any country of the Territory, then Licensee shall be
entitled to deduct fifty percent (50%) of the royalties paid to any such Third Party for any such rights in a particular country from
any royalty payments due to MedImmune, provided that such amounts payable to MedImmune shall not be reduced, with respect to any Calendar
Quarter, below fifty percent (50%) of the amounts otherwise due to MedImmune with respect to such calendar quarter without such offset.
To the extent any offsets for a calendar quarter exceed the earned royalties accrued during the same Calendar Quarter, the excess amount
may be carried over to future Calendar Quarters, either to decrease the earned royalties due in that Calendar Quarter or to decrease the
minimum royalty payments due in that calendar quarter or any future Calendar Quarter.

 

4.5.            Royalty
Payments and Reports. Licensee shall calculate all amounts payable to MedImmune pursuant to Section 4.4.1
at the end of each Calendar Quarter, which amounts shall be converted to Dollars, in accordance with Section 4.7. Licensee shall
give MedImmune written notice of the amounts payable and, following receipt of such notice, MedImmune shall submit an invoice to Licensee
for the full amount of the corresponding royalty payment and Licensee shall pay to MedImmune the royalty amounts due with respect to a
given Calendar Quarter within thirty (30) days of the date of the invoice. Each payment of royalties due to MedImmune shall be accompanied
by a statement specifying, on a Licensed Product-by-Licensed Product basis, the amount of Invoiced Sales, Net Sales and deductions taken
to arrive at Net Sales attributable to each Licensed Product in each country in the Territory during the applicable Calendar Quarter (including
such amounts expressed in local currency and as converted to Dollars) and a calculation of the amount of royalty payment due on such Net
Sales for such Calendar Quarter. Without limiting the generality of the foregoing, Licensee shall require its Affiliates and Sublicensees
to account for their Net Sales and to provide such reports with respect thereto, as if such sales were made by Licensee.

 

4.6.            Sublicense
Revenue Payments by Licensee.

 

4.6.1.            Sublicense
Revenue. Subject to the provisions of Section 4.6.2 and Section 4.6.3, if Licensee
sublicences rights to a Licensed Product to a Third Party at any time prior to delivery of an interim data readout, or an interim futility
analysis, from the first Phase 3 Clinical Study for any indication, then in addition to the amounts payable to MedImmune pursuant to Sections
4.3 and 4.4 Licensee shall pay to MedImmune *% of all Sublicense Revenue received by Licensee or any of its Affiliates. The Parties acknowledge
that this is the only circumstance under which royalties or payments upon Sublicense Revenue are due from Licensee to MedImmune.

 

4.6.2.            Sublicense
Revenue Payments and Reports. Licensee shall calculate all amounts payable to MedImmune pursuant
to Section 4.6.1 at the end of each Calendar Quarter, which amounts shall be converted to Dollars, in accordance with Section 4.7.
Licensee shall pay to MedImmune the Sublicense Revenue amounts due with respect to a given Calendar Quarter within thirty (30) days after
the end of such Calendar Quarter. Each payment of Sublicense Revenue due to MedImmune shall be accompanied by a statement specifying,
subject to Section 4.6.3, the amount of Sublicense Revenue received by Licensee or any of its Affiliates during the applicable Calendar
Quarter (including such amounts expressed in local currency and as converted to Dollars) and a calculation of the amount of payment due
to MedImmune on such Sublicense Revenue for such Calendar Quarter. Without limiting the generality of the foregoing, Licensee shall require
its Affiliates to account for their Sublicense Revenue and to provide such reports with respect thereto, as if such amounts were received
by Licensee.

 

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4.6.3.            Allocation
of Sublicense Revenue. With respect to any Sublicense Revenue received pursuant to Section 4.6.1
under or in connection with a sublicense that includes one or more product(s) other than Licensed Products, the Parties shall use
reasonable efforts to agree upon a reasonable and fair allocation of such Sublicense Revenue in a manner that reasonably reflects the
contribution or value of each such other product and Licensed Product with respect to such Sublicense Revenue. Any dispute with respect
to such allocation shall be subject to resolution in accordance with Section 10.5.

 

4.7.            Mode
of Payment; Offsets. All payments to MedImmune under this Agreement shall be made by deposit
of Dollars in the requisite amount to such bank account as MedImmune may from time to time designate by notice to Licensee. For the purpose
of calculating any sums due under, or otherwise reimbursable pursuant to, this Agreement (including the calculation of Net Sales expressed
in currencies other than Dollars), Licensee shall convert any amount expressed in a foreign currency into Dollar equivalents using its,
its Affiliate’s or Sublicensee’s, as applicable, standard conversion methodology consistent with GAAP. Licensee shall have
no right to offset, set off or deduct any amounts from or against the amounts due to MedImmune hereunder.

 

4.8.            Taxes.

 

4.8.1.            General.
The upfront cash, upfront equity, milestones and royalties and any Sublicensee Revenue payable
by Licensee to MedImmune pursuant to this Agreement (each, a “Payment”) shall be paid by Licensee to MedImmune free
and clear of any and all taxes, except for any withholding taxes required by Applicable Law. Except as provided in this Section 4.8,
MedImmune shall be solely responsible for paying any and all taxes (other than withholding taxes required by Applicable Law to be deducted
from Payments and remitted by Licensee) levied on account of, or measured in whole or in part by reference to, any Payments it receives.
Licensee shall deduct or withhold from the Payments any taxes that it is required by Applicable Law to deduct or withhold. If MedImmune
is entitled under any applicable tax treaty to a reduction of rate of, or the elimination of, applicable withholding tax, it may deliver
to Licensee or the appropriate governmental authority (with the assistance of Licensee to the extent that this is reasonably required
and is requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Licensee of its
obligation to withhold such tax and Licensee shall apply the reduced rate of withholding or dispense with withholding, as the case may
be; provided that Licensee has received evidence of MedImmune’s delivery of all applicable forms (and, if necessary, its
receipt of appropriate governmental authorization) at least 15 days prior to the time that the Payments are due. If, in accordance with
the foregoing, Licensee withholds any amount, it shall pay to MedImmune the balance when due, make timely payment to the proper taxing
authority of the withheld amount and send to MedImmune proof of such payment within 10 days following such payment.]

 

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4.8.2.            Value
Added Tax. Notwithstanding anything contained in Section 4.8.1, this Section 4.8.2
shall apply with respect to value added tax (“VAT”). All Payments and consideration are stated exclusive of VAT. If
any VAT is chargeable in respect of any Payments or consideration, Licensee shall pay VAT at the applicable rate in respect of any such
Payments or consideration following the receipt of a valid VAT invoice in the appropriate form issued by MedImmune in respect of those
Payments or consideration to which such VAT relates. The Parties will issue valid invoices for all amounts due under this Agreement consistent
with indirect tax requirements under Applicable Law. The parties shall cooperate to provide such information or assistance as may be necessary
to enable the issuance of such invoice consistent with the law governing such VAT

 

4.8.3.            Gross
Up. If either Party assigns this Agreement to an Affiliate or Third Party and, as a result of
such assignment, Payments made hereunder are subject to additional withholding tax, such assigning Party shall be responsible for the
resulting additional withholding taxes; provided, however, that if the non-assigning Party derives a tax benefit (including
through the use of foreign tax credit) determined on a with and without basis as a result of such additional withholding, then the non-assigning
Party shall promptly reimburse the assigning Party for the amount of such benefit; provided, further, that the non-assigning
Party shall take all commercially reasonable actions necessary to obtain any tax benefit (including through the use of foreign tax credit)
with respect to such additional withholding taxes and to defend such benefit in a tax audit.

 

4.9.            Interest
on Late Payments. If any payment due to either Party under this Agreement is not paid when due,
then such paying Party shall pay interest thereon (before and after any judgment) at an annual rate equal to the lessor of (i) four
per cent (4%) above the Reference Rate, and (ii) the maximum rate permitted under Applicable Law. Any interest will accrue from day
to day and is calculated based on the actual number of days elapsed from the payment due date to the actual payment date and a year of
365 days. Interest is compounded daily.

 

4.10.            Anti-tax
Evasion. Each of the Licensee and MedImmune represents, warrants and undertakes that neither
it nor its Affiliates shall commit a tax evasion facilitation offence under Part 3 of the UK Criminal Finances Act 2017 in connection
with or attributable to this Agreement or the transactions contemplated hereby. Each Party shall promptly report to the other party any
apparent breach of this Section 4.10 and shall: (a) answer, in reasonable detail, any written or oral inquiry from the other
party related to its and its Affiliates compliance with this Section 4.10; (b) facilitate the interview of employees of such
party by the other party (or any agent of such party) at any reasonable time specified by the inquiring party related to such party’s
compliance with this Section 4.10; and (c) co-operate with the inquiring party or any Governmental Authority in relation to
any investigation relating to the matters referred to in Section 4.10, in all cases, as reasonably required to enable that other
party to comply with its undertaking under this Section 4.10.

 

4.11.            Financial
Records. Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, keep
complete and accurate financial books and records pertaining to the commercialization of Licensed Products hereunder, including books
and records of Invoiced Sales and Net Sales of Licensed Products and Sublicensee Income, in sufficient detail to calculate and verify
all amounts payable hereunder. Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, retain such books and
records until the latest of (a) three years after the end of the period to which such books and records pertain, (b) the expiration
of the applicable tax statute of limitations (or any extensions thereof) and (c) for such period as may be required by Applicable
Law.

 

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4.12.            Audit.
At the request of MedImmune, Licensee shall, and shall cause its Affiliates and its and their
Sublicensees to, permit MedImmune or an independent auditor designated by MedImmune and reasonably acceptable to Licensee, at reasonable
times and upon reasonable notice, to audit the books and records maintained pursuant to Section 4.11 to ensure the accuracy of all
reports and payments made hereunder. The cost of any audit shall be borne by MedImmune, unless an audit reveals, with respect to a period,
a variance of more than five percent (5%) from the reported amounts for such period, in which case Licensee shall bear the cost of such
audit. Unless disputed pursuant to Section 4.13, if an audit concludes that (a) additional amounts were owed by Licensee, Licensee
shall pay the additional amounts, with interest from the date originally due as provided in Section 4.9 or (b) excess payments
were made by Licensee, MedImmune shall reimburse such excess payments, in either case ((a) or (b)), within sixty (60) days after
the date on which such audit is completed by MedImmune.

 

4.13.            Audit
Dispute. In the event of a dispute with respect to any audit under Section 4.12, MedImmune
and Licensee shall work in good faith to resolve the disagreement. If the Parties are unable to reach a mutually acceptable resolution
of any such dispute within 30 days, the dispute shall be submitted for resolution to a certified public accounting firm jointly selected
by each Party’s certified public accountants or to such other Person as the Parties shall mutually agree (the “Auditor”).
The decision of the Auditor shall be final and the costs of such arbitration as well as the initial audit shall be borne between the Parties
in such manner as the Auditor shall determine. Not later than ten (10) days after such decision and in accordance with such decision,
Licensee shall pay the additional amounts, with interest from the date originally due as provided in Section 4.9 or MedImmune shall
reimburse the excess, as applicable.

 

Article 5

INTELLECTUAL PROPERTY

 

5.1.            Ownership
of Intellectual Property.

 

5.1.1.            Ownership
of Technology. Subject to Section 5.1.2, as between the Parties, each Party shall own and
retain all right, title and interest in and to any and all: (a) Information and inventions that are conceived, discovered, developed
or otherwise made solely by or on behalf of such Party or its Affiliates or its or their respective (sub)licensees (or Sublicensee(s)),
as applicable, under or in connection with this Agreement, whether or not patented or patentable and any and all Patents and other intellectual
property rights with respect thereto; and (b) other Information, inventions, Patents and other intellectual property rights that
are owned or otherwise controlled (other than pursuant to the license grants set forth in Section 2.1) by such Party or its Affiliates
or its or their (sub)licensees (or Sublicensees) (as applicable) outside of this Agreement.

 

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5.1.2.            Ownership
of Joint Patents and Joint Know-How. Each of MedImmune and Licensee shall own an equal, undivided
interest in any and all: (a) Information and inventions that are conceived, discovered, developed or otherwise made jointly by or
on behalf of MedImmune or its Affiliates or its or their (sub)licensees, on the one hand, and Licensee or its Affiliates or its or their
Sublicensees, on the other hand, in performance of such Party’s obligations under this Agreement or in exercise of the licenses
granted herein, whether or not patented or patentable (the “Joint Know-How”); and (b) Patents (the “Joint
Patents”) and other intellectual property rights with respect to the Information and inventions described in clause (a) (together
with Joint Know-How and Joint Patents, the “Joint Intellectual Property Rights”). Each Party shall promptly disclose
to the other Party in writing and shall cause its Affiliates and its and their (sub)licensees (or Sublicensees) to so disclose, the development,
making, conception or reduction to practice of any Joint Know-How or Joint Patents. Subject to the licenses and rights of reference granted
under Section 2.1 and, in the case of Licensee, its obligations set forth in Section 2.6, each Party shall have the right to
Exploit the Joint Intellectual Property Rights without a duty of seeking consent or accounting to the other Party; subject to the exclusive
license to Joint Intellectual Property Rights made to Licensee as set out in Section 2.1.. If in a particular country the consent
of co-owners is required for one co-owner to grant license rights under or otherwise exploit any Joint Patent as provided in the previous
sentence, subject to Section 2.1 and, with respect to Licensee, Section 2.6, (i) each Party hereby consents to such license
grant to use and otherwise Exploit such Joint Patent in such country without any duty to share profits with, or provide an accounting
to, such Party with respect to such use and Exploitation, and (ii) subject to the financial terms in Article 4, each Party hereby
grants to the other Party a perpetual, irrevocable, royalty-free, sublicenseable, non-exclusive license under such granting Party’s
interest in such Joint Patent(s) to Exploit any Joint Patent or Joint Know-How in such country in any manner and for any purpose
whatsoever; subject to the exclusive license to Joint Intellectual Property Rights made to Licensee as set out in Section 2.1.

 

5.1.3.            United
States Law.  The determination of whether Information and inventions are conceived, discovered,
developed or otherwise made by a Party or any of its Affiliates for the purpose of allocating Patent rights therein, shall, for purposes
of this Agreement, be made in accordance with United States Patent law as such law exists as of the Effective Date irrespective of where
or when such conception, discovery, development or making occurs. Each Party shall, and does hereby, assign, and shall cause its Affiliates
and its and their respective (sub)licensees and Sublicensees to so assign, to the other Party, without additional compensation, such right,
title and interest in and to any Information and inventions as well as any intellectual property rights with respect thereto, as is necessary
to fully effect the joint ownership provided for in Section 5.1.2.

 

5.1.4.            Assignment
Obligation.  Each Party shall cause all internal staff and individual consultant Persons who
perform development activities, Manufacturing activities or regulatory activities for such Party under this Agreement or who conceive,
discover, develop or otherwise make any Information or inventions by or on behalf of such Party or its Affiliates or its or their respective
(sub)licensees (or Sublicensees) under or in connection with this Agreement to be under an obligation to assign (or, if such Party is
unable to cause such Person to agree to such assignment obligation despite such Party’s using commercially reasonable efforts to
negotiate such assignment obligation, then to grant an exclusive license under) their rights in any Information and inventions resulting
therefrom to such Party, except where Applicable Law requires otherwise.

 

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5.1.5.            Ownership
of Product Trademarks.  As between the Parties, Licensee shall own all right, title and interest
to the Product Trademarks in the Territory.

 

5.1.6.            Ownership
of Corporate Names. As between the Parties, MedImmune shall retain all right, title and interest
in and to its Corporate Names.

 

5.2.            Maintenance
and Prosecution of Patents

 

5.2.1.            In
General.  As between the Parties, (a) Licensee shall have the first right, but not the obligation,
through counsel of its choice, to prepare, file, prosecute and maintain the Licensed Patents and Joint Patents, including any related
interference, re-issuance, re-examination and opposition proceedings with respect thereto, in the Territory, in each case, at Licensee’s
sole cost and expense and (b) Licensee shall have the first right, but not the obligation, to prepare, file, prosecute and maintain
the Licensee Patents, including any related interference, re-issuance, re-examination and opposition proceedings with respect thereto,
worldwide, in each case, at its sole cost and expense and through counsel of its choice. If, as between the Parties, the Party with the
first right to prosecute or maintain Licensed Patent or a Joint Patent or a Licensee Patent decides not to prepare, file, prosecute or
maintain such Licensed Patent or Joint Patent or Licensee Patent in a country in the Territory, such Party shall provide reasonable prior
written notice to the other Party of such intention and the other Party shall thereupon have the right, in its sole discretion, to assume
the control and direction of the preparation, filing, prosecution and maintenance of such Licensed Patent or Joint Patent or Licensee
Patent at its sole cost and expense in such country.

 

5.2.2.            Cooperation.
Each Party shall, and shall cause its Affiliates to, assist the other Party at the reasonable request of the other Party from time to
time in connection with its activities set forth in Section 5.2.1. The Party that has the right to prepare, file, prosecute and maintain
the Licensed Patents, Joint Patents or the Licensee Patents, as applicable (the “Prosecuting Party”) shall (a) keep
the other Party (the “Non-Prosecuting Party”) informed of all steps to be taken in the preparation and prosecution
of all applications filed by it pursuant to Section 5.2.1, (b) furnish the Non-Prosecuting Party with copies of such applications
for Patents, amendments thereto and other related correspondence to and from patent offices, including correspondence relating to any
office actions, and (c) to the extent reasonably practicable, permit the Non-Prosecuting Party an opportunity to offer its comments
on such applications, amendments and other correspondence before making a submission to a patent office, which comments the Prosecuting
Party shall consider in good faith. The Non-Prosecuting Party shall offer its comments, if any, promptly.

 

5.2.3.            Patent
Term Extension and Supplementary Protection Certificate. As between the Parties, Licensee shall
have the sole right to make decisions regarding and Licensee shall have the right to apply for, patent term extensions, in the Territory,
including the United States with respect to extensions pursuant to 35 U.S.C. §156 et. seq. and in other jurisdictions pursuant to
supplementary protection certificates, and in all jurisdictions with respect to any other extensions that are now or become available
in the future, wherever applicable, for the Licensed Patents, Joint Patents and any Licensee Patents and with respect to the Licensed
Compound and the Licensed Products, in each case including whether or not to do so; provided that Licensee shall consult with MedImmune
to determine the course of action with respect to such filings. MedImmune shall provide prompt and reasonable assistance, as requested
by Licensee, including by taking such action as patent holder as is required under any Applicable Law to obtain such extension or supplementary
protection certificate.

 

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5.2.4.            Patent
Listings. As between the Parties, Licensee shall have the sole right to make decisions regarding
and Licensee shall have the right to make all filings with Regulatory Authorities in the Territory with respect to the Licensed Patents,
Joint Patents and Licensee Patents, including as required or allowed (a) in the United States, and (b) in the European Union,
or other international equivalents; provided that Licensee shall consult with MedImmune to determine the course of action with
respect to such filings.

 

5.3.            Enforcement
of Patents.

 

5.3.1.            Notice.
Each Party shall promptly notify the other Party in writing of (a) any alleged or threatened
infringement of the Licensed Patents, Joint Patents or Licensee Patents in any jurisdiction in the Territory or (b) any certification
filed under the Hatch-Waxman Act claiming that any Licensed Patents, Joint Patents or Licensee Patents are invalid or unenforceable or
claiming that any Licensed Patents, Joint Patents or Licensee Patents would not be infringed by the making, use, offer for sale, sale
or import of a product for which an application under the Hatch-Waxman Act is filed or any equivalent or similar certification or notice
in any other jurisdiction in the Territory, in each case ((a) and (b)) of which such Party becomes aware (an “Infringement”).

 

5.3.2.            Enforcement
of Patents.

 

(a)            As
between the Parties, and subject to MedImmune’s rights set forth in 5.3.2(b) (A) Licensee shall have the first right,
but not the obligation, to prosecute any Infringement with respect to the Licensed Patents and Joint Patents, including as a defense or
counterclaim in connection with any Third Party Infringement Claim, at Licensee’s sole cost and expense, using counsel of Licensee’s
choice; provided that if Licensee does not take commercially reasonable steps to prosecute such an Infringement (i) within 90 days
following the first notice provided above with respect to such Infringement or (ii) provided such date occurs after the first such
notice of such Infringement is provided, 10 Business Days before the time limit, if any, set forth in appropriate laws and regulations
for filing of such actions, whichever comes first, then Licensee shall so notify MedImmune, and MedImmune may prosecute such Infringement
at its sole cost and expense, and (B) Licensee shall have the sole right, but not the obligation, to prosecute Infringement with
respect to the Licensee Patents, including as a defense or counterclaim in connection with any Third Party Infringement Claim, at Licensee’s
sole cost and expense, using counsel of its choice.

 

(b)            Notwithstanding
the above, if the Infringement also relates to a Patent, except for a Joint Patent, which is owned or Controlled by MedImmune and which
relates directly to a Combination Product (such that the infringing party is itself developing, exploiting or commercializing a Combination
Product), MedImmune shall so notify Licensee, and MedImmune shall have the first right, but not the obligation, to prosecute the Infringement
with respect to the Licensed Patents and Joint Patents, including as a defense or counterclaim in connection with any Third Party Infringement
Claim, at MedImmune’s sole cost and expense, using counsel of MedImmune’s choice; provided that if MedImmune does not take
commercially reasonable steps to prosecute such an Infringement (i) within 90 days following the first notice provided above with
respect to such Infringement or (ii) provided such date occurs after the first such notice of such Infringement is provided, 10 Business
Days before the time limit, if any, set forth in appropriate laws and regulations for filing of such actions, whichever comes first, then
MedImmune shall so notify Licensee, and Licensee may prosecute such Infringement at its sole cost and expense.

 

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5.3.3.            Cooperation.
If a Party is entitled to, and pursues an action against an Infringement in accordance with this Section 5.3, (a) the other
Party shall, and shall cause its Affiliates to, cooperate fully, including being joined as a necessary party to such action, providing
access to relevant documents and other evidence and making its employees available at reasonable business hours, (b) the Party pursuing
any action against an Infringement shall consult with the other Party as to the strategy for such action and (c) such Party shall
consider in good faith any comments from the other Party and shall keep the other Party reasonably informed of any steps taken with respect
to such action.

 

5.3.4.            Settlement.
The Party that is entitled to and pursues an action against an Infringement in accordance with this Section 5.3 shall have the right
to control any settlement of such claim; provided that no settlement shall be entered into without the prior consent of the other
Party (which consent shall not be unreasonably withheld, conditioned or delayed) if such settlement would reasonably be expected to adversely
affect the rights or interest of the other Party or any of its Affiliates with respect to the Licensed Compound or Licensed Product, result
in the invalidity or narrowing the scope of claims of the Licensed Patents, or impose any costs or liability on or involve any admission
of liability, wrongdoing or fault by, the other Party or any of its Affiliates.

 

5.3.5.            Cost
Recovery.  Each Party shall bear its own costs and expenses relating to any Infringement action
commenced pursuant to this Section 5.3; provided that the pursuing Party shall reimburse the other Party for the costs and
expenses incurred by the other Party for any assistance requested by the pursuing Party for such Infringement action. Except as otherwise
agreed by the Parties in connection with a cost sharing arrangement, any recovery realized as a result of such litigation described above
in this Section 5.3 (whether by way of settlement or otherwise) shall be first, allocated to reimburse the Parties for their costs
and expenses in making such recovery (which amounts shall be allocated pro rata if insufficient to cover the totality of such expenses).
Any remainder after such reimbursement shall be allocated by agreement of the Parties, negotiated in good faith, and allocated to reflect
the economic interests of the Parties under this Agreement with respect to the impact of such Infringement upon each Party’s markets
for its products, with punitive damages and other such awards allocated pro rata thereto.

 

5.4.            Infringement
Claims by Third Parties. If the Exploitation of a Licensed Product in the Territory pursuant
to this Agreement results in, or is reasonably expected to result in, any claim, suit or proceeding by a Third Party alleging infringement
by Licensee or any of its Affiliates or its or their Sublicensees, distributors or customers (a “Third Party Infringement Claim”),
including any defense or counterclaim in connection with an Infringement action initiated pursuant to Section 5.3, the Party first
becoming aware of such Third Party Infringement Claim shall promptly notify the other Party in writing. As between the Parties, Licensee
shall be responsible for defending any such Third Party Infringement Claim at its sole cost and expense, using counsel of Licensee’s
choice. MedImmune may participate in any such claim, suit or proceeding with counsel of its choice at its sole cost and expense; provided
that Licensee shall retain the right to control such claim, suit or proceeding. MedImmune shall, and shall cause its Affiliates to, assist
and cooperate with Licensee, as Licensee may reasonably request from time to time, in connection with its activities set forth in this
Section 5.4, including where necessary, furnishing a power of attorney solely for such purpose or joining in, or being named as a
necessary party to, such action, providing access to relevant documents and other evidence and making its employees available at reasonable
business hours; provided that Licensee shall reimburse MedImmune for its reasonable and verifiable out-of-pocket costs and expenses
incurred in connection therewith. Licensee shall keep MedImmune reasonably informed of all material developments in connection with any
such claim, suit or proceeding. Licensee agrees to provide MedImmune with copies of all material pleadings filed in such action and to
allow MedImmune reasonable opportunity to participate in the defense of the claims. Any damages, or awards, including royalties incurred
or awarded in connection with any Third Party Infringement Claim defended under this Section 5.4 shall be borne by Licensee, except
for those Losses for which MedImmune has an obligation to indemnify Licensee pursuant to Section 8.2 .

 

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5.5.            Invalidity
or Unenforceability Defenses or Actions. Each Party shall promptly notify the other Party in
writing of any alleged or threatened assertion of invalidity or unenforceability of any of the Licensed Patents, Joint Patents or Licensee
Patents by a Third Party of which such Party becomes aware. As between the Parties, (a) Licensee shall have the first right, but
not the obligation, to defend and control the defense of the validity and enforceability of the Licensed Patents and the Joint Patents
at its sole cost and expense, using counsel of Licensee’ choice and (b) Licensee shall have the first right, but not the obligation,
to defend and control the defense of the validity and enforceability of the Licensee Patents its sole cost and expense, using counsel
of Licensee’s choice, including, in each case ((a) and (b)), when such invalidity or unenforceability is raised as a defense
or counterclaim in connection with an Infringement action initiated pursuant to Section 5.3. For purposes of this Section 5.5,
the Party defending a Patent pursuant to the foregoing sentence shall be the “Controlling Party.” With respect to any
such claim, suit or proceeding in the Territory, the non-Controlling Party may participate in such claim, suit or proceeding with counsel
of its choice at its sole cost and expense; provided that the Controlling Party shall retain control of the defense in such claim,
suit or proceeding. If the Controlling Party or its designee elects not to defend or control the defense of the applicable Patents in
a suit brought in the Territory or otherwise fails to initiate and maintain the defense of any such claim, suit or proceeding, then subject
to any rights of Third Parties under any In-License Agreements, the non-Controlling Party may conduct and control the defense of any such
claim, suit or proceeding at its sole cost and expense. The non-Controlling Party in such an action shall, and shall cause its Affiliates
to, cooperate fully, including being joined as a party plaintiff in such action, providing access to relevant documents and other evidence
and making its employees available at reasonable business hours; provided that the Controlling Party shall reimburse the non-Controlling
Party for its reasonable and verifiable out-of-pocket costs and expenses incurred in connection therewith. The Controlling Party shall
consider in good faith any comments from the non-Controlling Party and shall keep the non-Controlling Party reasonably informed of any
steps taken with respect to such action.

 

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5.6.            Third
Party Patent Rights. If in the reasonable opinion of Licensee, the Exploitation of the Licensed
Compound or Licensed Product in the Field and in the Territory by Licensee, any of its Affiliates or any of its or their Sublicensees
infringes or is reasonably expected to infringe any Patent of a Third Party in any country in the Territory (such right, a “Third
Party Patent Right”), then, as between the Parties, Licensee shall have the right, but not the obligation, to negotiate and
obtain a license from such Third Party to such Third Party Patent Right as necessary or desirable for Licensee or its Affiliates or its
or their Sublicensees to Exploit the Licensed Compound and Licensed Products in the Field in such country; provided that (a) as
between the Parties, Licensee shall bear all expenses incurred in connection therewith, including any royalties, milestones or other payments
incurred under any such license, (b) any such license shall be include the Field in the Territory and (c) Licensee shall use
Commercially Reasonable Efforts to provide for the right, but not the obligation, to transfer such license to MedImmune or any of its
Affiliates upon termination or expiration of this Agreement with respect to the applicable country(ies.

 

5.7.            .

 

5.8.            Product
Trademarks.

 

5.8.1.            Prosecution
of Product Trademarks. Licensee shall be responsible for the registration, prosecution and maintenance
of the Product Trademarks using counsel of its own choice. All costs and expenses of registering, prosecuting and maintaining the
Product Trademarks shall be borne solely by Licensee.

 

5.8.2.            Enforcement
of Product Trademarks.

 

(a)            Each
Party shall provide to the other Party prompt written notice of any actual or threatened infringement of the Product Trademarks in the
Territory and of any actual or threatened claim that the use of the Product Trademarks in the Territory violates the rights of any Third
Party, in each case, of which such Party becomes aware.

 

(b)            Licensee
shall have the sole right to take such action as Licensee deems necessary against a Third Party based on any alleged, threatened or actual
infringement, dilution, misappropriation or other violation of or unfair trade practices or any other like offense relating to, the Product
Trademarks by a Third Party in the Territory at its sole cost and expense and using counsel of its own choice. Licensee shall retain any
damages or other amounts collected in connection therewith; provided, however, that to the extent that any award or settlement
(whether by judgment or otherwise) with respect to a Product Trademark is attributable to loss of sales or profits with respect to a Licensed
Product, the Parties shall negotiate in good faith an appropriate allocation of such remainder to reflect the economic interests of the
Parties under this Agreement with respect to such Licensed Product.

 

5.8.3.            Third
Party Claims. Licensee shall have the sole right to defend against and settle any alleged, threatened
or actual claim by a Third Party that the use or registration of the Product Trademarks in the Territory infringes, dilutes, misappropriates
or otherwise violates any Trademark or other right of that Third Party or constitutes unfair trade practices or any other like offense
or any other claims as may be brought by a Third Party against a Party in connection with the use of the Product Trademarks with respect
to a Licensed Product in the Territory at its sole cost and expense and using counsel of its choice. Any damages, or awards, including
royalties incurred or awarded in connection with any such claim defended under this Section 5.7.3 shall be borne by Licensee.

 

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5.8.4.            Cooperation.
MedImmune shall, and shall cause its Affiliates to, assist and cooperate with Licensee, as Licensee may reasonably request from time to
time, in connection with its activities set forth in this Section 5.7, including where necessary, furnishing a power of attorney
solely for such purpose or joining in, or being named as a necessary party to, such action, providing access to relevant documents and
other evidence and making its employees available at reasonable business hours; provided that Licensee shall reimburse MedImmune
for its and its Affiliates’ reasonable and verifiable out-of-pocket costs and expenses incurred in connection therewith.

 

5.9.            Corporate
Names. Licensee shall not and shall not permit its Affiliates or its or their Sublicensees to,
(a) use in their respective businesses, any Trademark that is confusingly similar to, misleading or deceptive with respect to or
that dilutes any (or any part) of the Corporate Names, (b) do any act that endangers, destroys or similarly affects, in any material
respect, the value of the goodwill pertaining to the Corporate Names or (c) attack, dispute or contest the validity of or ownership
of the Corporate Names anywhere in the Territory or any registrations issued or issuing with respect thereto or any pending registration
thereof. Licensee agrees and shall cause its Affiliates and Sublicensees, to conform (i) to the customary industry standards for
the protection of the Trademarks and to such trademark usage guidelines as MedImmune may furnish from time to time with respect to the
use of the Corporate Names and (ii) to adhere to and maintain the highest quality standards of MedImmune with respect to goods sold
and services provided under the Corporate Names.

 

Article 6

CONFIDENTIALITY AND NON-DISCLOSURE

 

6.1.            Confidentiality
Obligations. At all times during the Term and for a period of ten (10 years following termination
or expiration of this Agreement in its entirety, each Party shall, and shall cause its officers, directors, employees and agents to, keep
confidential and not publish or otherwise disclose to a Third Party and not use, directly or indirectly, for any purpose, any Confidential
Information of the other Party, except to the extent such disclosure or use is expressly permitted by the terms of this Agreement. “Confidential
Information” means any technical, business or other information provided by or on behalf of one Party (the “Disclosing
Party”) to the other Party (the “Receiving Party”) in connection with this Agreement, whether prior to, on
or after the Effective Date, including information relating to the terms of this Agreement (subject to Section 6.4), information
relating to the Licensed Compound or any Licensed Product (including the Regulatory Documentation) or any development or commercialization
of the Licensed Compound or any Licensed Product, any know-how with respect thereto developed by or on behalf of the Disclosing Party
or its Affiliates (including Licensee Know-How and Licensed Know-How, as applicable) or the scientific, regulatory or business affairs
or other activities of either Party. Notwithstanding the foregoing, Joint Know-How and the terms of this Agreement shall be deemed to
be the Confidential Information of both Parties and each Party shall be deemed to be the Receiving Party and the Disclosing Party with
respect thereto. Notwithstanding the foregoing, the confidentiality and non-use obligations under this Section 6.1 with respect to
any Confidential Information shall not apply to any information that:

 

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6.1.1.            is
or hereafter becomes part of the public domain by public use, publication, general knowledge or the like through no breach of this Agreement
by the Receiving Party;

 

6.1.2.            can
be demonstrated by documentation or other competent proof to have been in the Receiving Party’s possession prior to disclosure by
the Disclosing Party without any obligation of confidentiality with respect to such information; provided that the foregoing exception
shall not apply with respect to Joint Know-How;

 

6.1.3.            is
subsequently received by the Receiving Party from a Third Party who is not bound by any obligation of confidentiality with respect to
such information;

 

6.1.4.            has
been published by a Third Party or otherwise enters the public domain through no fault of the Receiving Party in breach of this Agreement;
or

 

6.1.5.            can
be demonstrated by documentation or other competent evidence to have been independently developed by or for the Receiving Party without
reference to the Disclosing Party’s Confidential Information; provided that the foregoing exception shall not apply with
respect to Joint Know-How.

 

Specific aspects or details of Confidential Information
shall not be deemed to be within the public domain or in the possession of the Receiving Party merely because the Confidential Information
is embraced by more general information in the public domain or in the possession of the Receiving Party. Further, any combination of
Confidential Information shall not be considered in the public domain or in the possession of the Receiving Party merely because individual
elements of such Confidential Information are in the public domain or in the possession of the Receiving Party unless the combination
and its principles are in the public domain or in the possession of the Receiving Party.

 

6.2.            Permitted
Disclosures. Each Party may disclose Confidential Information of the other Party to the extent
that such disclosure is made in response to a valid order of a court of competent jurisdiction or other supra-national, federal, national,
regional, state, provincial and local governmental or regulatory body of competent jurisdiction or, if in the reasonable opinion of the
Receiving Party’s legal counsel, such disclosure is otherwise required by Applicable Law, including by reason of filing with securities
regulators or the rules of a stock exchange on which the securities of the Receiving Party are listed (or to which an application
for listing has been submitted); provided, however, that before any such disclosure, the Receiving Party shall first notify the
Disclosing Party and provide the Disclosing Party a reasonable opportunity to quash such order or to obtain a protective order or confidential
treatment requiring that the Confidential Information and documents that are the subject of such order be held in confidence by such court
or agency or, if disclosed, be used only for the purposes for which the order was issued or such disclosure was required by Applicable
Law; and provided, further, that the Confidential Information disclosed in response to such court or governmental order or Applicable
Law shall be limited to that information which is legally required to be disclosed in response to such court or governmental order or
by such Applicable Law.

 

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6.3.            Use
of Name. Except as expressly provided herein, neither Party shall mention or otherwise use the
name, logo or Trademark of the other Party or any of its Affiliates or any of its or their (sub)licensees (or Sublicensees) (or any abbreviation
or adaptation thereof) in any publication, press release, marketing and promotional material or other form of publicity without the prior
written approval of such other Party in each instance. The restrictions imposed by this Section 6.3 shall not prohibit (a) either
Party from making any disclosure identifying the other Party to the extent required in connection with its exercise of its rights or obligations
under this Agreement and (b) either Party from making any disclosure identifying the other Party that is required by Applicable Law
or the rules of a stock exchange on which the securities of the disclosing Party are listed (or to which an application for listing
has been submitted).

 

6.4.            Public
Announcements. The Parties have agreed upon the content of one or more press releases which shall
be issued substantially in the form(s) attached hereto as Schedule 6.4, the release of which the Parties shall coordinate
in order to accomplish such release immediately upon execution of this Agreement. Neither Party shall issue any other public announcement,
press release or other public disclosure regarding this Agreement or its subject matter without the other Party’s prior written
consent, such consent not to be unreasonably withheld, delayed or conditioned, except for any such disclosure that is, in the opinion
of the issuing Party’s counsel, required by Applicable Law or the rules of a stock exchange on which the securities of the
issuing Party are listed (or to which an application for listing has been submitted). If a Party is, in the opinion of its counsel, required
by Applicable Law or the rules of a stock exchange on which its securities are listed (or to which an application for listing has
been submitted) to make such a public disclosure, such Party shall submit the proposed disclosure in writing to the other Party as far
in advance as reasonably practicable (and in no event less than three (3) Business Days prior to the anticipated date of disclosure)
so as to provide a reasonable opportunity to comment thereon. Neither Party shall be required to seek the permission of the other Party
to repeat any information regarding the terms of this Agreement or any amendment hereto that has already been publicly disclosed by such
Party or by the other Party, in accordance with this Section 6.4; provided that such information remains accurate as of such
time and provided the frequency and form of such disclosure are reasonable.

 

6.5.            The
Parties recognize the desirability of publishing and publicly disclosing the results of and information regarding, activities under this
Agreement. Accordingly, Licensee shall be free to publicly disclose the results of and information regarding, activities under this Agreement,
subject to prior review by MedImmune of any disclosure of MedImmune’s Confidential Information for issues of patentability and protection
of such Confidential Information, in a manner consistent with Applicable Law and industry practices, as provided in this Section 6.5.
Accordingly, prior to publishing or disclosing any Confidential Information of MedImmune, Licensee shall provide MedImmune with drafts
of proposed abstracts, manuscripts or summaries of presentations that cover such Confidential Information. MedImmune shall respond promptly
through its designated representative and in any event no later than thirty (30) days after receipt of such proposed publication or presentation
or such shorter period as may be required by the publication or presentation. Licensee agrees to allow a reasonable period (not to exceed
sixty (60) days) to permit filings for Patent protection and to otherwise address issues of Confidential Information or related competitive
harm to the reasonable satisfaction of MedImmune. In addition, Licensee shall give due regard to comments furnished by MedImmune and such
comments shall not be unreasonably rejected.

 

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6.6.            Return
of Confidential Information. Upon the effective date of the expiration or termination of this
Agreement for any reason, the Disclosing Party may request in writing and the Receiving Party shall either, with respect to Confidential
Information of the Disclosing Party to which such Receiving Party does not retain rights under the surviving provisions of this Agreement,
at the Disclosing Party’s election, (a) promptly destroy all copies of such Confidential Information in the possession or control
of the Receiving Party and confirm such destruction in writing to the Disclosing Party or (b) promptly deliver to the Disclosing
Party, at the Receiving Party’s sole cost and expense, all copies of such Confidential Information in the possession or control
of the Receiving Party. Notwithstanding the foregoing, the Receiving Party shall be permitted to retain such Confidential Information
(i) to the extent necessary or useful for purposes of performing any continuing obligations or exercising any ongoing rights hereunder
and, in any event, a single copy of such Confidential Information for archival purposes and (ii) any computer records or files containing
such Confidential Information that have been created solely by such Receiving Party’s automatic archiving and back-up procedures,
to the extent created and retained in a manner consistent with such Receiving Party’s standard archiving and back-up procedures,
but not for any other uses or purposes. All Confidential Information shall continue to be subject to the terms of this Agreement for the
period set forth in Section 6.1.

 

6.7.            Privileged
Communications. In furtherance of this Agreement, it is expected that the Parties may, from time
to time, disclose to one another privileged communications with counsel, including opinions, memoranda, letters and other written, electronic
and verbal communications. Such disclosures are made with the understanding that they shall remain confidential in accordance with this
Article 6 that they will not be deemed to waive any applicable attorney-client or attorney work product or other privilege and that
they are made in connection with the shared community of legal interests existing between MedImmune and Licensee, including the community
of legal interests in avoiding infringement of any valid, enforceable patents of Third Parties and maintaining the validity of the Licensed
Patents and Licensee Patents. In the event of any litigation (or potential litigation) with a Third Party related to this Agreement or
the subject matter hereof, the Parties shall, upon either Party’s request, enter into a reasonable and customary joint defense agreement.
In any event, each Party shall consult in a timely manner with the other Party before engaging in any conduct (e.g., producing information
or documents) in connection with litigation or other proceedings that could conceivably implicate privileges maintained by the other Party.
Notwithstanding anything contained in this Section 6.8, nothing in this Agreement shall prejudice a Party’s ability to take
discovery of the other Party in disputes between them relating to the Agreement and no information otherwise admissible or discoverable
by a Party shall become inadmissible or immune from discovery solely by this Section 6.8.

 

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Article 7

REPRESENTATIONS AND WARRANTIES

 

7.1.            Mutual
Representations and Warranties. Each Party represents and warrants to the other Party, as of
the Effective Date, and covenants, that:

 

7.1.1.            It
is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has
all requisite power and authority, corporate or otherwise, to execute, deliver and perform this Agreement;

 

7.1.2.            The
execution and delivery of this Agreement and the performance by it of the transactions contemplated hereby have been duly authorized by
all necessary corporate action and do not violate: (a) such Party’s charter documents, bylaws or other organizational documents;
(b) in any material respect, any agreement, instrument or contractual obligation to which such Party is bound; (c) any requirement
of any Applicable Law; or (d) any order, writ, judgment, injunction, decree, determination or award of any court or governmental
agency presently in effect applicable to such Party;

 

7.1.3.            This
Agreement is a legal, valid and binding obligation of such Party enforceable against it in accordance with its terms and conditions, subject
to the effects of bankruptcy, insolvency or other laws of general application affecting the enforcement of creditor rights, judicial principles
affecting the availability of specific performance and general principles of equity (whether enforceability is considered a proceeding
at law or equity);

 

7.1.4.            It
is not under any obligation, contractual or otherwise, to any Person that conflicts with or is inconsistent in any material respect with
the terms of this Agreement or that would impede the diligent and complete fulfillment of its obligations hereunder; and

 

7.1.5.            Neither
it nor any of its Affiliates has been debarred or is subject to debarment and neither it nor any of its Affiliates will use in any capacity,
in connection with the services to be performed under this Agreement, any Person who has been debarred pursuant to Section 306 of
the FFDCA or who is the subject of a conviction described in such section. It will inform the other Party in writing promptly if it or
any such Person who is performing services hereunder is debarred or is the subject of a conviction described in Section 306 or if
any action, suit, claim, investigation or legal or administrative proceeding is pending or, to the best of its or its Affiliates’
knowledge, is threatened, relating to the debarment or conviction of it or any such Person performing services hereunder.

 

7.2.            Additional
Representations and Warranties of MedImmune. MedImmune further represents and warrants to Licensee,
as of the Effective Date, that: (a) MedImmune Controls the Licensed Patents as of the Effective Date and has the right to grant the
licenses specified herein; (b) to MedImmune’s knowledge, MedImmune has not received any written claim or demand alleging that
(i) the Licensed Patents or the Licensed Know-How are invalid or unenforceable or (ii) the development or commercialization
of the Licensed Products as contemplated herein infringes any Patent owned by any Third Party; and (c) to MedImmune’s knowledge,
no Person is infringing or threatening to infringe the Licensed Patents in the Field.

 

7.3.            Additional
Representations and Warranties of Licensee. Licensee further represents and warrants to MedImmune,
as of the Effective Date, that Licensee: (a) has conducted its own investigation and analysis of (i) the Patent and other proprietary
rights of Third Parties as such rights relate to the Exploitation of the Licensed Compound and Licensed Products as contemplated hereunder
and (ii) the potential infringement thereof; (b) understands the complexity and uncertainties associated with possible claims
of infringement of Patent or other proprietary rights of Third Parties, particularly those relating to pharmaceutical products; and (c) acknowledges
and agrees that it is solely responsible for the risks of such claims.

 

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7.4.            DISCLAIMER
OF WARRANTIES. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS
OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE AND EACH PARTY SPECIFICALLY
DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY
OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL
PROPERTY RIGHTS OF THIRD PARTIES.

 

7.5.            ADDITIONAL
WAIVER. EXCEPT AS PROVIDED IN SECTION 7.2, LICENSEE
AGREES THAT: (a) THE LICENSED PATENTS
ARE LICENSED “AS IS,” “WITH ALL FAULTS,” AND “WITH ALL DEFECTS,” AND LICENSEE EXPRESSLY WAIVES ALL
RIGHTS TO MAKE ANY CLAIM WHATSOEVER AGAINST MedImmune FOR MISREPRESENTATION OR FOR BREACH OF PROMISE, GUARANTEE OR WARRANTY OF ANY KIND
RELATING TO THE LICENSED PATENTS; (b) LICENSEE
AGREES THAT MedImmune will have no liability to LICENSEE for any act or omission in the preparation, filing, prosecution, maintenance,
enforcement, DEFENCE or other handling of the LICENSED Patents; AND (c) LICENSEE is
solely responsible for determining whether the LICENSED Patents have applicability or utility in LICENSEE’s CONTEMPLATED EXPLOITATION
OF THE LICENSED PRODUCTs and LICENSEE assumes all risk and liability in connection with such determination.

 

7.6.            Anti-Bribery
and Anti-Corruption Compliance. Licensee agrees, on behalf of itself, its officers, directors
and employees and on behalf of its Affiliates, agents, representatives, consultants and subcontractors hired in connection with the subject
matter of this Agreement (“Representatives”) that for the performance of its obligations hereunder:

 

7.6.1.            Licensee
and its Representatives shall comply with the Anti-Corruption Laws and shall not take any action that will, or would reasonably be expected
to, cause MedImmune or its Affiliates to be in violation of any Anti-Corruption Laws; and

 

7.6.2.            Licensee
shall promptly provide MedImmune with written notice of the following events: (a) upon becoming aware of any breach or violation
by Licensee or its Representative of any representation, warranty or undertaking set forth in Section 7.6.1, or (b) upon receiving
a formal notification that it is the target of a formal investigation by a governmental authority for a Material Anti-Corruption Law Violation
or upon receipt of information from any of its Representatives connected with this Agreement that any of them is the target of a formal
investigation by a governmental authority for a Material Anti-Corruption Law Violation.

 

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Article 8

INDEMNITY

 

8.1.            Indemnification
of MedImmune. Licensee shall indemnify MedImmune, its Affiliates, and its and their respective
directors, officers, employees and agents (the “MedImmune Indemnitees”) and defend and save each of them harmless,
from and against any and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses)
(collectively, “Losses”) in connection with any and all suits, investigations, claims or demands of Third Parties (collectively,
 “Third Party Claims”) arising from or occurring as a result of: (a) the breach by Licensee of this Agreement,
including the enforcement of MedImmune’s rights under this Section 8.1; (b) the gross negligence or willful misconduct
on the part of Licensee or its Affiliates or its or their Sublicensees or its or their distributors or contractors or its or their respective
directors, officers, employees or agents in performing its or their obligations under this Agreement; or (c) the Exploitation by
or on behalf of Licensee or any of its Affiliates or its or their Sublicensees or its or their distributors or contractors of any Licensed
Product or the Licensed Compound in or for the Territory, except, in each case ((a), (b) and (c)), for those Losses for which MedImmune
has an obligation to indemnify Licensee pursuant to Section 8.2, as to which Losses each Party shall indemnify the other to the extent
of their respective liability.

 

8.2.            Indemnification
of Licensee. MedImmune shall indemnify Licensee, its Affiliates and their respective directors,
officers, employees and agents (the “Licensee Indemnitees”) and defend and save each of them harmless, from and against
any and all Losses in connection with any and all Third Party Claims arising from or occurring as a result of: (a) the breach by
MedImmune of this Agreement, including the enforcement of Licensee’s rights under this Section 8.2; or (b) the gross negligence
or willful misconduct on the part of MedImmune or its Affiliates or its or their respective directors, officers, employees or agents in
performing its obligations under this Agreement except, in each case ((a) and (b)), for those Losses for which Licensee has an obligation
to indemnify MedImmune pursuant to Section 8.1, as to which Losses each Party shall indemnify the other to the extent of their respective
liability for the Losses.

 

8.3.            Indemnification
Procedures. All indemnification claims in respect of an MedImmune Indemnitee or Licensee Indemnitee
shall be made solely by MedImmune or Licensee, as applicable (each of MedImmune or Licensee in such capacity, the “Indemnified
Party”). The Indemnified Party shall give the indemnifying Party prompt written notice (an “Indemnification Claim Notice”)
of any Losses or discovery of fact upon which such Indemnified Party intends to base a request for indemnification under this Article 8,
but in no event shall the indemnifying Party be liable for any Losses that result from any delay in providing such notice. Each Indemnification
Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount
of such Loss is known at such time). The Indemnified Party shall furnish promptly to the indemnifying Party copies of all papers and official
documents received in respect of any Losses and Third Party Claims. The indemnifying Party shall have the right to assume the defense
of any such Third Party Claim, including the right to select counsel of its choosing and the right to compromise or settle any Third Party
Claim, by giving written notice to the Indemnified Party within 30 days after the indemnifying Party’s receipt of an Indemnification
Claim Notice; provided, however, that the indemnifying Party shall not make any compromise or settlement admitting fault, subjecting
the Indemnified Party to injunctive or other relief, adversely affecting the business of the Indemnified Party or any MedImmune Indemnitee
or Licensee Indemnitee, as applicable, or incurring any liability on the part of the Indemnified Party or any MedImmune Indemnitee or
Licensee Indemnitee, as applicable, without the Indemnified Party’s prior written consent, such consent not to be unreasonably withheld
or delayed. The Indemnified Party shall be entitled to retain counsel of its choice (at its own expense) to participate in, but not control,
the defense of any Third Party Claim. Except as provided in the immediately preceding sentence, the costs and expenses, including fees
and disbursements of counsel, incurred by the Indemnified Party and any MedImmune Indemnitee or Licensee Indemnitee, as applicable, in
connection with any Third Party Claim shall be reimbursed on a Calendar Quarter basis by the indemnifying Party, without prejudice to
the indemnifying Party’s right to contest the Indemnified Party’s right to indemnification and subject to refund if the indemnifying
Party is ultimately held not to be obligated to indemnify the Indemnified Party. If it is ultimately determined that the indemnifying
Party is not obligated to indemnify, defend or hold harmless the Indemnified Party from and against the Third Party Claim, the Indemnified
Party shall reimburse the indemnifying Party for any and all reasonable and verifiable costs and expenses (including attorneys’
fees and costs of suit) and any Losses incurred by the indemnifying Party in accordance with this Section 8.3 in its defense of the
Third Party Claim. If the indemnifying Party is required to defend any Third Party Claim, the Indemnified Party shall, and shall cause
its employees and agents to, cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony,
provide such witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested
in connection therewith.

 

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8.4.            Special, Indirect
and Other Losses. EXCEPT (a) IN THE EVENT OF THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR
FRAUD OF A PARTY (OR IN THE CASE OF LICENSEE, ITS SUBLICENSEES OR DISTRIBUTORS) OR OF A PARTY’S BREACH OF ITS OBLIGATIONS UNDER
ARTICLE 6 OR, WITH RESPECT TO LICENSEE, SECTION 2.6, (b) AS PROVIDED UNDER SECTION 10.9, OR (c) TO THE EXTENT
ANY DAMAGES ARE REQUIRED TO BE PAID TO A THIRD PARTY AS PART OF A THIRD PARTY CLAIM FOR WHICH A PARTY PROVIDES INDEMNIFICATION UNDER
THIS ARTICLE 8, NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE TO THE OTHER PARTY IN CONTRACT, TORT, NEGLIGENCE, BREACH
OF STATUTORY DUTY OR OTHERWISE FOR ANY SPECIAL OR PUNITIVE DAMAGES OR FOR LOSS OF PROFITS SUFFERED BY THE OTHER PARTY.

 

8.5.            Insurance.
Licensee shall have and maintain such types and amounts of insurance covering its Exploitation
of the Licensed Compound and Licensed Products as is (a) normal and customary in the pharmaceutical industry generally for parties
similarly situated and (b) otherwise required by Applicable Law. Upon request by MedImmune, Licensee shall provide to MedImmune evidence
of its insurance coverage, including copies of applicable insurance policies. The insurance policies shall be under an occurrence form,
but if only a claims-made form is available to Licensee, then Licensee shall continue to maintain such insurance after the expiration
or termination of this Agreement in its entirety for a period of five (5) years.

 

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Article 9

TERM AND TERMINATION

 

9.1.            Term
and Expiration. This Agreement shall commence on the Effective Date and, unless earlier terminated
in accordance herewith, shall continue in force and effect until the date of expiration of the last Royalty Term for the last Licensed
Product (such period, the “Term”). Following the expiration (but not earlier termination) of the Royalty Term for a
Licensed Product in a country, the grants in Section 2.1 shall become non-exclusive, fully-paid, and irrevocable for such Licensed
Product in such country. For clarity, upon the expiration of the Term, the grants in Section 2.1 shall become non-exclusive, fully-paid,
and irrevocable in their entirety.

 

9.2.            Termination.

 

9.2.1.            Material
Breach. If either Party materially breaches any of its obligations under this Agreement (such
Party, the “Breaching Party”), in addition to any other right and remedy the other Party (the “Non-Breaching
Party”) may have, the Non-Breaching Party may terminate this Agreement by providing 90 days’ (or, with respect to a payment
breach, 10 days’) (the “Notice Period”) prior written notice (the “Termination Notice”) to
the Breaching Party and specifying the breach and its claim of right to terminate; provided that the termination shall not become
effective at the end of the Notice Period if the Breaching Party cures the breach specified in the Termination Notice during the Notice
Period.

 

9.2.2.            Termination
by MedImmune.

 

(a)            If
Licensee or any of its Affiliates or Sublicensees, anywhere in the Territory, institutes, prosecutes or otherwise participates in (or
in any way aids any Third Party in instituting, prosecuting or participating in), at law or in equity or before any administrative or
regulatory body, including the U.S. Patent and Trademark Office or its foreign counterparts, any claim, demand, action or cause of action
for declaratory relief, damages or any other remedy or for an enjoinment, injunction or any other equitable remedy, including any interference,
re-examination, opposition or any similar proceeding, alleging that any claim in a Licensed Patent is invalid, unenforceable or otherwise
not patentable or would not be infringed by Licensee’s activities absent the rights and licenses granted hereunder, MedImmune shall
have the right to immediately terminate this Agreement in its entirety, including the rights of any Sublicensees, upon written notice
to Licensee.

 

(b)            If
Licensee permanently ceases development of all Licensed Products and a Licensed Product is not being commercialized in the Territory by
or on behalf of Licensee, MedImmune shall have the right to terminate this Agreement in its entirety by providing thirty (30) days’
prior written notice to Licensee; provided that the normal pauses or gaps between or following clinical studies or other studies
for the analysis of data, preparation of reports and design of future clinical studies or preparation of regulatory filings and other
customary development functions not constituting clinical studies do not constitute a cessation of development.

 

(c)            If
the Licensee has not issued the License Shares to MedImmune on or before the seventh (7th) Business Day following the Effective Date,
MedImmune shall have the right to immediately terminate this Agreement in its entirety, including the rights of any Sublicensees, upon
written notice to Licensee.

 

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9.2.3.            Termination
for convenience by Licensee. Licensee shall have the right to terminate this Agreement in its
entirety without any cause at any time by giving at least sixty (60) days advance written notice to MedImmune of such termination; provided
that, Licensee shall remain obligated to meet its obligations hereunder and under Applicable Law, including with respect to conducting
or funding any Development and Commercialization activities, during such sixty (60) period, or such longer period as may be required under
Applicable Law.

 

9.2.4.            Termination
for Insolvency. If either Party or any of its Affiliates (a) files for protection under
bankruptcy or insolvency laws, (b) makes an assignment for the benefit of creditors, (c) appoints or suffers appointment of
a receiver or trustee over substantially all of its property that is not discharged within 90 days after such filing, (d) proposes
a written agreement of composition or extension of its debts, (e) proposes or is a party to any dissolution or liquidation, (f) files
a petition under any bankruptcy or insolvency act or has any such petition filed against that is not discharged within 90 days of the
filing thereof or (g) admits in writing its inability generally to meet its obligations as they fall due in the general course, then
the other Party may terminate this Agreement in its entirety effective immediately upon written notice to such Party.

 

9.3.            Rights
in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by Licensee
or MedImmune are and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or any analogous
provisions in any other country or jurisdiction, licenses of right to “intellectual property” as defined under Section 101
of the U.S. Bankruptcy Code. The Parties agree that the Parties, as licensees of such rights under this Agreement, shall retain and may
fully exercise all of their rights and elections under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction.
The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against either Party under the U.S.
Bankruptcy Code or any analogous provisions in any other country or jurisdiction, the Party that is not a party to such proceeding shall
be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such
intellectual property, which, if not already in the non-subject Party’s possession, shall be promptly delivered to it (a) upon
any such commencement of a bankruptcy proceeding upon the non-subject Party’s written request therefor, unless the Party subject
to such proceeding elects to continue to perform all of its obligations under this Agreement or (b) if not delivered under clause
(a) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request
therefor by the non-subject Party.

 

9.4.            Consequences
of Termination. In the event of a termination of this Agreement in its entirety for any reason:

 

(a)            all
rights and licenses granted by MedImmune hereunder shall immediately terminate, including, for clarity, any sublicense granted by Licensee
pursuant to Section 2.2;

 

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(b)            Licensee
shall and hereby does, and shall cause its Affiliates and its and their Sublicensees to, effective as of the effective date of termination,
assign to MedImmune all of its right, title and interest in and to each Product Trademark, and (ii) provide access and rights to
use all Regulatory Documentation (including assignment of any Regulatory Approvals) applicable to any Licensed Compound or Licensed Products
then owned or Controlled by Licensee or any of its Affiliates; provided that if any such Regulatory Documentation or Regulatory
Approval is not immediately transferable in a country, Licensee shall provide MedImmune with all the benefit of such Regulatory Documentation
or Regulatory Approval, as applicable, and such reasonable assistance and cooperation as necessary or reasonably requested by MedImmune
and at MedImmune’s expense to timely transfer such Regulatory Documentation or Regulatory Approval, as applicable, to MedImmune
or its designee or, at MedImmune’s option, to enable MedImmune to obtain a substitute for such Regulatory Documentation or Regulatory
Approval, as applicable, without disruption to MedImmune’s Exploitation of the Licensed Compound or applicable Licensed Product(s),
and Licensee shall continue to maintain such Regulatory Documentation (including any Regulatory Approvals) unless and until MedImmune
notifies Licensee that such maintenance is no longer required;

 

(c)            Licensee
shall notify the applicable Regulatory Authorities and take any other action reasonably necessary to effect the transfer set forth in
clause (b) above;

 

(d)            all
Confidential Information of Licensee relating directly to the Licensed Compound or any Licensed Product shall become Confidential Information
of MedImmune;

 

(e)            Licensee
shall and hereby does, and shall cause its Affiliates and its and their Sublicensees to, effective as of the effective date of termination,
grant MedImmune an exclusive, royalty-free license and right of reference, with the right to grant multiple tiers of sublicenses and further
rights of reference, in and to (i) the Licensee Patents relating directly to Licensed Products and Licensed Compounds, (ii) Licensee
Know-How relating solely to Licensed Products and Licensed Compounds, (iii) Licensee’s rights in and to the Joint Patents and
Joint Know-How and (iv) all Regulatory Documentation (including any Regulatory Approvals) then owned or Controlled by Licensee or
any of its Affiliates or its or their Sublicensees that are not provided to MedImmune pursuant to clause (b) above, in each case
((i) through (iv)), to the extent necessary to Exploit any Licensed Compound or any Licensed Product in the Field in the Territory;

 

(f)            Licensee
shall provide MedImmune with copies of all available reports and data generated or obtained by Licensee or any of its Affiliates that
relate directly to the Licensed Compound or any Licensed Product that are reasonably necessary for MedImmune to Exploit the Licensed Product
or the Licensed Compound that have not previously been provided to MedImmune;

 

(g)            unless
expressly prohibited by any Regulatory Authority, at MedImmune’s written request, Licensee shall and shall cause its Affiliates
and its and their Sublicensees to use Commercially Reasonable Efforts at MedImmune’s expense to (i) transfer control to MedImmune
of any or all clinical studies involving Licensed Products being conducted by or on behalf of Licensee, an Affiliate or a Sublicensee
as of the effective date of termination; provided that (A) MedImmune shall not have any obligation to continue any clinical
study unless required by Applicable Law and (B) with respect to each clinical study for which such transfer is expressly prohibited
by the applicable Regulatory Authority, if any, Licensee shall continue to conduct such study to the extent required by Applicable Law,
at its own expense;

 

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(h)            at
MedImmune’s written request, Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, use Commercially
Reasonable Efforts to assign to MedImmune any Licensed Product Agreements relating solely to Licensed Products unless, with respect to
any such Licensed Product Agreement, such Licensed Product Agreement (i) expressly prohibits such assignment, in which case Licensee
(or such Affiliate or Sublicensee, as applicable) shall cooperate with MedImmune in all reasonable respects at MedImmune’s expense
to secure the consent of the applicable Third Party to such assignment. With respect to Licensed Product Agreements covering Licensed
Products and products other than Licensed Products, at MedImmune’s request and at MedImmune’s expense, Licensee shall cooperate
with MedImmune in all reasonable respects to provide MedImmune an opportunity to negotiate with such Third Party for an agreement covering
the subject matter of such Licensed Product Agreements with respect to Licensed Products;

 

(i)            Licensee
shall transfer to MedImmune such quantities of Licensee’s, its Sublicensees’ and its and their Affiliates’ existing
inventory of Licensed Compound or Licensed Products as MedImmune requests. The cost to MedImmune for such transfer shall be Licensee’s
actual cost to acquire or Manufacture, as applicable, such Licensed Compound and Licensed Products;

 

(j)            Provided
Licensee is capable of Manufacturing the Licensed Compound or Licensed Products (as the case may be) at the time of receipt of the Termination
Notice, at MedImmune’s written request, Licensee shall supply to MedImmune such quantities of the Licensed Compound and Licensed
Products as MedImmune indicates in written forecasts and orders therefor from time to time at Licensee’s actual, fully-burdened
cost (excluding costs for general overhead, communications, operating supplies or other equipment) to Manufacture such Licensed Compound
and Licensed Products until the later of (i) such time as MedImmune has established an alternate, validated source of supply for
the Licensed Compound and Licensed Products and MedImmune is receiving supply from such alternative source and (ii) the 3rd
anniversary of the effective date of termination of this Agreement; and

 

(k)            without
limiting ’s MedImmune’s rights under other provisions of this Section 9.4, Licensee shall, at the request and expense
of MedImmune, provide MedImmune with such assistance as is reasonably necessary to effectuate a smooth and orderly transition of any development,
Manufacture and commercialization activities with respect to the Licensed Compound and the Licensed Products to MedImmune or its designee
so as to minimize any disruption of such activities. Further, upon MedImmune’s request, Licensee shall provide such technical assistance,
at no cost to MedImmune (except for reimbursement of Licensee’s direct out of pocket costs therefor), as may reasonably be requested
to transfer all Manufacturing technology that is or had been developed by Licensee and its Affiliates in connection with the Manufacture
of any Licensed Compound or Licensed Product.

 

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9.5.            Remedies.
Except as otherwise expressly provided herein, termination of this Agreement in accordance with
the provisions hereof shall not limit remedies that may otherwise be available in law or equity.

 

9.6.            Accrued
Rights; Surviving Obligations. Termination or expiration of this Agreement for any reason shall
be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration. Such termination
or expiration shall not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this
Agreement. Without limiting the foregoing, Articles 1, 8 and 10 (excluding Section 10.2), Sections5.1, 6.1, 6.2, 6.3, 6.6, 9.3, 9.4,
9.5 and this Section 9.6 shall survive the termination or expiration of this Agreement for any reason.

 

Article 10

MISCELLANEOUS

 

10.1.            Force
Majeure. Neither Party shall be held liable or responsible to the other Party or be deemed to
have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement (other than
an obligation to make payments) to the extent such failure or delay is caused by or results from events beyond the reasonable control
of the non-performing Party, including fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics, pandemics, quarantines,
war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion, acts of God or acts, omissions
or delays in acting by any governmental authority (except to the extent such delay results from the breach by the non-performing Party
or any of its Affiliates of any term or condition of this Agreement). The non-performing Party shall notify the other Party of such force
majeure within 10 days after such occurrence by giving written notice to the other Party stating the nature of the event, its anticipated
duration and any action being taken to avoid or minimize its effect. The suspension of performance shall be of no greater scope and no
longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts to remedy its inability to perform.
Without limitation to the foregoing, if the suspension of performance continues for ninety (90) days after the date of the occurrence
and such suspension of performance would constitute a material breach of this Agreement in the absence of this Section 10.1, MedImmune
shall have the right to terminate this Agreement pursuant to Section 9.2.1 without regard to this Section 10.1, except that
in such event no cure period shall apply and MedImmune shall have the right to effect such termination upon written notice to Licensee,
in its sole discretion.

 

10.2.            Export
Control. This Agreement is made subject to any restrictions concerning the export of products
or technical information from the United States or other countries that may be imposed on the Parties from time to time. Each Party agrees
that it will not export, directly or indirectly, any technical information acquired from the other Party under this Agreement or any products
using such technical information to a location or in a manner that at the time of export requires an export license or other governmental
approval, without first obtaining the written consent to do so from the appropriate agency or other governmental entity in accordance
with Applicable Law.

 

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10.3.            Assignment.
Neither Party may assign its rights or, except as provided in Section 3.6, delegate its obligations under this Agreement, whether
by operation of law or otherwise, in whole or in part without the prior written consent of the other Party, which consent shall not be
unreasonably withheld, conditioned or delayed except that (a) MedImmune shall have the right, without such consent, to (i) perform
any or all of its obligations and exercise any or all of its rights under this Agreement through any of its Affiliates or its or their
(sub)licensees and (ii) assign any or all of its rights and delegate any or all of its obligations under this Agreement to any Person
who acquires all or substantially all of the business to which this Agreement relates, and (b) each Party shall have the right, without
such consent, to assign any or all of its rights and delegate any or all of its obligations under this Agreement to any of its Affiliates
or its or their (sub)licensees or to any successor in interest as a result of a Change of Control; provided that each Party shall
provide written notice to the other Party within 30 days after such assignment or delegation. Any permitted successor of a Party or any
permitted assignee of all of a Party’s rights under this Agreement that has also assumed all of such Party’s obligations hereunder
in writing shall, upon any such succession or assignment and assumption, be deemed to be a party to this Agreement as though named herein
in substitution for the assigning Party, whereupon the assigning Party shall cease to be a party to this Agreement and shall cease to
have any rights or obligations under this Agreement. All validly assigned rights of a Party shall inure to the benefit of and be enforceable
by, and all validly delegated obligations of such Party shall be binding on and be enforceable against, the permitted successors and assigns
of such Party; provided that such Party, if it survives, shall remain jointly and severally liable for the performance of such
delegated obligations under this Agreement. Any attempted assignment or delegation in violation of this Section 10.3 shall be void
and of no effect.

 

10.4.            Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under any
present or future law and if the rights or obligations of either Party under this Agreement will not be materially and adversely affected
thereby, (a) such provision shall be fully severable, (b) this Agreement shall be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain
in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and
(d) in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a
legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
reasonably acceptable to the Parties. To the fullest extent permitted by Applicable Law, each Party hereby waives any provision of law
that would render any provision hereof illegal, invalid or unenforceable in any respect.

 

10.5.            Dispute
Resolution.

 

10.5.1.            Except
as provided in Section 4.12 or 10.9, if a dispute arises between the Parties in connection with or relating to this Agreement or
any document or instrument delivered in connection herewith (a “Dispute”), then either Party shall have the right to
refer such Dispute to the Senior Officers for attempted resolution by good faith negotiations during a period of ten (10) Business
Days. Any final decision mutually agreed to by the Senior Officers in writing shall be conclusive and binding on the Parties.

 

10.5.2.            If
such Senior Officers are unable to resolve any such Dispute within such ten (10)-Business Day period, either Party shall be free
to institute litigation in accordance with Section 10.6and seek such remedies as may be available.

 

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10.6.            Governing
Law, Jurisdiction and Service.

 

10.6.1.            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, United States, excluding
any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction.

 

10.6.2.            Jurisdiction.
Subject to Section 10.9, the Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of the courts of
the State of Delaware for any action, suit or proceeding (other than appeals therefrom) arising out of or relating to this Agreement and
agree not to commence any action, suit or proceeding (other than appeals therefrom) related thereto except in such courts. The Parties
irrevocably and unconditionally waive their right to a jury trial.

 

10.6.3.            Venue.
The Parties further hereby irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding
(other than appeals therefrom) arising out of or relating to this Agreement in the courts of the State of Delaware and hereby further
irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought
in any such court has been brought in an inconvenient forum.

 

10.6.4.            Service.
Each Party further agrees that service of any process, summons, notice or document by registered mail to its address set forth in Section 10.7.2
shall be effective service of process for any action, suit or proceeding brought against it under this Agreement in any such court.

 

10.7.            Notices.

 

10.7.1.            Notice
Requirements. Any notice or other communication required or permitted to be given by either Party
under this Agreement shall be in writing and shall be deemed given as of (a) the date delivered if delivered by hand, or reputable
courier service, (b) the date sent if sent by email (with transmission confirmed), (c) the second Business Day (at the place
of delivery) after deposit with an internationally recognized overnight delivery service, or (d) the fifth (5th) Business day after
mailing if mailed by registered or certified mail, postage prepaid and return receipt requested, addressed to the other Party at the addresses
specified below, or to such other addresses of which notice shall have been given in accordance with this Section. This Section 10.7.1
is not intended to govern the day-to-day business communications necessary between the Parties in performing their obligations under the
terms of this Agreement.

 

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10.7.2.            Address
for Notice.

 

	Licensee	 	To:	 	With a copy to:
	 	 	Aridis Pharmaceuticals, Inc. 
983 University Avenue, Building B 
Los Gatos, California 95032Attention: Chief Executive Officer or Secretary	 	truongv@aridispharma.com 

Attention: Vu Truong 

	MedImmune	 	To:	 	With a copy to (which shall not constitute effective notice):
	 	 	MedImmune Limited
 Attention: Head of Business Development & Licensing, BioPharmaceuticals R&D.
 Email:
                                            BiopharmaceuticalsBDLNotices@astrazeneca.com
 
	 	Email:
                                            legalnotices@astrazeneca.com
 Attention: Legal Department
  
  

 

10.8.            Entire
Agreement; Amendments. This Agreement and the Subscription Agreement together with the Schedules
attached hereto, sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter
hereof and all prior agreements, understandings, promises and representations, whether written or oral, with respect thereto are superseded
hereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set
forth in this Agreement. No amendment, modification, release or discharge shall be binding on the Parties unless in writing and duly executed
by authorized representatives of both Parties. In the event of any inconsistencies between this Agreement and any schedules or other attachments
hereto, the terms of this Agreement shall control.

 

10.9.            Equitable
Relief. Each Party acknowledges and agrees that the restrictions set forth in Article 5
and Article 6 are reasonable and necessary to protect the legitimate interests of the other Party and that such other Party would
not have entered into this Agreement in the absence of such restrictions and that any breach or threatened breach of any provision of
such Articles may result in irreparable injury to such other Party for which there will be no adequate remedy at law. In the event of
a breach or threatened breach of any provision of such Articles, the non-breaching Party shall be authorized and entitled to seek from
any court of competent jurisdiction injunctive relief, whether preliminary or permanent, specific performance and an equitable accounting
of all earnings, profits and other benefits arising from such breach, which rights shall be cumulative and in addition to any other rights
or remedies to which such non-breaching Party may be entitled in law or equity. Each Party hereby waives any requirement that the other
Party (a) post a bond or other security as a condition for obtaining any such relief or (b) show irreparable harm, balancing
of harms, consideration of the public interest or inadequacy of monetary damages as a remedy. Nothing in this Section 10.9 is intended
or should be construed, to limit either Party’s right to equitable relief or any other remedy for a breach of any other provision
of this Agreement.

 

10.10.            Waiver
and Non-Exclusion of Remedies. Any term or condition of this Agreement may be waived at any time
by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly
executed by or on behalf of the Party waiving such term or condition. The waiver by either Party of any right hereunder or of the failure
to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure
by such other Party whether of a similar nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude
any other right or remedy provided by Applicable Law or otherwise available except as expressly set forth herein.

 

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10.11.            No
Benefit to Third Parties. Except as provided in Article 8, covenants and agreements set
forth in this Agreement are for the sole benefit of the Parties and their successors and permitted assigns and they shall not be construed
as conferring any rights on any other Persons.

 

10.12.            Further
Assurance. Each Party shall duly execute and deliver or cause to be duly executed and delivered,
such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements,
documents and instruments, as may be necessary or as the other Party may reasonably request in connection with this Agreement or to carry
out more effectively the provisions and purposes hereof or to better assure and confirm unto such other Party its rights and remedies
under this Agreement.

 

10.13.            Relationship
of the Parties. It is expressly agreed that MedImmune, on the one hand and Licensee, on the other
hand, shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture
or agency. Neither MedImmune, on the one hand, nor Licensee, on the other hand, shall have the authority to make any statements, representations
or commitments of any kind or to take any action, that will be binding on the other Party, without the prior written consent of the other
Party to do so. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations
incurred by reason of any such employment shall be for the account and expense of such first Party.

 

10.14.            References.
Unless otherwise specified, (a) references in this Agreement to any Article, Section or
Schedule shall mean references to such Article, Section or Schedule of this Agreement, (b) references in any Section to
any clause are references to such clause of such Section and (c) references to any agreement, instrument or other document in
this Agreement refer to such agreement, instrument or other document as originally executed or, if subsequently amended, replaced or supplemented
from time to time, as so amended, replaced or supplemented and in effect at the relevant time of reference thereto.

 

10.15.            Construction.
Except where the context otherwise requires, wherever used, the singular shall include the plural,
the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is used in the inclusive
sense (and/or). Whenever this Agreement refers to a number of days, unless otherwise specified, such number refers to calendar days. The
captions of this Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of
this Agreement or the intent of any provision contained in this Agreement. The term “including,” “include,” or
 “includes” as used herein shall mean including, without limiting the generality of any description preceding such term. The
language of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule of strict construction shall
be applied against either Party.

 

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10.16.            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile, PDF format
via email or other electronically transmitted signatures and such signatures shall be deemed to bind each Party as if they were original
signatures.

 

[SIGNATURE
PAGE FOLLOWS.]

 

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THIS AGREEMENT IS EXECUTED by an authorized representatives of each
Party as of the date first written above.

 

	MedImmune LIMITED	 	ARIDIS PHARMACEUTICALS, INC
	 	 	 
	By:	/s/ Adam McArthur

                           
	 	By:  	/s/ Vu L. Truong

                           

	Name:  	Adam McArthur	 	Name:  	Vu L. Truong
	Title:   	Authorised Signatory	 	Title:  	CEO

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