Document:

Exhibit 10.17

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IMMUNOME, INC. HAS DETERMINED THE
INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO IMMUNOME, INC. IF PUBLICLY DISCLOSED.

  

COLLABORATION
AND LICENSE AGREEMENT

 

 

This Collaboration
and License Agreement (the “Agreement”) is entered into on October 15, 2019 (the “Effective
Date”) between PH Pharma Co Ltd., a Korean corporation with a place
of business at 9th Fl., The K-Twin Towers A, 50 Jongno 1-gil, Jongno-gu, Seoul, Korea (“PHP”),
and Immunome, Inc., a Delaware corporation with a place of business at 665
Stockton Drive, Suite 300, Exton, PA 19341 (“Immunome”). PHP and Immunome are sometimes referred to herein individually
as a “Party” and collectively as the “Parties.”

 

RECITALS

 

Whereas,
PHP has developed certain payload and linker technologies that are useful for the development of antibody-drug conjugates;

 

Whereas,
Immunome has developed a proprietary platform for the discovery of novel therapeutic antibodies; and

 

Whereas,
PHP and Immunome wish to collaborate to discover, develop and commercialize antibody-drug conjugates, on the terms and conditions
set forth herein.

 

Now
Therefore, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, Immunome and PHP hereby agree as follows:

 

Article
1

DEFINITIONS

 

Unless the context
otherwise requires, the terms in this Agreement with initial letters capitalized shall have the meanings set forth below, or the
meaning as designated in the indicated places throughout this Agreement.

 

1.1             
“Affiliate” means, with respect to a Party, any Person that controls, is controlled by, or is under
common control with that Party. For the purpose of this definition, “control” (including, with correlative meaning,
the terms “controlled by” and “under the common control”) means the actual power, either directly or indirectly
through one or more intermediaries, to direct or cause the direction of the management and policies of such Person, whether by
the ownership of more than fifty percent (50%) of the voting stocking of such Person, by contract or otherwise. [***].

 

1.2             
“Antibody” means an antibody, or a fragment or modification thereof, that recognizes an antigen.

 

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1.3             
 “Antibody-Drug Conjugate” or “ADC” means a conjugate of a Drug and an Antibody.

 

1.4             
“Claims” means all Third Party demands, claims, actions, proceedings and liability (whether criminal
or civil, in contract, tort or otherwise) for losses, damages, reasonable legal costs and other reasonable expenses of any nature.

 

1.5             
“Change of Control” means with respect to a Party: (a) the sale of all or substantially all of such
Party’s assets or business relating to this Agreement; (b) a merger, reorganization or consolidation involving such Party
in which the voting securities of such Party outstanding immediately prior thereto cease to represent at least fifty percent (50%)
of the combined voting power of the surviving entity immediately after such merger, reorganization or consolidation; or (c) a Person,
or group of Persons, acting in concert acquire more than fifty percent (50%) of the voting equity securities or management control
of such Party.

 

1.6             
“Combination Product” means a Product that (a) is sold in the form of a combination that contains
or comprises one or more additional therapeutically active pharmaceutical agents (whether co-formulated or co-packaged or otherwise
sold for a single price) other than the ADC in such Product; or (b) is sold for a single price together with any (i) delivery device
or component therefor, or (ii) companion diagnostic related to any Product; or (c) contains an ADC generated using a bi-specific
Antibody, where one arm of such Antibody is proprietary to Immunome and the other arm of such Antibody is in the public domain,
or proprietary to a Third Party and where PHP has given to Immunome a reasonable opportunity to provide (either directly or through
its licensors) such bi-specific Antibody, e.g., by using Immunome’s platform for the discovery of therapeutic antibodies
to discover an Antibody to the desired target of the bi-specific Antibody (each of such other active ingredient, delivery device,
diagnostic or antibody arm not proprietary to Immunome, an “Other Component”). Notwithstanding the foregoing,
neither Party shall incorporate or include in the Other Component any component or process that is proprietary to the other Party
unless and until the first Party has obtained the right from such other Party for such proprietary component or process in writing.

 

1.7             
“Commercialization” (with a correlative meaning for “Commercialize”) means all
activities directed to marketing, distributing, detailing or selling a Product (as well as importing and exporting activities in
connection therewith), including all activities directed to obtaining Pricing Approvals.

 

1.8             
“Commercially Reasonable Efforts” means: (a) where applied to carrying out specific tasks and obligations
of a Party under this Agreement, [***]; and (b) where applied to the Development or Commercialization of a Product, the use of
reasonable, diligent, good faith efforts and resources, in an active and ongoing program, as normally used by [***] in connection
with the Development and Commercialization of products of similar market potential at a similar stage of its product life, taking
into account the product’s safety and efficacy data, the cost to develop the product, the competitiveness of the relevant
marketplace, the intellectual property positions of third parties, the applicable regulatory situation (including the likelihood
of regulatory approval), the profitability and commercial viability of the product, and other relevant Development and Commercialization
factors based upon then-prevailing conditions.

 

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1.9             
 “Confidential Information” of a Party means all Know-How, unpublished patent applications and other
information and data of a financial, commercial, business, operational, scientific or technical nature of such Party that is: (a)
disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any of its Affiliates,
whether made available orally, in writing or in electronic form; or (b) learned by the other Party pursuant to this Agreement.
The terms and conditions of this Agreement are the Confidential Information of both Parties.

 

1.10         
“Control” or “Controlled” means, with respect to any Know-How, Patent Rights or
other intellectual property rights, that a Party has the legal authority or right (whether by ownership, license or otherwise)
to grant a license, sublicense, access or other right (as applicable) under such Know-How, Patent Rights, or other intellectual
property rights to the other Party on the terms and conditions set forth herein, in each case without breaching the terms of any
agreement with a Third Party.

 

1.11         
“Development” (with a correlative meaning for “Develop”) means all development
activities necessary or useful to obtain or maintain Regulatory Approval for the Product, including all non-clinical studies and
clinical trials of the Product, manufacture process development, distribution of the Product for use in clinical trials (including
placebos and comparators), statistical analyses, the preparation and submission of Regulatory Materials, seeking partners, market
research, and market assessments, all related to the Product.

 

1.12         
“Dollar” means U.S. dollars, and “$” shall be interpreted accordingly.

 

1.13         
“Drug” means PHP’s proprietary compounds set forth in the patent applications listed on Exhibit
A. Drug is limited to compounds that have a toxic effect on cancer cells at the target site, and does not include Linkers or Antibodies.

 

1.14         
“EMA” means the European Medicines Agency or any successor entity thereto.

 

1.15         
“FDA” means the United States Food and Drug Administration or any successor entity thereto.

 

1.16         
“Field” means all uses, including, but not limited to, the diagnosis, treatment, prevention and control
of all diseases and medical conditions in humans and animals.

 

1.17         
“First Commercial Sale” means, with respect to any Product in any country or jurisdiction in the
Territory, the first sale of such Product to a Third Party for distribution, use or consumption in such country or jurisdiction
after the Regulatory Approvals have been obtained for such Product in such country or jurisdiction.

 

1.18         
“Government Authority” means any federal, state, national, state, provincial or local government,
or political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise
any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or
any department, bureau or division thereof, or any governmental arbitrator or arbitral body).

 

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1.19         
 “Indication” means a disease, disorder or medical condition that a Product is intended to treat,
prevent, cure, or ameliorate, and that is the subject of a clinical trial of a Product and where it is intended by the sponsor
that the data and results of such clinical trial (if successful) will be used to support a Regulatory Approval and submission therefor
that is intended by the sponsor to result in labeling within the indications section of the label relevant to usage in the disease,
disorder or medical condition that is related to such clinical trial and is separate and distinct from another disease, disorder
or medical condition that has previously been approved for the Product. [***].

 

1.20         
“Invention” means any process, method, composition of matter, article of manufacture, discovery or
finding, patentable or otherwise, that is invented as a result of a Party exercising its rights or carrying out its obligations
under this Agreement, whether directly or via its Affiliates, agents or independent contractors, including all rights, title and
interest in and to the intellectual property rights therein.

 

1.21         
“Know-How” means any information, including discoveries, improvements, modifications, processes,
methods, protocols, formulas, data, inventions, know-how and trade secrets, patentable or otherwise, but excluding any Patent Rights.

 

1.22         
“Law” means any federal, state, local, foreign or multinational law, statute, standard, ordinance,
code, rule, regulation, resolution or promulgation, or any order by any Government Authority, or any license, franchise, permit
or similar right granted under any of the foregoing, or any similar provision having the force or effect of law.

 

1.23         
“Licensed Know-How” means the Know-How included in Licensed Technology.

 

1.24         
“Licensed Patents” means the Patent Rights included in Licensed Technology. Each Party shall disclose
to the other Party the issuance of a Licensed Patent Controlled by such Party promptly after the issuance thereof.

 

1.25         
“Licensed Technology” means, for each Product, all Know-How and Patent Rights that are Controlled
by the applicable Licensor or its Affiliates as of the Effective Date or at any time during the Term and necessary or reasonably
useful for the Development, manufacture or Commercialization of such Product in the Field in the Territory; provided however that:
(a) Licensed Technology shall exclude all Excluded Technology as set forth in Section 3.5; and (b) Licensed Technology
shall exclude all Know-How and Patent Rights of a Third Party (including such Third Party’s Affiliates) that becomes an Affiliate
of Licensor after the Effective Date as a result of a Change of Control of Licensor. For clarity, Licensed Technology includes
Licensor’s interest in such Know-How and Patent Rights that are jointly owned by the Parties, including ADC Inventions and
ADC Patents, and does not include either Party’s discovery platform, the license of which is addressed in Section 3.1.

 

1.26         
“Linker” means the portion of an ADC that connects a Drug to an Antibody.

 

1.27          “MAA”
or “Marketing Authorization Application” means an application to the appropriate Regulatory Authority for
approval to commercially sell a Product (but excluding Pricing Approval) in the Field in a particular country or other
regulatory jurisdiction and all amendments and supplements thereto, including any New Drug Application
(“NDA”) filed with the FDA.

 

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1.28         
“Net Sales” means [***].

 

1.29         
“NHP Tox Study” means a non-human primate toxicology study conducted pursuant to the Research Plan.

 

1.30         
“Patent Rights” means all patents and patent applications (which for the purpose of this Agreement
shall be deemed to include certificates of invention and applications for certificates of invention), including all divisionals,
continuations, substitutions, continuations-in-part, re-examinations, reissues, additions, renewals, revalidations, extensions,
registrations, pediatric exclusivity periods and supplemental protection certificates and the like of any such patents and patent
applications, and any and all foreign equivalents of the foregoing.

 

1.31         
“Person” means any individual, partnership, limited liability company, firm, corporation, association,
trust, unincorporated organization or other entity.

 

1.32         
“Phase 1 Clinical Trial” means a human clinical trial of a pharmaceutical product that would satisfy
the requirements of 21 CFR 312.21(a) or foreign equivalent.

 

1.33         
“Phase 2 Clinical Trial” means a human clinical trial of a pharmaceutical product that would satisfy
the requirements of 21 CFR 312.21(b) or foreign equivalent.

 

1.34         
“Phase 3 Clinical Trial” means a human clinical trial of a pharmaceutical product that would satisfy
the requirements of 21 CFR 312.21(c) or foreign equivalent.

 

1.35         
“Pricing Approval” means such approval, agreement, determination or decision of a Government Authority
or drug formulary establishing prices or coverage for a Product that can be charged and/or reimbursed in regulatory jurisdictions
where the applicable Governmental Authorities or drug formulary approve or determine the price and/or reimbursement of pharmaceutical
Product.

 

1.36         
“Product” means any ADC comprising an Antibody originating from Immunome and a Drug originating from
PHP generated under the Research Plan and selected by a Party as a Development Candidate for further Development under Section
2.7 in any formulation or dosage form and for any mode of administration.

 

1.37         
“Regulatory Approvals” means all approvals, that are necessary for the commercial sale of a Product
in a given country or regulatory jurisdiction.

 

1.38         
“Regulatory Authority” means any applicable Government Authority responsible for granting Regulatory
Approvals or Regulatory Exclusivity for a Product, including the FDA, the EMA and any corresponding national or regional regulatory
authority.

 

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1.39          “Regulatory
Exclusivity” means any exclusive marketing rights or data exclusivity rights (other than Patent Rights) conferred
by any Regulatory Authority with respect to the Product in a given country or regulatory jurisdiction, including without
limitation orphan drug exclusivity, new chemical entity exclusivity, data exclusivity, and pediatric exclusivity.

 

1.40         
“Regulatory Materials” means any regulatory application, submission, notification, communication,
correspondence, registration and other filings made to, received from or otherwise conducted with a Regulatory Authority in order
to Develop, manufacture, market, sell or otherwise Commercialize a Product in a particular country or jurisdiction. “Regulatory
Materials” includes MAA and Regulatory Approval.

 

1.41         
“Sublicense Revenues” means [***].

 

1.42         
“Sublicensee” means any Third Party or other Person to whom a sublicense or other similar rights
are granted to practice under any license granted within this Agreement.

 

1.43         
“Territory” means worldwide.

 

1.44         
“Third Party” means any Person other than a Party or an Affiliate of a Party.

 

1.45         
“Valid Claim” means a claim contained in an issued and unexpired patent which has not been held unenforceable,
unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed
within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through abandonment, reissue,
disclaimer or otherwise,

 

1.46         
Interpretation. In this Agreement, unless otherwise specified:

 

(a)              
The words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”;

 

(b)             
words denoting the singular shall include the plural and vice versa and words denoting any gender shall include all
genders;

 

(c)              
words such as “herein”, “hereof”, and “hereunder” refer to this Agreement as a whole
and not merely to the particular provision in which such words appear; and

 

(d)             
the Exhibits and other attachments form part of the operative provision of this Agreement and references to this Agreement
shall include references to the Exhibits and attachments.

 

1.47         
Additional Definitions. The following table identifies the location of definitions set forth in various Sections of
the Agreement:

 

	Definition	Section
	ADC Patents	6.2(b)
	Commercial License	3.1(a)
	Confidentiality Agreement	11.7
	Development Candidate	2.7(c)
	Discontinued ADC	2.7(b)(ii)(1)

 

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	Excluded Claim	11.6(e)
	Excluded Technology	3.5
	Executive Officers	2.4(c)
	FTO Know-How	3.1(b)
	ICC	11.6(a)
	Immunome Inventions	6.1(b)(ii)
	Indemnified Party	10.3
	Indemnifying Party	10.3
	JRC	2.4(a)
	Licensee	2.7(c)
	Licensor	2.7(c)
	PHP Inventions	6.1(b)(i)
	Remedial Action	4.7
	Research Collaboration	2.1
	Research Costs	5.1
	Research License	2.5
	Research Plan	2.3(a)
	Research Term	2.2
	Royalty Term	5.4(b)
	Shared Research Costs	5.1
	Term	8.1

 

Article
2

ADC Discovery Research

 

2.1             
General. Subject to the terms and conditions of this Agreement, the Parties desire to establish a research collaboration
to generate novel ADCs using certain Antibodies provided by and proprietary to Immunome and the Drugs and Linkers provided by PHP,
and to evaluate such novel ADC for possible selection for further Development under this Agreement (the “Research Collaboration”).

 

2.2             
Research Term. The term of the Research Collaboration (“Research Term”) shall be the one (1)-year
period after the Effective Date and may be extended (a) by mutual agreement of the Parties; or (b) automatically if an NHP Tox
Study is ongoing or has been authorized in writing by the JRC, until the conclusion of such NHP Tox Study, but in the event of
(b), such extension shall apply only with respect to the ADC being studied in such NHP Tox Study.

 

2.3             
Research Plan.

 

(a)               The
Research Collaboration under this Agreement shall be conducted by the Parties pursuant to a mutually agreed research plan
(the “Research Plan”). The Research Plan shall allocate research responsibilities between the Parties and
shall set forth the details of the research activities to be conducted by each Party to make, characterize and evaluate ADCs
to be generated under the Research Collaboration up to the completion of NHP Tox Study for such ADCs, together with an
estimated timeline and budget therefor. Under the Research Collaboration, Immunome will be responsible for providing novel
Antibodies proprietary to Immunome that are developed using its proprietary antibody discovery platform, and PHP will be
responsible for conjugating Drugs, using Linkers, to such Antibodies to generate the ADCs. The Parties will then
characterize, evaluate and optimize such ADCs as further set forth in the Research Plan.

 

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(b)             
As of the Effective Date, the Parties have agreed upon an initial Research Plan, attached to this Agreement as Exhibit
B. From time to time during the Research Term, the JRC (as defined below) shall discuss, prepare and approve updates and amendments,
as appropriate, to the then-current Research Plan. Once approved by the JRC, such revised Research Plan shall become effective
and replace the prior Research Plan. If the terms of the Research Plan contradict, or create inconsistencies or ambiguities with,
the terms of this Agreement, then the terms of this Agreement shall control.

 

2.4             
Joint Research Committee.

 

(a)              
The Parties shall establish a joint research committee (the “JRC”), composed of [***] representatives
of each Party that have knowledge and expertise in the discovery research and early development of antibody-drug conjugates. The
JRC shall (i) oversee the Research Collaboration conducted by the Parties hereunder, (ii) discuss, prepare and approve amendments
to the Research Plan, (iii) coordinate the Parties’ activities under the Research Plan; (iv) review and discuss the status,
progress, and results of the Research Collaboration; (v) make go/no-go decisions with respect to any particular ADC at various
decision points throughout the Research Collaboration based on then-available data and results, as further set forth in the Research
Plan; (vi) select ADC(s) discovered under the Research Plan for further Development pursuant to Section 2.7 below; (vii) approve
the quarterly budget for the Research Plan; and (viii) perform such other functions as appropriate to further the Research Collaboration,
as expressly set forth in this Agreement or allocated to it by the Parties in writing. The JRC is empowered to direct activities
under the Research Plan, including deviations from the Research Plan, so long as such activities and deviations do not cause either
Party to exceed its quarterly budget in aggregate by [***], unless such costs are approved in writing by such affected Party’s
Chief Executive Officer.

 

(b)             
Each Party shall designate its initial JRC representatives within [***] after the Effective Date. Each Party may replace
its representatives on the JRC on written notice to the other Party. The JRC shall hold meetings at such times as it elects to
do so, but in no event shall such meetings be held less frequently than [***] through the first [***] of the Research Collaboration,
and [***] thereafter. Meetings of the JRC may be held in person, by audio or video teleconference. In person JRC meetings shall
be held at locations in the United States selected alternatively by the Parties. Each Party shall be responsible for all of its
own expenses of participating in the JRC. No action taken at any meeting of the JRC shall be effective unless an equal number of
representatives of each Party are participating; provided, that for any action of the JRC pursuant to Section 2.7 or to approve
deviations from the Research Plan that cause either Party to exceed its quarterly budget shall require the participation of all
representatives of each Party.

 

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(c)               All
decisions of the JRC shall be made by unanimous vote, with each Party’s representatives collectively having one (1)
vote. If after reasonable discussion and good faith consideration of each Party’s view on a particular matter before
the JRC that is within its authority, the representatives of the Parties cannot reach unanimous agreement as to such matter
within [***] after such matter was brought to the JRC for resolution, such disagreement shall be referred to the Chief
Executive Officer of PHP and Chief Executive Officer of Immunome (the “Executive Officers”) for
resolution. If the Executive Officers cannot resolve such matter within [***] after the matter is referred to them, then
[***].

 

(d)             
The JRC shall only have the powers expressly assigned to it in this Section 2.4 and elsewhere in this Agreement and
shall not have the authority to: (i) modify or amend the terms and conditions of this Agreement; (ii) waive or determine either
Party’s compliance with the terms and conditions of under this Agreement; or (iii) decide any such issue in a manner that
would conflict with the express terms and conditions of this Agreement.

 

2.5             
Research License. Subject to the terms and conditions of this Agreement, each Party hereby grants to the other Party
a non-exclusive, and royalty free license under all Patent Rights and Know-How Controlled by such Party that is necessary to conduct
the research work allocated to such other Party under the Research Plan, which license shall be used solely for such research work
and shall automatically expire upon the expiration of the Research Term (“Research License”). The Research License
granted to a Party is non-sublicenseable except to Affiliates and subcontractors (but solely to the extent necessary for any such
subcontractor to perform its applicable obligations to such Party under the Research Plan), provided however that neither Party
may sublicense its Research License to a Third Party that is a competitor of the other Party (i.e., a company engaged in the discovery,
development, manufacture or marketing of therapeutic drugs, antibodies, or antibody-drug conjugates) without the JRC’s approval.

 

2.6             
Conduct of Research. Each Party shall use Commercially Reasonable Efforts to carry out the activities assigned to it
in the Research Plan and shall conduct such activities in good scientific manner, and in compliance with all applicable Laws. Each
Party shall keep the other Party reasonably informed as to the progress of the conduct of the Research Plan through meetings of
the JRC as provided above.

 

2.7             
Selection of Development Candidate.

 

(a)              
After a particular ADC generated under the Research Collaboration has completed NHP Tox Study, the Parties shall jointly
prepare and submit to the JRC a report summarizing the data and results of generated from the research work on such ADC. The JRC
shall discuss and review such data and results and the Parties shall have the right to select such ADC for further Development
as provided below. If, due to any disagreement between the Parties they cannot submit such joint report within [***] after completion
of the NHP Tox Study, then each report shall not be submitted until resolution of such dispute.

 

(b)             
If a Party wishes to select a particular ADC for further Development, such Party shall submit a written request to the
JRC within [***] after the report described in 2.7(a) is submitted to the JRC.

 

(i)                
If one Party submits a written request for such ADC to the JRC, and other Party does not submit a written request for
such ADC to the JRC within [***] after the first Party’s request, then the first Party shall have the right to select such
ADC.

 

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(ii)             
 If both Parties submit written request for such ADC (provided that each Party submits its request within its [***]
allotted timeframe, as specified above), then the Parties shall alternate the right to select the ADCs that both Parties wish to
further Develop, such that the Party that did not select the last ADC that both Parties wish to further Develop shall have the
right to select such ADC. For the first ADC that both Parties wish to further Develop, PHP shall have the right to select such
ADC.

 

(1)              
Subject to Section 2.7(b)(iv), if neither Party timely submits a written request for a particular ADC, then such ADC
shall be deemed a “Discontinued ADC” and neither Party shall have the right to further clinically Develop or
Commercialize such Discontinued ADC without the other Party’s prior written consent. Notwithstanding the foregoing, Immunome
shall have the right to develop and commercialize any product containing, and engage in any other activities with respect to, the
Antibody incorporated in any Discontinued ADC, so long as such product does not also incorporate the Drug provided by PHP or any
derivative or modification thereof, and PHP shall have the right to develop and commercialize any product containing an ADC where
the antibody in such product is directed to the same biological target as the Antibody in the Discontinued ADC, so long as such
product does not also incorporate the Antibody in the Discontinued ADC. Once an ADC is deemed a Discontinued ADC, each Party shall
return to the other Party any biological material specific to that ADC disclosed or shared by the other Party. Any remaining material
of any Discontinued ADC shall be promptly destroyed by any Party in possession of such Discontinued ADC.

 

(iii)           
Upon advance written notice of at least [***], either Party may seek, alone or in collaboration with the other Party,
a Sublicensee to undertake future Development of a Discontinued ADC. Any such sublicense shall be subject to the other Party’s
prior written approval, which shall not be unreasonably withheld, delayed or conditioned. The Parties shall share equally in any
consideration received from any Sublicensee for a Discontinued ADC (not including the Fair Market Value of any amount received
in exchange for services such as research and development costs, patent expenses, manufacturing costs and the like), after the
reimbursement of any unpaid balance of Research Costs as set forth in Section 5.1, if applicable. For the purpose of clarity, if
after the JRC budget reconciliation described in Section 5.1 is completed, one Party has paid less than fifty percent (50%) of
the Research Costs, then any proceeds from such Sublicensee in consideration for such Discontinued ADC will first be applied to
reimburse the party that paid the higher portion of Research Costs until the contribution of both Parties to the Research Costs
equals fifty percent (50%), and thereafter the remainder of such proceeds shall be shared equally between the Parties.

 

(c)              
Once a particular ADC is selected by a Party for further Development, such ADC shall become a “Development
Candidate”, such Party shall become the “Licensee” of such Development Candidate and corresponding
Product, and the other Party shall be come the “Licensor” of such Development Candidate and corresponding Product.

 

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Article
3

 

COMMERCIAL LICENSE

 

3.1             
Commercial License.

 

(a)              
Subject to the terms and conditions of this Agreement, on a Development Candidate-by-Development Candidate basis, the
applicable Licensor hereby grants the applicable Licensee an exclusive (even as to the Licensor, except as provided in Section
3.4 below), sublicenseable (solely in accordance with Section 3.2) and royalty bearing license under its Licensed Technology to
research, Develop, make, have made, use, sell, offer for sale, have sold, import and otherwise Commercialize Products with respect
to such Development Candidate in the Field in the Territory, which license shall become effective upon the selection of the ADC
contained in such Product as a Development Candidate for further Development under Section 2.7 (“Commercial License”).
Notwithstanding the foregoing, a license granted by PHP to Immunome under this Section 3.1 shall not include the right to manufacture
the Drug component of the Product, and the Parties shall agree to a supply agreement that covers manufacturing of the Drug component
on a Product-by-Product basis pursuant to Section 4.5(b). Notwithstanding the foregoing, a license granted by Immunome to PHP under
this Section 3.1 shall not include the right to manufacture the Antibody component of the Product, and the Parties shall agree
to a supply agreement that covers manufacturing of the Antibody component on a Product-by-Product basis pursuant to Section 4.5(b).

 

(b)             
The Commercial License granted under Section 3.1(a) is intended to give the Licensee sufficient freedom to operate with
regard to the Licensee’s Development and Commercialization of the Product. Accordingly, solely to the extent necessary for
the Licensee to have such freedom to operate in a particular jurisdiction (but subject to any other limitations in this Agreement),
the Licensor hereby grants to the Licensee a limited, non-exclusive license under the Licensor’s Know-How covering the Licensor’s
discovery platform (the “FTO Know-How”) for the limited purpose of ensuring the Licensee has freedom to operate
with regard to Development and Commercialization of the Product. FTO Know-How subject to the limited license of this Section 3.1(b)
constitutes Licensed Technology. However, the additional non-exclusive license that may be granted under this Section 3.1(b)
shall not impose any obligation on the part of the Licensor to disclose any FTO Know-How to the Licensee.

 

3.2             
Sublicenses. Subject to the terms and conditions of this Agreement, the applicable Licensee shall have the right to
grant sublicenses (through multiple tiers) of the Commercial License granted to it under Section 3.1 to its Affiliates and Third
Parties, provided that: (a) each sublicense agreement shall be consistent with the terms and conditions of this Agreement; (b)
Licensee shall remain directly responsible for all of its obligations under this Agreement, regardless of whether any such obligation
has been delegated, subcontracted or sublicensed to its Affiliates, contractors or Sublicensees; (c) Licensee shall ensure that
its Affiliates, contractors and Sublicensees comply with the terms and conditions of this Agreement; (d) within [***] after the
execution of any sublicense agreement, Licensee shall provide Licensor with a true and complete copy of such sublicense agreement,
provided that Licensee shall have the right to redact certain sensitive information of the Sublicensee from such copy to the extent
that such information is not necessary for Licensor to confirm the sublicense agreement’s compliance with this Agreement.

 

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3.3             
 No Implied License; Negative Covenant. Except as expressly set forth herein, neither Party shall acquire any license,
right or other interest, by implication or otherwise, under any intellectual property rights of the other Party. Each Party, as
the Licensee, covenants that it will not, and it will not permit any of its Affiliates and Sublicensees to, use or practice any
Patent Rights or Know-How licensed to it by the other Party outside the scope of the license set forth in Sections 2.5 and 3.1.

 

3.4             
Retained Rights. Notwithstanding the exclusive Commercial License granted to Licensee under Section 3.1, each Party,
as the Licensor, retains the right to practice its Licensed Technology in the Field in the Territory in order to in order to perform,
or have performed by its Affiliates or contractors, such Party’s obligations under this Agreement. Each Party shall retain
the right to use any Development Candidate licensed to the other Party for such first Party’s internal, preclinical research
and development purposes, including as reference compounds.

 

3.5             
Excluded Technology. If during the Term, a Party, as the Licensor for a particular Product, obtains Control of any intellectual
property rights from a Third Party (other than as a result of a Change of Control of Licensor), which intellectual property rights
are reasonably necessary or useful for the development, manufacture, use, importation and/or sale of such Product, then such Party
shall notify the other Party (which is the Licensee of such Product) in writing, including a description of such intellectual property
rights and any payments that such Party would be obligated to pay in connection with the grant, maintenance or exercise of a sublicense
to the other Party under such intellectual property rights with respect to such Product. If within [***] after the receipt of such
notice, the other Party, as the Licensee for such Product, agrees in writing to reimburse such Party for all such payments, then
such intellectual property rights shall be included in Licensed Technology and sublicensed to such other Party under the terms
and conditions of this Agreement. If the other Party does not agree in writing to reimburse such Party for all such payments within
such [***], then such intellectual property rights shall be deemed “Excluded Technology” and shall be excluded
from Licensed Technology. For clarity, this Section 3.6 shall not apply to any intellectual property of any Third Party (including
such Third Party’s Affiliates) that becomes an Affiliate of such Party after the Effective Date as a result of a Change of
Control of such Party, which intellectual property shall be excluded from Licensed Technology.

 

Article
4

DEVELOPMENT AND COMMERCIALIZATION

 

4.1             
General. Subject to the terms and conditions of this Agreement, on a Product-by-Product basis, after a Party has selected
an ADC generated under the Research Plan as a Development Candidate for further Development under Section 2.7, such Party, as the
Licensee of such Development Candidate and the corresponding Product, shall be solely responsible for the Development, manufacture
and Commercialization of such Product in the Field in the Territory, at such Party’s own cost and expense.

 

4.2             
Diligence. On a Product-by-Product basis, the applicable Licensee shall use Commercially Reasonable Efforts to Develop
and Commercialize the Product in the Field in the Territory.

 

    12

     

    

 

4.3             
 Development.

 

(a)              
On a Product-by-Product basis, the applicable Licensee shall be solely responsible for the Development of the Product
in the Field in the Territory, at Licensee’s own cost and expense (except as set forth in Section 4.3(b) below), including
performance of all clinical trials for the Product in the Field in the Territory necessary to obtain Regulatory Approval for the
Product in the Field in the Territory.

 

(b)             
On a Product-by-Product basis, the applicable Licensor shall have the option to share [***] of the Development cost
(both internal and out-of-pocket cost) for the Product through completion of the first Phase I Clinical Trial in exchange of increased
Sublicense Revenue sharing as set forth in Section 5.5; provided that such cost sharing obligation shall be only with respect to
reasonable, typical costs for similar products at similar stages of development. The Licensor may exercise such option by written
notice to Licensee within [***] after the applicable ADC is selected by the Licensee for further Development. If Licensor timely
exercises such option, then (i) at the beginning of each calendar quarter through completion of the first Phase 1 Clinical Trial,
Licensee shall provide Licensor with a reasonably detailed Development plan and budget for review and discussion; (ii) within [***]
after the end of each calendar quarter through completion of the first Phase 1 Clinical Trial, Licensee shall provide Licensor
with a reasonably detailed report setting forth the internal and out-of-pocket cost incurred during the Development of the Product
during such calendar quarter; and (iii) within [***] after the receipt of such report, Licensor shall pay to Licensee [***] of
such cost so that the Parties share such cost equally. If Licensor in good faith disputes any portion of the Development cost reported
by Licensee, such dispute shall be resolved by an independent auditor mutually agreed by the Parties. Such auditor shall have the
right to inspect and audit the records of Licensee related to such Development cost, and shall report his/her determination to
the Parties. Such auditor’s determination shall be final and binding on the Parties, and the Party to whom such auditor rules
against shall pay for the fees of such auditor. Any payment attributable to such disputed portion shall only be after such dispute
is resolved and any adjustment has been made by the Parties based on the determination of the auditor.

 

4.4             
Regulatory. On a Product-by-Product basis, the applicable Licensee shall be responsible for all regulatory activities
related to the Development, manufacture and Commercialization of the Product in the Field in the Territory, at Licensee’s
own cost and expense. Licensee shall prepare and file all Regulatory Materials necessary to obtain and maintain the Regulatory
Approval of the Product in the Field in the Territory and shall be responsible for all communication and interaction with Regulatory
Authorities with respect thereto. Licensee shall provide Licensor with copies of all major submissions and all material communications
with any Regulatory Authorities in. the Territory regarding the Product promptly after submission or receipt. The Parties shall
enter into a pharmacovigilance agreement governing safety data exchange to the extent required by Regulatory Authorities.

 

4.5             
Manufacture.

 

(a)               Except
as set forth in Section 4.5(b) below, Licensee shall, either by itself or through its Affiliates, Sublicensees or Third Party
contractor, manufacture and supply all of Licensee’s and its Affiliates’ and Sublicensees’ requirements for
the Product for use in the Development and Commercialization in the Field in the Territory, at Licensee’s own cost and
expense.

 

    13

     

    

 

 

(b)             
Notwithstanding the foregoing, if Immunome selects an ADC generated under the Research Plan as a Development Candidate
for further Development under Section 2.7 and becomes the Licensee for the corresponding Product, the Parties shall negotiate and
enter into a separate supply agreement for the supply of the Drug component of the ADC. Notwithstanding the foregoing, if PHP selects
an ADC generated under the Research Plan as a Development Candidate for further Development under Section 2.7 and becomes the Licensee
for the corresponding Product, the Parties shall negotiate and enter into a separate supply agreement for the supply of the Antibody
component of the ADC. Each such supply agreement shall include terms regarding pricing, forecasting, delivery, specifications,
payment terms, inspection of products, warranties, backup manufacturing rights, quality assurance matters, mutual indemnifications,
limitations on liability and other typical terms, in all cases as are customarily set out in supply agreements for similar products
with similarly situated parties within the industry, as the parties shall mutually agree in good faith. [***].

 

4.6             
Commercialization. On a Product-by-Product basis, the applicable Licensee (either by itself or through its Affiliates
and Sublicensees) shall be responsible for all aspects of the Commercialization of the Product in the Field in the Territory, at
Licensee’s own cost and expense, including: (a) developing and executing a commercial launch and pre-launch plan, (b) negotiating
with applicable Governmental Authorities regarding the price and reimbursement status of the Product; (c) marketing and promotion;
(d) booking sales and distribution and performance of related services; (e) handling all aspects of order processing, invoicing
and collection, inventory and receivables; (f) providing customer support, including handling medical queries, and performing other
related functions; and (g) conforming its practices and procedures to applicable Laws relating to the marketing, detailing, distributing
and promotion of the Product in the Territory.

 

4.7             
Remedial Actions. Each Party will notify the other Party immediately if it obtains information indicating that any Product
may be subject to any recall, corrective action or other regulatory action taken by virtue of applicable Laws (a “Remedial
Action”). On a Product-by-Product basis, as between the applicable Licensee and the applicable Licensor, the applicable
Licensee shall be solely responsible for all Remedial Action for the Product in the Field in the Territory, including the cost
and expense thereof, and shall control and coordinate all efforts necessary to conduct such Remedial Action. Licensee shall, and
shall ensure that its Affiliates and Sublicensees will, maintain adequate records to permit Licensee to trace the sale, distribution
and use of the Product in the Territory.

 

4.8              Reporting.
Each Party, as the Licensee, shall keep the other Party, as the Licensor reasonably informed as to the progress and results
of such Party’s and its Affiliates’ and Sublicensees’ Development and Commercialization of the applicable
Product. Without limiting the foregoing, each Party shall provide the other Party with periodic (no less than annually)
written reports summarizing all Development (including all clinical trials), manufacture and Commercialization activities
performed since the last report. Such reports shall be at a level of detail reasonably sufficient to enable the other Party
to determine such Party’s compliance with its diligence obligations under Section 4.2. Upon the other Party’s
request, such Party shall discuss with the other Party the status, progress and results of such Party’s, its
Affiliates’ and Sublicensees’ Development, manufacture and Commercialization activities under this Agreement and
shall promptly respond to the other Party’s reasonable questions or requests for additional information relating to
such activities.

 

    14 

     

    

 

Article
5

FINANCIAL PROVISIONS

 

5.1             
Research Cost. Each Party shall be responsible for fifty percent (50%) of the total internal and out-of-pocket cost
and expense incurred by or on behalf of the Parties to perform the activities under the Research Plan (the “Research Costs”),
subject to the following: (a) on an ongoing basis, each Party shall initially bear all Research Costs incurred by or on behalf
of such Party to perform the activities assigned to such Party under the initial Research Plan; (b) at the beginning of each calendar
quarter, each Party, through the JRC, shall develop a budget for the activities assigned to each Party during that quarter, and
the JRC shall approve the budget for that quarter; (c) the JRC will direct and authorize the actual activities under the Research
Plan for that quarter, within the budgetary limitations placed upon it in Section 2.4(a); (d) at the end of each calendar quarter
and upon completion of the Research Term, each Party shall report to the JRC the amount and its accounting of the Research Costs
incurred during such calendar quarter or during the Research Term, as applicable, and such Research Costs shall be deemed “Shared
Research Costs”; and (e) the JRC shall calculate the difference between the Shared Research Costs between the Parties,
and if the costs borne by one Party exceed the costs borne by the other Party by greater than [***], then the JRC shall notify
the Parties the amount that should be paid by the Party having borne less Shared Research Costs to the other to reconcile the Parties’
respective Shared Research Costs so that each Party has paid fifty percent (50%) of the total Shared Research Costs incurred by
or on behalf of both Parties, and such paying Party shall make such reconciliation payment within [***] after receiving an invoice
from the other Party for such payment. Notwithstanding the foregoing, if either Party in good faith disputes any portion of the
Shared Research Costs reported by the other Party, such dispute shall be resolved by an independent auditor mutually agreed by
the Parties. Such auditor shall have the right to inspect and audit the records of the Party whose Shared Research Costs are under
dispute, and shall report his/her determination to the Parties. Such auditor’s determination shall be final and binding on
the Parties, and the Party to whom such auditor rules against shall pay for the fees of such auditor. Any reconciliation payment
attributable to such disputed portion shall only be made after such dispute is resolved and any adjustment has been made by the
JRC based on the determination of the auditor.

 

5.2             
Development Milestone Payments.

 

(a)              
Milestone Events. On a Product-by-Product basis, the applicable Licensee shall pay to Licensor the following non-refundable,
non-creditable payment set forth in the table below upon the first achievement of the applicable milestone event for each Product
(whether by Licensee, its Affiliates, or Sublicensees). Each milestone payment set forth in this Section 5.2 shall be paid only
once for each Product.

 

	Milestone Event	Milestone Payment
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	      Maximum Total (for each Product)	$20,000,000

 

    15 

     

    

 

(b)             
Notice and Payment. Licensee shall notify Licensor in writing within [***] after the achievement of any milestone set
forth in this Section 5.2 and shall pay to Licensor the corresponding milestone payment within [***] after the achievement of such
milestone.

 

5.3             
Commercial Milestone Payments.

 

(a)              
Milestone Events. On a Product-by-Product basis, the applicable Licensee shall pay to Licensor the following non-refundable,
non-creditable payments set forth in the table below when the aggregated annual Net Sales of each Product in the Territory first
reach the values indicated below. For clarity, (i) the annual Net Sales shall be aggregated on a Product-by-Product basis, (ii)
each milestone payment set forth in this Section 5.3 shall be paid only once for each Product, and (iii) milestone payments in
this Section 5.3 shall be additive, such that if more than one milestone specified below is achieved in the same calendar year,
then the milestone payments for all such milestones shall be payable.

 

	Annual Net Sale of each Product in the Territory	Milestone Payments
	[***]	[***]
	[***]	[***]
	[***]	[***]
	     Maximum Total (for each Product)	$80,000,000

 

(b)             
Notice and Payment. As part of the royalty report in Section 5.4(d), Licensee shall provide written notice to Licensor
if the aggregated annual Net Sales of any Product in the Territory first reach the values set forth in Section 5.3(a) above during
the calendar quarter to which such report pertains. Licensee shall pay to Licensor the corresponding milestone payments within
[***] after the end of the calendar quarter during which such milestone is achieved.

 

5.4             
Royalty Payments.

 

(a)               Royalty
Rates. Subject to the other terms of this Section 5.4, On a Product-by-Product basis, the applicable Licensee shall make
quarterly non-refundable, non-creditable royalty payments to Licensor on the Net Sales of each Product sold by Licensee, its
Affiliates and Sublicensees in the Territory, as calculated by multiplying the applicable royalty rate set forth in the table
below by the corresponding amount of incremental, aggregated Net Sales of each Product sold in the Territory in the
applicable calendar year. The royalty rate for each Product shall be [***] of Net Sales.

 

    16 

     

    

 

(b)             
Royalty Term. Licensee’s obligation to pay royalties pursuant to this Section 5.4 shall continue, on a Product-by-Product
and country-by-country basis, until the latest of: (i) tenth (10th) anniversary of the First Commercial Sale of such Product in
such country; (ii) the expiration of the last-to-expire Valid Claim in the Licensed Patents in such country that covers such
Product (including the composition of matter, manufacture or use of such Product or any component therein); and (iii) the expiration
of all Regulatory Exclusivity for such Product in such country (the “Royalty Term”).

 

(c)              
Royalty Reductions.

 

(i)                
If a Product is sold in a country in the Territory during the applicable Royalty Term at a time when there is no Valid
Claim in the Licensed Patents that covers such Product (including the composition of matter, manufacture or use of such Product
or any component therein) in such country and all Regulatory Exclusivity for such Product in such country has expired, then the
royalty rate applicable to the Net Sales of such Product in such country during such time shall be reduced by [***] of the royalty
rate otherwise applicable to all Net Sales for such Product in the Territory under Section 5.4(a).

 

(ii)             
[RESERVED.]

 

(iii)           
[RESERVED.]

 

(iv)            
Except with the other Party’s prior written consent and except for Third Party intellectual property rights to
which either Party already has a license, neither Party shall use any intellectual property rights of any Third Party to perform
the Research Collaboration if the use of such Third Party intellectual property rights requires royalty or other payment on the
ADC or Product developed through the use of such intellectual property rights. If any Party wishes to use any such Third Party
intellectual property rights, except for Third Party intellectual property rights to which either Party already has a license,
for a particular project under the Research Collaboration, such Party shall notify the other Party, and the Parties shall discuss
the necessity of such intellectual property rights and the payment obligation that may arise through such use. If the Parties agree
to use such intellectual property rights in the Research Collaboration, the Parties shall also agree in writing any royalty adjustment
on the Product developed through the use of such intellectual property rights.

 

(d)              Royalty
Reports and Payment. Within [***] after each calendar quarter, commencing with the calendar quarter during which any Net
Sales of any Product are made anywhere in the Territory, the applicable Licensee shall provide Licensor with a report that
contains the following information for the applicable calendar quarter, on a Product-by-Product and country-by-country basis:
(i) the amount of gross sales of the Products, (ii) an itemized calculation of Net Sales in the Territory showing separately
each type of deduction provided for in the definition of “Net Sales,” (iii) a calculation of the royalty
payment due on such sales, including the application of any reduction made in accordance with Section 5.4(c), (iv) the
exchange rate for such country; and (v) the aggregate annual Net Sales and whether any commercial milestone has been
achieved. Concurrent with the delivery of the applicable quarterly report, Licensee shall pay Licensor in Dollars all
royalties owed with respect to Net Sales for such calendar quarter.

 

    17 

     

    

 

5.5             
Sublicense Revenue Sharing. In addition to the milestones and royalty payments set forth above, if Licensee grants to
any Third Party the right to Develop, manufacture and/or Commercialize the Product, Licensee shall pay to Licensor a share of all
Sublicense Revenues as set forth in the table below based on the stage of Development of the applicable Product when the sublicense
agreement is executed. Licensee shall pay to Licensor its share of Sublicense Revenues within [***] after receipt of payment by
Licensee (or its Affiliates) from the Sublicensee.

 

	The time when the sublicense agreement is executed	Percentage of

 Sublicense Revenue

 Payable to Licensor
	[***]	[***]*
	[***]	[***]
	[***]	[***]
	[***]	[***]

* If Licensor elects
to share the Development cost through the completion of the first Phase 1 Clinical Trial for a particular Product as set forth
in Section 4.3(b), then Licensee shall pay to Licensor [***] of Sublicense Revenue for such Product if Licensee grants any Third
Party the right to Develop, manufacture and/or Commercialize such Product before the dosing of the first patient in the first Phase
1 Clinical Trial.

 

5.6             
Payments to Third Parties. Subject to Section 5.4(c)(ii), each Party shall be solely responsible for any payments due
to Third Parties that do not qualify as Shared Research Costs under any agreement entered into by such Party.

 

5.7             
Currency; Exchange Rate. All payments to be made under this Agreement shall be made in Dollars by bank wire transfer
in immediately available funds to a bank account designated by written notice from the Party receiving the payment. The rate of
exchange to be used in computing the amount of currency equivalent in Dollars shall be made at [***].

 

5.8             
Late Payments. If a Party does not receive payment of any sum due to it on or before the due date therefor, simple interest
shall thereafter accrue on the sum due to such Party from the due date until the date of payment at a per-annum rate of [***] or
the maximum rate allowable by applicable Law, whichever is less.

 

5.9             
Taxes.

 

(a)              
Taxes on Income. Each Party shall be solely responsible for the payment of all taxes imposed on its share of income
arising directly or indirectly from the activities of the Parties under this Agreement.

 

    18 

     

    

 

(b)              Tax
Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax
withholding or similar obligations in respect of royalties, milestone payments, and other payments made by one Party to the
other Party under this Agreement. To the extent a Party making any payment hereunder is required to deduct and withhold taxes
on such payment, such Party shall deduct or withhold such taxes, pay such taxes to the proper tax authority in a timely
manner, and promptly send evidence of such payment to the other Party. The Party receiving payment hereunder shall provide
the paying Party any tax forms that may be reasonably necessary in order for the paying Party to not withhold tax or to
withhold tax at a reduced rate under an applicable bilateral income tax treaty. The Party receiving payment hereunder shall
use reasonable efforts to provide any such tax forms to the paying Party in advance of the due date. Each Party shall provide
the other with reasonable assistance to enable the recovery, as permitted by Law, of withholding taxes or similar obligations
resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding
tax under this Section 5.9(b).

 

(c)              
Taxes Resulting From Action of the Party Making Payment. If, as a result of any action by the Party making payment hereunder,
including assignment or transfer of this Agreement, change in the residence of such Party for tax purposes, change in the entity
making such payment, or failure on the part of such Party to comply with applicable Laws or filing or record retention requirements,
the amount of any tax that such Party is required to deduct or withhold from a payment made by such Party to the other Party under
this Agreement is increased, then the sum payable by such Party to the other Party shall be increased to the extent necessary to
ensure that the other Party receives a sum equal to the sum that such other Party would have received had no such action occurred.

 

5.10         
Financial Records and Audit. Each Party shall (and shall ensure that its Affiliates and Sublicensees will) maintain
complete and accurate records in sufficient detail to permit the other Party to confirm the accuracy of any royalty payments and
other amounts payable under this Agreement and to verify the achievement of commercial milestone events under this Agreement. Upon
at least [***] prior notice, such records shall be open for examination, during regular business hours, for a period of [***] from
the creation of individual records, and not more often than once each calendar year, by an independent certified public accountant
selected by the auditing Party and reasonably acceptable to the audited Party, for the sole purpose of verifying for the auditing
Party the accuracy of the financial reports furnished by the audited Party under this Agreement or of any payments made, or required
to be made, pursuant to this Agreement. The auditing Party shall bear the cost of such audit unless such audit reveals an underpayment
by the audited Party of more than [***] of the amount actually due for the time period being audited, in which case the audited
Party shall reimburse the auditing Party for the costs of such audit. The audited Party shall pay to the auditing Party any underpayment
discovered by such audit within [***] after the accountant’s report, plus interest (as set forth in Section 5.8) from the
original due date. If the audit reveals an overpayment by the audited Party, then the audited Party may take a credit for such
overpayment against any future payments due to the auditing Party.

 

    19 

     

    

 

Article
6

INTELLECTUAL PROPERTY RIGHTS

 

6.1             
Ownership of Inventions.

 

(a)              
Except as set forth in Section 6.1(b) below, ownership of all Inventions arising out of activities under the Research
Collaboration shall be jointly owned. Each Party shall solely own any Inventions that do not arise out of activities under the
Research Collaboration and are made solely by its and its Affiliates’ employees, agents, or independent contractors. The
Parties shall jointly own any Inventions that are made jointly by employees, agents, or independent contractors of one Party and
its Affiliates together with employees, agents, or independent contractors of the other Party and its Affiliates. For all jointly-owned
Inventions, each Party shall and hereby assigns to the other Party one-half undivided interest in such jointly-owned Inventions.

 

(b)             
Notwithstanding Section 6.1(a),:

 

(i)                
PHP shall solely own all Inventions solely related to the Drug and method for the conjugation of the Drug to antibodies
(“PHP Inventions”). To the extent any PHP Inventions are made by Immunome, Immunome shall and hereby assigns
to PHP all right, title and interest in and to all such PHP Inventions.

 

(ii)             
Immunome shall solely own all Inventions solely related to its antibody discovery platform or any Antibody discovered
by Immunome using that platform or otherwise (“Immunome Inventions”). To the extent any Immunome Inventions
are made by PHP, PHP shall and hereby assigns to Immunome all right, title and interest in and to all such Immunome Inventions.

 

(c)              
Each Party shall promptly disclose all Inventions arising out of activities under the Research Collaboration to the
other Party and shall execute such instrument and take such further action as reasonably requested by the other Party to vest ownership
of the Inventions as set forth above.

 

(d)             
Notwithstanding the joint ownership of Inventions arising out of activities under the Research Collaboration, neither
Party shall have the right to practice, license or exploit such Inventions or Patents except to conduct research work pursuant
to the Research Plan, unless such Party becomes a Licensee by selecting the applicable ADC for further Development under Section
2.7.

 

6.2             
Patent Prosecution.

 

(a)              
As between the Parties, each Party shall have the sole right but not the obligation to file, prosecute and maintain
the Patents Rights solely owned or Controlled by such Party throughout the world at its own cost and expense.

 

(b)              Except
as provided in paragraph (c) below, filing decisions for all Patent Rights claiming jointly-owned Inventions (the
 “ADC Patents”) shall be decided jointly before the selection of the applicable ADC as Development
Candidate for further Development under Section 2.7, the Parties shall jointly decide, through the JRC, whether to file any
ADC Patents claiming such ADC and the Parties shall share the cost equally.

 

    20 

     

    

 

(c)              
After an ADC has been selected as a Development Candidate for further Development under Section 2.7, the Licensee of
such ADC shall have the first right to file, prosecute and maintain the applicable ADC Patents in the Territory at Licensee’s
own cost and expense. Licensee shall consult with Licensor and keep Licensor reasonably informed of the status of the ADC Patents
in the Territory and shall promptly provide Licensor with all material correspondence received from any patent authority in the
Territory in connection therewith. In addition, Licensee shall promptly provide Licensor with drafts of all proposed material filings
and correspondence to any patent authority in the Territory with respect to the ADC Patents for Licensor’s review and comment
prior to the submission of such proposed filings and correspondences and shall consider and implement in good faith any comment
received from Licensor. Licensee shall notify Licensor of any decision to cease prosecution and/or maintenance of any ADC Patents
in the Territory. Licensee shall provide such notice at least [***] prior to any filing or payment due date, or any other due date
that requires action, in connection with such ADC Patent. In such event, Licensor shall have the right to continue prosecution
or maintenance of such ADC Patent in the Territory at Licenser’s discretion and expense.

 

(d)             
Each Party shall provide the other Party all reasonable assistance and cooperation in the patent prosecution efforts
under this Section 6.2, including providing any necessary powers of attorney and executing any other required documents or instruments
for such prosecution.

 

6.3             
Patent Enforcement.

 

(a)              
Each Party shall promptly notify the other party if it becomes aware of any alleged or threatened infringement by a
Third Party of any of the Licensed Patents through the using, importing, exporting, offering for sale or selling of any antibody-drug
conjugates.

 

(b)             
For infringement of any ADC Patent that claims an ADC that is selected by a Party for further Development, the Licensee
of such ADC shall have the first right to bring and control any legal action to enforce such ADC Patent at its own expense and
as it reasonably determines appropriate. Licensor shall have the right to be represented in any such action by counsel of its choice
at its own expense. If Licensee does not to bring such legal action within [***] after the notice provided pursuant to Section
6.3(a), Licensor shall have the right to bring and control any legal action to enforce such ADC Patent at its own expense as it
reasonably determines appropriate.

 

(c)              
At the request and expense of the Party bringing the action under Section 6.3(b) above, the other Party shall provide
reasonable assistance in connection therewith, including by executing reasonably appropriate documents, cooperating in discovery
and joining as a party to the action if required. In connection with any such proceeding, the Party bringing the action under Section
6.3(b) shall not enter into any settlement admitting the invalidity of, or otherwise impairing the other Party’s rights in,
the ADC Patent without the prior written consent of the other Party.

 

    21 

     

    

 

(d)             
 Any recoveries resulting from an action under Section 6.3(b) to enforce the ADC Patents shall be first applied against
payment of each Party’s costs and expenses in connection therewith. Any such recoveries in excess of such costs and expenses
shall be retained by the enforcing Party; provided however that if the enforcing Party is Licensee, then such excess recovery shall
be deemed Net Sales and subject to royalty payment under Section 5.4.

 

(e)              
As between the Parties, PHP shall have the exclusive right to bring and control any legal action to enforce its Licensed
Patents that relates solely to the Drug and method for the conjugation of the Drug to antibodies, and Immunome shall have the exclusive
right to bring and control any legal action to enforce its Licensed Patents that related solely to its antibody discovery platform,
in each case at such Party’s own expense and as such Party reasonably determines appropriate, and such Party shall have the
right to retain all recoveries.

 

6.4             
Patents Licensed From Third Parties. Each Party’s rights under this Article 6 with respect to the prosecution
and enforcement of any Patent Rights that is licensed from a Third Party shall be subject to the rights retained by such Third
Party with respect to the prosecution and enforcement of such Patent Rights.

 

Article
7

CONFIDENTIALITY; PUBLICATION

 

7.1             
Confidentiality Obligations. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing
by the Parties, each Party agrees that, during the Term of this Agreement and [***] thereafter, it shall keep confidential and
shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in this Agreement (which includes
the exercise of any rights or the performance of any obligations hereunder) any Confidential Information of the other Party; provided,
that as to any Confidential Information of a Party that qualifies as a trade secret under applicable law, the foregoing obligations
shall continue for such longer period, if any, as such Confidential Information continues to qualify as such.

 

7.2             
Exceptions. The obligations set forth in Section 7.1 shall not apply to any information that the receiving Party can
demonstrate that such information:

 

(a)              
is known by the receiving Party at the time of its receipt without an obligation of confidentiality, and not through
a prior disclosure by the disclosing Party, as documented by the receiving Party’s business records;

 

(b)             
is in the public domain before its receipt from the disclosing Party, or thereafter enters the public domain other than
through the receiving Party’s breach of the confidentiality obligations set forth herein;

 

(c)              
is subsequently disclosed to the receiving Party by a Third Party who may lawfully do so and is not under an obligation
of confidentiality to the disclosing Party; or

 

(d)             
is developed by the receiving Party independently and without use of, or reference to, any Confidential Information
of the disclosing Party, as documented by the Receiving Party’s business records.

 

    22 

     

    

 

Any combination of features or disclosures
shall not be deemed to fall within the foregoing exclusions merely because individual features are published or available to the
general public or in the rightful possession of the receiving Party unless the combination itself and principle of operation are
published or available to the general public or in the rightful possession of the receiving Party.

 

7.3             
Authorized Disclosures. Notwithstanding the obligations set forth in Sections 7.1 and 7.5, a Party may disclose the
other Party’s Confidential Information to the extent:

 

(a)              
such disclosure is reasonably necessary: (i) for the filing or prosecuting of Patent Rights as contemplated by this
Agreement (but subject to compliance with the penultimate paragraph of this Section 7.3(a)); (ii) in regulatory filings for Product;
(iii) for the prosecuting or defending litigation as contemplated by this Agreement; or (iv) for disclosure to Third Parties bound
by written obligation of confidentiality and non-use at least as restrictive as those set forth under this Article 7 and to the
extent reasonably necessary in connection with the exercise of its rights or the performance of its obligations hereunder.

 

(b)             
such disclosure is reasonably necessary: (i) to such Party’s directors, attorneys, independent accountants or
financial advisors for the sole purpose of enabling such directors, attorneys, independent accountants or financial advisors to
provide advice to such Party; or (ii) to actual or potential investors, acquirors, licensees and other financial or commercial
partners solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition or collaboration;
provided that in each such case on the condition that such recipients are bound by confidentiality and non-use obligations substantially
consistent with those contained in this Agreement;

 

(c)              
such disclosure is required by applicable Laws, judicial or administrative process, provided that in such event such
Party shall promptly inform the other Party of such required disclosure and provide the other Party an opportunity to challenge
or limit the disclosure obligations. Confidential Information that is disclosed pursuant to this Section 73(c) shall remain otherwise
subject to the confidentiality and non-use provisions of this Article 7, and the Party disclosing Confidential Information pursuant
to Law or court order shall take all steps reasonably necessary, including seeking of confidential treatment or a protective order
to ensure the continued confidential treatment of such Confidential Information.

 

In the case of a permitted
disclosure pursuant to Section 7.3(a)(i), the following additional requirements shall apply: a Party seeking to disclose the other
Party’s Confidential Information will give the other Party [***] written notice before making any such disclosure, and will
cooperate with the other Party to protect the confidentiality of such Confidential Information. The Party filing or prosecuting
such patent applications shall consider in good faith comments provided by the other Party. Upon the other Party’s request,
the publishing Party shall remove all Confidential Information of the other Party from the proposed patent filing. Each Party agrees
to acknowledge the contributions of the other Party and its employees in all in accordance with laws of inventorship in the each
jurisdiction where patent applications are filed or pending.

 

Notwithstanding
the permitted disclosures in this Section 7.3, in no event will any Party disclose, pursuant to this Section 7.3 or
otherwise, any Confidential Information of the other Party that constitutes a trade secret of such other Party under Law if
such disclosure would reasonably be likely to adversely affect the trade secret status of such Confidential Information.

 

    23 

     

    

 

7.4             
Scientific Publication. Neither Party shall publish any peer-reviewed manuscripts, or give other forms of public disclosure
such as abstracts and presentations, of the data and results of studies carried out under this Agreement, without the other Party’s
review and approval (not to be unreasonably withheld, delayed or conditioned). The publishing Party shall provide the other Party
with draft of any proposed publication that discloses any data and results of studies carried out under this Agreement at least
[***] prior to its intended submission for publication. The publishing Party shall consider in good faith comments provided by
the other Party. Upon the other Party’s request, the publishing Party shall remove all Confidential Information of the other
Party from the proposed publication, and shall delay the submission for a period up to [***] to allow time for the preparation
and filing of a patent application directed to any inventions disclosed in such publication. The publishing Party shall also provide
the other Party a copy of the manuscript at the time of the submission. The publishing Party agrees to acknowledge the contributions
of the other Party and its employees in all publications as scientifically appropriate.

 

7.5             
Publicity.

 

(a)              
The Parties have agreed on language of a joint press release announcing this Agreement, which is attached hereto as
Exhibit C, to be issued by the Parties promptly after the Effective Date. Subject to the rest of this Section 7.5, no other disclosure
of the terms of this Agreement may be made by either Party, and no Party shall use the name, trademark, trade name or logo of the
other Party, its Affiliates or their respective employee(s) in any publicity, promotion or news release relating to this Agreement,
without the prior express written permission of the other Party, except as may be required by Law.

 

(b)             
A Party may disclose this Agreement and its terms in securities filings with the Securities Exchange Commission or other
Government Authorities to the extent required by Law after complying with the procedure set forth in this Section 7.5. In such
event, the Party seeking such disclosure will notify the other Party as soon as practicable and will prepare a draft confidential
treatment request and proposed redacted version of this Agreement to request confidential treatment for this Agreement, and the
other Party agrees to promptly (and in any event, no less than [***] after receipt of such confidential treatment request and proposed
redactions) give its input in a reasonable manner in order to allow the Party seeking disclosure to file its request within the
time lines proscribed by applicable Laws. The Party seeking such disclosure shall use Commercially Reasonable Efforts to obtain
confidential treatment of the Agreement.

 

(c)              
Each Party acknowledges that the other Party may be legally required to make public disclosures (including in filings
with the Securities Exchange Commission) of certain material developments or material information generated under this Agreement
and agrees that each Party may make such disclosures as required by Law. In such event, the Party seeking such disclosure, the
Party seeking such disclosure will notify the other Party as soon as practicable and use Commercially Reasonable Efforts to obtain
confidential treatment of the Agreement.

 

    24 

     

    

 

7.6              Equitable
Relief. Each Party acknowledges that a breach of this Article 7 cannot reasonably or adequately be compensated in damages
in an action at law and that such a breach shall cause the other Party irreparable injury and damage. By reason thereof, each
Party agrees that the other Party shall be entitled, in addition to any other remedies it may have under this Agreement or
otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of the
obligations relating to Confidential Information set forth herein.

 

Article
8

TERM AND TERMINATION

 

8.1             
Term. The term of this Agreement shall commence upon the Effective Date and, unless earlier terminated as set forth
in Section 8.2 below, shall continue in full force and effect, (a) if there is any ADC selected for further Development under Section
2.7, on a Product-by-Product and country-by-country basis, until the expiration of the payment obligations or any potential payment
obligations of Licensee with respect to the applicable Product, and (b) if there is no ADC selected for further Development under
Section 2.7, upon completion of the Research Collaboration (the “Term”). Upon expiration of this Agreement,
any Research License is terminated, but for any Product being actively Developed or Commercialized in any country, the Commercial
License granted to the Licensee for such Product in such country shall continue. Upon expiration or termination of this Agreement,
each Party shall return to the other Party any biological material or Know-How shared or disclosed under this Agreement.

 

8.2             
Termination.

 

(a)              
Termination by Licensee for Convenience. If a Party selects an ADC for further Development under Section 2.7, such Party
may terminate this Agreement with respect to such ADC and applicable Product by providing written notice of termination to the
other Party, which notice includes an effective date of termination at least [***] after the date of the notice. If, during the
[***] termination notice period, the other Party provides written notice to the terminating Party that it wishes to Develop such
ADC, then this Agreement shall continue with respect to such ADC but such other Party shall become the Licensee (and the terminating
Party shall become the Licensor) of such ADC and corresponding Product. If the other Party does not provide such notice, this Agreement
shall terminate upon expiration of the termination notice period, and such ADC shall become a Discontinued ADC and neither Party
shall have the right to further Develop or Commercialize such Discontinued ADC without the other Party’s prior written consent.

 

(b)             
Termination for Material Breach. If either Party believes that the other is in breach of its material obligations hereunder,
then the non-breaching Party may deliver notice of such breach to the other Party. The allegedly breaching Party shall have [***]
from such notice to dispute or cure such breach. If the Party receiving notice of breach fails to cure such breach within such
time period, then the Party originally delivering the notice of breach may terminate this Agreement effective on written notice
of termination to the other Party. Notwithstanding the foregoing, in the event the allegedly breaching Party in good faith disputes
such breach allegation, then such termination shall not be effective unless and until such dispute has been resolved in favor of
the Party alleging such breach.

 

    25 

     

    

 

(c)              
 Termination for Intellectual Property Challenge. Except to the extent the following is unenforceable under the laws
of a particular jurisdiction, each Party may terminate this Agreement if the other Party or its Affiliates or Sublicensees, individually
or in association with any other Person, commences a legal action challenging the validity, enforceability or scope of any Patent
Rights licensed by such Party to such other Party under this Agreement. Each Party may also terminate this Agreement if the other
Party or its Affiliates or Sublicensees, individually or in association with any other Person, violates the intellectual property
rights of the Party, including use of Know-How or biological material shared under this Agreement for any purpose other than for
the Research Collaboration or that in any way exceeds the Research License or Commercial License under this Agreement.

 

8.3             
Effect of Termination. Upon the termination of this Agreement for any reason, all Research Licenses granted by either
Party to the other Party under this Agreement shall terminate and any sublicense granted thereunder shall also terminate, provided
that in the event any Party has selected a Development Candidate pursuant to Section 2.7, such Party shall retain full rights to
such Development Candidate and corresponding Products, and the Parties’ rights and obligations (including Commercial Licenses
and payments) with respect to such Development Candidate and Products shall survive ay expiration or termination of this Agreement.

 

8.4             
Survival. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior
to such expiration or termination. Without limiting the foregoing, the following provisions shall survive the expiration or termination
of this Agreement: Section 6.1, Article 7, Section 8.3, this Section 8.4, Section 8.5, Article 9, Article 10 and Article 11, and,
to the extent necessary for the interpretation of any other surviving provisions hereof, Article 1.

 

8.5             
Termination Not Sole Remedy. Termination is not the sole remedy under this Agreement and, whether or not termination
is effected and notwithstanding anything contained in this Agreement to the contrary, all other remedies shall remain available
except as agreed to otherwise herein.

 

Article
9

REPRESENTATIONS AND WARRANTIES

 

9.1             
Mutual Representations and Warranties. Each Party hereby represents, warrants, and covenants (as applicable) to the
other Party as follows:

 

(a)              
it is a company or corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction
in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and
assets and to carry on its business as it is now being conducted and as contemplated in this Agreement, including, without limitation,
the right to grant the licenses granted by it hereunder;

 

(b)              as
of the Effective Date, (i) it has the corporate power and authority and the legal right to enter into this Agreement and
perform its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the
execution and delivery of the Agreement and the performance of its obligations hereunder; and (iii) the Agreement has been
duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party
that is enforceable against it in accordance with its terms; and

 

    26 

     

    

 

 

(c)              
it is not a party to any agreement that would materially prevent it from granting the rights granted to the other Party
under this Agreement or performing its obligations under the Agreement.

 

9.2             
Additional Representations and Warranties of PHP. PHP represents, warrants, and covenants (as applicable) to Immunome
that, as of the Effective Date:

 

(a)              
PHP has the right under the its Licensed Technology to grant the license to Immunome as purported to be granted pursuant
to this Agreement, and it has not granted, and will not grant during the Term, any license to any Third Party under its Licensed
Technology that is inconsistent with the license granted to Immunome hereunder;

 

(b)             
PHP has not received any written notice from any Third Party asserting or alleging that the Drug or conjugation of
the Drug to antibodies infringed or misappropriated the intellectual property rights of such Third Party; and

 

(c)              
there are no actual, pending, or to PHP’s knowledge, alleged or threatened in writing, adverse actions, suits,
proceedings, or claims against PHP involving the Drug or conjugation of the Drug to antibodies.

 

9.3             
Additional Representations and Warranties of Immunome. Immunome represents, warrants, and covenants (as applicable)
to PHP that, as of the Effective Date:

 

(a)              
Immunome has the right under the its Licensed Technology to grant the license to PHP as purported to be granted pursuant
to this Agreement, and it has not granted, and will not grant during the Term, any license to any Third Party under its Licensed
Technology that is inconsistent with the license granted to PHP hereunder;

 

(b)             
Immunome has not received any written notice form any Third Party asserting or alleging that its antibody discovery
platform or any antibody developed by Immunome infringed or misappropriated the intellectual property rights of such Third Party;
and

 

(c)              
there are no actual, pending, or to Immunome’s knowledge, alleged or threatened in writing, adverse actions,
suits, proceedings, or claims against Immunome involving its antibody discovery platform or any antibody developed by Immunome.

 

9.4             
Compliance. Each Party covenants that in performing its obligations or exercising its rights under this Agreement,
it shall (and shall ensure that its Affiliates and Sublicensees shall): (a) comply in all material respects with all applicable
Laws; and (b) not employ or engage any Person who has been debarred or disqualified by any Regulatory Authority or, to its knowledge,
is the subject of debarment or disqualification proceedings by any Regulatory Authority.

 

9.5             
Disclaimer. EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 9, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS
OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT,
OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, IS MADE OR GIVEN BY OR ON BEHALF OF A PARTY. ALL SUCH REPRESENTATIONS
AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.

 

    27

     

    

 

Article
10

INDEMNIFICATION; LIABILITY

 

10.1         
Mutual Indemnification. Each Party shall indemnify and hold the other Party, its Affiliates and their respective officers,
directors, agents and employees harmless from and against any Claims against them arising or resulting from the negligence or
willful misconduct or breach of this Agreement by such Party; except in each case to the extent such Claims result from the negligence
or willful misconduct or breach of this Agreement by such other Party.

 

10.2         
Indemnification by Licensee. If a Party selects an ADC for further Development under Section 2.7, such Party shall
indemnify and hold the other Party, its Affiliates and their respective officers, directors, agents and employees harmless from
and against any Claims against them arising or resulting from the Development, manufacture and Commercialization of the applicable
Products by such Party, its Affiliates and Sublicensees; except in each case to the extent such Claims result from the negligence
or willful misconduct or breach of this Agreement by such other Party.

 

10.3         
Indemnification Procedure. If either Party is seeking indemnification under Sections 10.1 or 10.2 (the “Indemnified
Party”), it shall inform the other Party (the “Indemnifying Party”) of the Claim giving rise to the
obligation to indemnify pursuant to such Section as soon as reasonably practicable after receiving notice of the Claim. The Indemnifying
Party shall have the right to assume the defense of any such Claim for which it is obligated to indemnify the Indemnified Party.
The Indemnified Party shall cooperate with the Indemnifying Party and the Indemnifying Party’s insurer as the Indemnifying
Party may reasonably request, and at the Indemnifying Party’s cost and expense. The Indemnified Party shall have the right
to participate, at its own expense and with counsel of its choice, in the defense of any Claim that has been assumed by the Indemnifying
Party. Neither Party shall have the obligation to indemnify the other Party in connection with any settlement made without the
Indemnifying Party’s written consent, which consent shall not be unreasonably withheld or delayed. If the Parties cannot
agree as to the application of Section 10.1 or 10.2 as to any Claim, pending resolution of the dispute pursuant to Section 11.6,
the Parties may conduct separate defenses of such Claims, with each Party retaining the right to claim indemnification from the
other Party in accordance with Section 10.1 or 10.2 upon resolution of the underlying Claim.

 

10.4         
[***].

 

10.5         
Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE,
OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH
DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 10.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION
RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 10.1 OR 10.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY
OBLIGATIONS IN ARTICLE 7.

 

    28

     

    

 

Article
11

GENERAL PROVISIONS

 

11.1         
Force Majeure. Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or breached
this Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused
by or results from causes beyond the reasonable control of the affected Party, including embargoes, war, acts of war (whether
war be declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances,
fire, floods, earthquakes or other acts of God. The affected Party shall notify the other Party in writing of such force majeure
circumstances as soon as reasonably practical, and shall promptly undertake and continue diligently all reasonable efforts necessary
to cure such force majeure circumstances or to perform its obligations in spite of the ongoing circumstances. Notwithstanding
the foregoing, a Party shall not be excused from making payments owed hereunder because of a force majeure affecting such Party.

 

11.2         
Assignment. This Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder
be assigned or transferred (voluntarily or involuntarily, by operation of law or otherwise) by either Party without the prior
written consent of the other Party. Notwithstanding the foregoing, either Party may, without consent of the other Party, assign
this Agreement and its rights and obligations hereunder in whole or in part to an Affiliate of such Party for as long as it remains
as such, or in whole to its successor in interest as a result of the sale of all or substantially all of its business or assets
to which this Agreement relates. In the event of an assignment by a Party to an Affiliate, the assigning Party shall remain jointly
and severally liable with such Affiliate hereunder with respect to such assigned obligations. Any attempted assignment not in
accordance with the foregoing shall be null and void and of no legal effect. Any permitted assignee shall assume all obligations
of its assignor under this Agreement. The terms and conditions of this Agreement shall be binding upon, and shall inure to the
benefit of, the Parties and their respected successors and permitted assigns.

 

11.3         
Severability. If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the
Parties. The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s)
with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement.

 

    29

     

    

 

11.4         
Notices. All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally,
sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized
overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

If to PHP:

PH Pharma Co Ltd.

9th Fl., The K-Twin Towers A, 50 Jongno I-gil, Jongno-gu,

Seoul, Korea

Attn: [***]

 

and to:

pH Pharma, Inc.

545 Middlefield Rd. Suite 208

Menlo Park, CA 94025

Attn: [***]

 

with a copy to:

Cooley, LLP

3175 Hanover St., Palo Alto, CA 94304

Attn: [***]

 

If to Immunome:

Immunome, Inc.

665 Stockton Drive

Suite 300

Exton, PA 19341

Attn: [***]

 

with a copy to:

Duane Morris LLP

30 South 17th Street

Philadelphia, PA 19103

Attn: [***]

Fax: [***]

 

or to such other address(es) as the Party
to whom notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such notice shall be
deemed to have been given: (a) when delivered if personally delivered on a business day (or if delivered or sent on a non-business
day, then on the next business day); (b) on the business day after dispatch if sent by nationally-recognized overnight courier;
(c) on the fifth (5th) business day following the date of mailing, if sent by mail; or (d) the day of confirmed dispatch if sent
by facsimile during business hours on a business day and, if not, then on the next business day); provided, that for purposes
of determining sufficiency and timing of any notice to PHP, such determinations shall be made using only the United States address
provided above (or any substitute United States address provided by PHP).

 

11.5         
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of State of New York without
reference to any rules of conflict of laws that may require the application of the laws of a different jurisdiction,

 

    30

     

    

 

11.6         
 Dispute Resolution

 

(a)              
The Parties shall negotiate in good faith and use reasonable efforts to settle any dispute, controversy or claim arising
from or related to this Agreement or the breach thereof. If the Parties do not fully settle, and a Party wishes to pursue the
matter, each such dispute, controversy or claim that is not an Excluded Claim (defined in Section 11.6(e) below) shall be finally
resolved by binding arbitration administered by [***] pursuant to its then-current arbitration rules and procedures then in effect,
and judgment on the arbitration award may be entered in any court having jurisdiction thereof.

 

(b)             
The arbitration shall be conducted by a panel of three arbitrators experienced in the pharmaceutical business: within
[***] after initiation of arbitration, each Party shall select one person to act as arbitrator and the two Party-selected arbitrators
shall select a third arbitrator within [***] of their appointment. If the arbitrators selected by the Parties are unable or fail
to agree upon the third arbitrator, the third arbitrator shall be appointed by [***]. The place of arbitration shall be [***],
and all proceedings and communications shall be in English.

 

(c)              
Either Party may apply to the arbitrators for interim injunctive relief until the arbitration award is rendered or
the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court
having jurisdiction any injunctive or provisional relief necessary to protect the rights or property of that Party pending the
arbitration award. The arbitrators shall have no authority to award punitive or any other type of damages not measured by a Party’s
compensatory damages. Each Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrators’
fees and any administrative fees of arbitration.

 

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

 

(e)              
As used in this Section, the term “Excluded Claim” shall mean a dispute, controversy or claim that
concerns (1) the scope, validity, enforceability, inventorship or infringement of a patent, patent application, trademark or copyright;
or (ii) any antitrust, anti-monopoly or competition law or regulation, whether or not statutory.

 

11.7         
Entire Agreement; Amendments. This Agreement, together with the Exhibits hereto, contains the entire understanding
of the Parties with respect to the subject matter hereof. Any other express or implied agreements and understandings, negotiations,
writings and commitments, either oral or written, with respect to the subject matter hereof are superseded by the terms of this
Agreement. The Exhibits to this Agreement are incorporated herein by reference and shall be deemed a part of this Agreement. This
Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by authorized representative(s)
of both Parties hereto. The Parties agree that, effective as of the Effective Date, that certain Mutual Confidential Disclosure
Agreement between the Parties dated as of August 14, 2019, as amended (the “Confidentiality Agreement”) shall
be terminated, and that disclosures made prior to the Effective Date pursuant to the Confidentiality Agreement shall be deemed
disclosed under this Agreement and subject to the confidentiality provisions set forth herein.

 

    31

     

    

 

11.8         
Headings; Language. The captions to the several Articles, Sections and subsections hereof are not a part of this Agreement,
but are merely for convenience to assist in locating and reading the several Articles and Sections hereof. This Agreement was
prepared in the English language, which language shall govern the interpretation of, and any dispute regarding, the terms of this
Agreement.

 

11.9         
Independent Contractors. It is expressly agreed that PHP and Immunome are independent contractors and that the relationship
between the two Parties shall not constitute a partnership, joint venture or agency. Neither PHP nor Immunome shall have the authority
to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other
Party, without the prior written consent of the other Party.

 

11.10     
Waiver. The waiver by either Party hereto of any right hereunder, or of any failure of the other Party to perform,
or of any breach by the other Party, shall not be deemed a waiver of any other right hereunder or of any other breach by or failure
of such other Party whether of a similar nature or otherwise.

 

11.11     
Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative
and in addition to any other remedy referred to in this Agreement or otherwise available under law.

 

11.12     
Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review,
drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be
construed against the drafting Party shall not apply.

 

11.13     
Business Day Requirements. In the event that any notice or other action or omission is required to be taken by a Party
under this Agreement on a day that is not a business day then such notice or other action or omission shall be deemed to be required
to be taken on the next occurring business day.

 

11.14     
Counterparts. This Agreement may be executed in two or more counterparts by original signature, facsimile or PDF files,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK}

 

    32

     

    

 

IN WITNESS WHEREOF,
the Parties intending to be bound have caused this Collaboration and License Agreement to be executed by their duly authorized
representatives as of the Effective Date.

 

 

	PH Pharma, Inc.	Immunome, Inc.

 

	By:	/s/ Hoyoung Huh	 	By:	/s/ Purnanand Sarma
	Name:   	Hoyoung Huh, MD PhD	 	Name:  	 Purnanand Sarma, PhD
	Title:	CEO	 	Title:	CEO 

 

     

     

    

  

LIST OF EXHIBITS

 

Exhibit A:       pH Pharma
Patents 

Exhibit B:       Initial Research
Plan 

Exhibit C:       Press Release

 

     

     

    

 

 

EXHIBIT A

 

pH Pharma Patent

 

[***]

 

     

     

    

 

EXHIBIT B

 

Research Plan #001

 

[***]

 

     

     

    

 

EXHIBIT C

 

Initial Press Release

 

pH Pharma and Immunome Enter into Collaboration
and License Agreement to Develop and

Commercialize Multiple Novel Antibody-Drug Conjugates in Oncology

 

Companies to Collaborate on the Discovery
of Multiple Novel Antibody-Drug Conjugates (ADCs) that Combine Immunome’s Proprietary Antibodies with pH Pharma’s
Novel Toxin Payloads

 

Either Company Eligible to Receive up
to $100 Million Per Product in Clinical, Regulatory and Commercial Milestones Plus Royalties on Sales

 

Exton, PA, Menlo Park, CA, and Seoul,
South Korea October XX, 2019 — pH Pharma Co. Ltd., a clinical-stage biopharmaceutical company advancing a diverse pipeline
which includes therapeutic candidates for oncology, ophthalmology, and NASH, and Immunome, Inc., a biotechnology company developing
first-in-class antibodies as cancer therapeutics by harnessing the human immune response, today announced the companies have entered
into a collaboration and license agreement to discover unique antibody-drug conjugates (ADCs) against multiple oncology targets.

 

Under the terms of the agreement, Immunome
will conduct the initial antibody discovery and prioritization work with its proprietary platform. pH Pharma will conjugate the
antibody candidates to its proprietary ADC payloads and test the ADC candidates for efficacy and safety.

 

“By combining Immunome’s ability
to simultaneously identify novel targets, and first-in-class human antibodies that work against them, with pH Pharma’s capabilities
in toxin payloads, there is tremendous potential to yield truly new and highly differentiated ADCs,” said Purnanand Sarma,
Ph.D., chief executive officer of Immunome. “pH Pharma’s innovative payloads act via a novel mechanism, and the resulting
ADCs are expected to improve the potency of a subset of Immunome antibodies against a wide variety of cancer types.”

 

Hoyoung Huh, M.D. Ph.D., chief executive
officer at pH Pharma said, “This partnership offers a truly unique opportunity to bring together two proprietary platform
technologies in order to create beneficial medicines for cancer patients. The Immunome platform represents an innovative approach
to identify targets and antibodies in the immune repertoire of cancer patients that specifically contribute to positive health
outcomes. Research collaborations such as this provide important validation of pH Pharma’s payload and ADC capabilities,
and are an important part of our strategy for building a leading global healthcare company,”

 

The agreement terms state that pH Pharma
will have the right to develop and commercialize the first development candidate generated in the collaboration, with a selection
process to determine rights to subsequent candidates. The company that develops and commercializes the candidate(s) will pay certain
development, regulatory and commercial milestones to the other company worth up to $100 million for each product, with the potential
for multiple candidates to be developed and commercialized. Royalties on net sales will be paid to the party that does not have
commercial rights. Both parties will share in any revenue realized through sublicensing to third parties.

 

     

     

    

 

About Immunome

 

Immunome is developing first-in-class
cancer therapies by unlocking the tumor-educated B cell response from patients. its proprietary discovery engine identifies antibody-target
pairs by interrogating the patient response with unparalleled depth, breadth, and speed. Using this rich source of antibody-target
pairs, Immunome is developing new cancer therapies and expiating vast, untapped areas of cancer biology. For more information
about the company, visit http://immunome.corn.

 

About pH Pharma

 

pH Pharma Co. Ltd. is a clinical-stage
biopharmaceutical company focused on developing innovative healthcare products for unmet clinical and patient needs. The company
aims to create a leading healthcare platform company in Seoul and Silicon Valley with expertise in developing innovative products.
pH Pharma is dedicated to develop first-in-class/best-in-class therapeutic agents for the aging population and unmet markets.
Its most advanced product candidate, PHP-201 is a Rho kinase inhibitor for the treatment of normal tension glaucoma (NTG), while
a second, Phase 2-ready product candidate is a novel neutrophil elastase inhibitor being evaluated for the potential treatment
of non-alcoholic steatohepatitis (NASH) plus rare genetic diseases, pH’s oncology efforts are focused on its Torpedo portfolio
of novel toxin payloads for antibody-drug conjugates for the treatment of multiple tumor types. Owing to their novel mechanism
of action — modulation of the mammalian spliceosome - the most advanced candidates from the payload program have the potential
to be first- and best-in-class ADC payloads, with the potential for synergy in combination with checkpoint inhibitors due to the
formation of neoepitopes. For more information about the company, visit http://ph-pharma.com.

 

Contacts

 

For pH Pharma:

Andrew McCandlish

Head of US Business Development

bd@ph-pharma.com

 

For Immunome:

Purnanand Sarma

President and CEO

Immunome, Inc.

investors@immunome.com

 

Immunome Media Contact:

Sara Zelkovic

LifeSci Public Relations

646-876-4933

sara@lifescipublicrelations.com

  

     

     

    

 

AMENDMENT
TO

 

COLLABORATION
AND LICENSE AGREEMENT

 

 

THIS AMENDMENT TO
COLLABORATION AND LICENSE AGREEMENT (this “Amendment”) is executed as of August 13, 2020, between pH Pharma
Co Ltd. (“PHP”) and Immunome, Inc. (“Immunome”).

 

Background:

 

PHP and Immunome are
parties to a certain Collaboration and License Agreement dated as of October 15, 2019 (the “Agreement”). The
parties are entering into this Amendment to extend the term of the Agreement.

 

Terms:

 

NOW, THEREFORE, in
consideration of the premises and covenants set forth herein, and intending to be legally bound hereby, the parties hereto agree
as follows:

 

1.       Amendment
to Section 2.2. Section 2.2 is hereby amended and restated in its entirety so as to read as follows:

 

“Research
Term. The term of the Research Collaboration (“Research Term”) shall be period of time from the Effective
Date until January 31, 2021. and may be extended (a) by mutual agreement of the Parties; or (b) automatically if an NHP Tox Study
is ongoing or has been authorized in writing by the JRC, until the conclusion of such NHP Tox Study, but in the event of (b),
such extension shall apply only with respect to the ADC being studied in such NHP Tox Study.”

 

2.       Effect
of Amendment. The parties acknowledge and agree that all of the terms, provisions, covenants and conditions of the Agreement
shall hereafter continue in full force and effect in accordance with the terms thereof, except to the extent expressly modified,
amended or revised herein; provided, however, that if any term or provision of this Amendment shall conflict with or otherwise
be inconsistent with any term or provision of the Agreement, the terms and provisions of this Amendment shall prevail.

 

3.       Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of State of New York without reference
to any rules of conflict of laws that may require the application of the laws of a different jurisdiction.

 

4.       Counterparts;
Electronic Transmission. This Agreement may be executed in two or more counterparts by original signature, facsimile or PDF
files, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

     

     

    

 

IN WITNESS WHE REOF,
the parties have caused this Second Amendment to be duly executed and delivered as of the day and year first above written.

 

	 	IMMUNOME, INC.

 

	 	By:	/s/ Purnanand D. Sarma
	 	 	Name: Purnanand D. Sarma
	 	 	Title: President & CEO

  

	 	PH PHARMA CO LTD.

 

	 	By:	/s/
    Joe Sik Kim
	 	 	Name: Joe Sik Kim
	 	 	Title: CEOExhibit 10.18

 

CERTAIN CONFIDENTIAL
INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IMMUNOME, INC. HAS DETERMINED THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO IMMUNOME, INC. IF PUBLICLY DISCLOSED.

 

OTHER TRANSACTION AUTHORITY FOR PROTOTYPE

AGREEMENT BETWEEN

 

Immunome Inc. (Awardee)

665 Stockton Dr Ste 300

Exton, PA 19341-1139

DUNS: 801388013

CAGE Code: 4U3X6

And

NATICK CONTRACTING DIVISION (Government)

110 Thomas Johnson Dr.

Frederick, MD 21702

 

Effective Date:

 

Agreement No.: W911QY-20-9-0019

 

Total Amount of the Agreement: $13,300,971.00

 

	Awardee	 	Government
	 	 	 
	/s/ Purnanand D. Sarma	 	/s/ [***]
	 	 	 
	Signature	 	Signature
	 	 	 
	Purnanand D. Sarma	 	[***]       
	 	 	 
	Printed Name	 	Printed Name
	 	 	 
	President & CEO	 	Agreements Officer
	 	 	 
	Title	 	Title
	 	 	 
	03 July 2020	 	3 July 2020
	 	 	 
	Date	 	Date

 

    1

     

    

 

This Other Transaction Authority for Prototype Agreement is
entered into between the United States of America, hereinafter called the “Government”, pursuant to and under U.S.
Federal law, and Immunome Inc. a small business, non-traditional defense contractor, hereinafter called the “Awardee”.
The United States of America and Awardee are sometimes referred to herein individually as a “Party” and collectively
as the “Parties.”

 

WHEREAS, the Awardee is eligible for an Other Transaction Authority
for Prototype Agreement in accordance with 10 USC § 2371b(d)(1)(A) as amended by the National Defense Authorization Act for
Fiscal Year 2018 as they are non-traditional defense contractor, as confirmed by their attestation;

 

WHEREAS, in accordance with 10 U.S.C. 2371b, The Department
of Defense currently has authority to award “other transactions” (OTs) in certain circumstances for prototype projects
that are directly relevant to enhancing the mission effectiveness of military personnel and the supporting platforms, systems,
components, or materials proposed to be acquired or developed by the Department of Defense, or to improvement of platforms, systems,
components, or materials in use by the Armed Forces. To the maximum extent practicable, competitive procedures shall be used when
entering into agreements to carry out projects under subsection (a);

 

WHEREAS, a prototype can generally be described as a proof of
concept, model, reverse engineering to address obsolescence, pilot, novel application of commercial technologies for defense purposes,
agile development activity, creation, design, development, demonstration of technical or operational utility, or combinations of
the foregoing;

 

WHEREAS, this Agreement meets the criteria for a prototype project;

 

NOW THEREFORE, the Parties have agreed as follows:

 

ARTICLE 1. Scope.

 

A. This Other Transaction Authority for Prototypes Agreement
(the “Agreement”) is entered into between the Government and the Awardee on the Effective Date set forth above. For
the avoidance of doubt, this Agreement is entered into pursuant to 10U.S.C. § 2371b and is not a procurement contract governed
by the Federal Acquisition Regulation (FAR), a grant, or cooperative agreement. The FAR and the Defense Federal Acquisition Regulation
Supplement (DFARS) apply only as specifically referenced herein. This Agreement is not intended to be, nor will it be construed
as, forming, by implication or otherwise, a partnership, a corporation, or other business organization. This Agreement is not subject
to the Bayh-Dole Act, 35 U.S.C. §§ 200- 12.

 

    2

     

    

 

B. The Parties agree that the ultimate purpose of this
Agreement is for the research and development of a standardized and scalable biosynthetic convalescent plasma (IMM-BCP-001)
comprised of four— six recombinant monoclonal neutralizing antibodies designed to be an “off-the-shelf’
analog of convalescent plasma that can be used in both treatment and prophylactic settings, (hereinafter referred to as the
 “Prototype Project”) . The objectives include; management/administrative activities, non-clinical, clinical, and
manufacturing development activities that fall into the following areas: clinical activities, manufacturing activities, and
all associated regulatory, quality assurance, management, and administrative activities. The Awardee shall develop the
Prototype as described in the Awardee’s Statement of Work (SOW), which is incorporated herein and attached hereto as
Appendix A.

 

C. The prototype will be deemed successful where the Awardee’s
efforts meet the key technical requirements and execution of the identified objectives, listed in the SOW (defined below). Follow
on production pursuant to 10 USC 2371b is anticipated for a quantity up to [***] executed under a separate agreement or contract.

 

ARTICLE 2. Term and Termination.

 

A. Term: The Term of this Agreement commences upon the Effective
Date and extends through final payment. This Agreement is anticipated to end [***] after the Effective Date, subject to completion
of the Prototype Project. A transaction for the Prototype Project is complete upon the written determination of the appropriate
official for the matter in question that efforts conducted under a Prototype OT: (1) met the key technical goals of a project or
(2) accomplished a particularly favorable or unexpected result that justifies the completion of the prototype.

 

B. Termination for Convenience: The Government may terminate
this Agreement for any or no reason by providing at least [***] prior written notice to the Awardee. The Government and Awardee
will negotiate in good faith a reasonable and timely adjustment of all outstanding issues between the Parties as a result of termination
by the Government for convenience, consistent with the terms of this Agreement. Settlement of costs shall be determined on the
basis of the FAR 52.249-6(h).

 

C. Termination for Cause: If the Awardee materially fails to
comply with the provisions of this Agreement, the Other Transaction Agreement Officer (OTAO), after issuance of a cure notice and
failure of the Awardee to cure the defect (i) within [***] (if defect cannot be cured within [***], take reasonable action to cure
within [***]), or (ii) [***], whichever is longer; the Government may take one or more of the following actions as appropriate:

 

(i) temporarily withhold payments pending correction
of the deficiency,

(ii) disallow all or part of the cost of the activity
or action not in compliance,

(iii) wholly or partly suspend or terminate
this Agreement,

(iv) withhold further funding,

(v) require Awardee to pay repurchase
costs as defined in Article 2C1, Repurchase Against Contractors Account, or

(vi) take any other legally available remedies.

 

    3

     

    

 

For the avoidance of doubt, Awardee is not in breach of this
Agreement for the failure of Awardee to produce a successful Prototype provided Awardee complies with the other provisions of this
Agreement.

 

1. Repurchase Against Awardee’s Account.

 

a. When the Prototype is still required after termination
due to Awardee’s failure to perform after it has taken all reasonable actions to complete the prototype, breach as provided
above, the OTAO shall repurchase (purchase the remaining unfulfilled quantity) the same or a similar prototype against Awardee’s
account as soon as practicable. The OTAO shall repurchase at as reasonable a price as practicable, considering the quality and
delivery requirements. The OTAO may repurchase a quantity in excess of the undelivered quantity terminated for cause when the excess
quantity is needed, but excess cost may not be charged against the Awardee for more than the undelivered quantity terminated for
cause (including variations in quantity). The OTAO will make a decision whether or not to repurchase before issuing the termination
notice.

 

b. If repurchase is made at a price over the price of
the Prototype terminated, the OTAO shall, after completion and final payment of the repurchase contract or agreement, make written
demand on the Awardee for the total amount of the excess, giving consideration to any increases or decreases in other costs such
as transportation, discounts, etc. If the Awardee fails to make payment, the OTAO shall follow the procedures in FAR subpart 32.6
for collecting contract debts due the Government.

 

D. If this Agreement is terminated for Cause, Awardee will grant
the Government a non-exclusive, paid up, perpetual license to the patents filed on the OTA Inventions and documentation necessary
for the purpose of developing the Prototype. For the avoidance of doubt, “Cause” shall not include the failure of Awardee
to produce a successful Prototype provided Awardee complies with the other provisions of this Agreement. The terms of this Article
2.0 and the obligations herein will be included in any exclusive license given by the Awardee to a third party for any intellectual
property covered by this Agreement, on terms to be agreed between Awardee and such third party. This clause will survive the acquisition
or merger of the Awardee by or with a third party.

 

Notwithstanding this Article 2.C, the Government’s rights
and Awardee’s obligations under this paragraph will cease to exist if the Government terminates this Agreement for any reason
other than for Awardee’s failure to materially comply with the terms of this Agreement.

 

D. Survival: In the event of Termination, all rights,
obligations, and duties hereunder, which by their nature or by their express terms extend beyond the expiration or
termination of this Agreement, including but not limited to warranties, indemnifications, intellectual property (including
rights to and protection of Intellectual Property and Proprietary Information), and product support obligations shall survive
the expiration or termination of this Agreement.

 

    4

     

    

 

ARTICLE 3. Project Management.

 

A. Program Governance: The Awardee is responsible for the overall
management of the project development program and related program decisions. The Government will have continuous involvement with
the Awardee. The Awardee shall provide access to project results in accordance with the Awardee’s Project Timeline located
in Appendix A.

 

B. Project Managers: The Awardee and the Government will each
designate a Project Manager responsible for facilitating the communications, reporting, and meetings between the Parties. Each
Party will also designate an alternate to the Project Manager, in case the primary Project Manager is unavailable. See Project
Manager/Alternate Project Manager point of contact information for each respective party below:

 

Awardee Project Managers

 

	Primary Project Manager:	Alternate Project Manager:
	[***]	[***]
	[***]	[***]
	[***]	[***]

 

Government Project Managers (GPM)

 

	Primary Project Manager:	[***]:
	[***]	[***]
	[***]	[***]
	[***]	[***]

 

C. Key Personnel: The Awardee’s organization shall be
established with authority to effectively develop the Prototype. This organization shall become effective upon execution of this
Agreement and its integrity shall be maintained until completion or acceptance of the effort by the Government. The key personnel
listed in Appendix C are considered to be critical to the successful performance of this Agreement. Prior to replacing these key
personnel, the Awardee shall provide written notification to the OTAO. The Awardee shall demonstrate that the qualifications of
the proposed substitute personnel are generally equivalent to or better than the qualifications of the personnel being replaced.

 

D. Subaward Approval: Modifications to subawards and/or
new subcontracts under this Agreement that could reasonably impact the technical approach proposed and accepted by the
Government require the approval of the OTAO prior to being executed.

 

    5

     

    

 

E. The OTAO has assigned an Agreements Officer’s Representative
(AOR) for this agreement. The Awardee will receive a copy of the written designation outlining the roles and responsibilities of
the AOR and specifying the extent of the AOR’s authority to act on behalf of the OTAO. The AOR is not authorized to make
any commitments or changes that will affect price, quality, quantity, delivery, or any other term or condition of the contract.

 

ARTICLE 4. Agreement Administration.

 

In no event shall any understanding or agreement, modification,
change order, or other matter in deviation from the terms of this Agreement between the Awardee and a person other than the OTAO
be effective or binding upon the Government. All such actions must be formalized by a proper contractual document executed by the
OTAO.

 

Government Representatives:

Other Transaction Agreements Officer (OTAO)

[***]

 

Other Transaction Agreement Specialist (OTAS)

[***]

 

Agreements Officer Representative (AOR):

[***]

 

Awardee Representatives:

 

[***]

665 Stockton Drive, Suite

300, Exton, PA 19341

[***]

[***]

 

ARTICLE 5. Performance Objectives and Changes.

 

A. Statement of Work (SOW): The SOW, Appendix A, describes the
scope of activities that will be undertaken by the Awardee to achieve the objective.

 

    6

     

    

 

B. Recommendations for Modifications: At any time during the
term of this Agreement, progress or results may indicate that a change in the SOW would be beneficial to the project objectives.
Recommendations for modifications, including justifications to support any changes to the SOW, will be documented in a letter and
submitted by Awardee to the GPM with a copy to the OTAO. This letter will detail the technical, chronological and financial impact,
if any, of the proposed modification to the project. Any resultant modification is subject to the mutual agreement of the Parties.
The Government is not obligated to pay for additional or revised costs unless and until this Agreement is formally revised by the
OTAO and made part of this Agreement. Any modification to this Agreement to account for recommended changes in the SOW or Payable
Milestones will be considered a supplemental agreement.

 

C. Review of Recommendations: The OTAO will be responsible for
the review and verification of any recommendations to revise or otherwise modify the Agreement, the SOW, the milestone payments,
or other proposed changes to the terms and conditions of this Agreement.

 

D. Minor Modifications: The Government may make minor or administrative
Agreement modifications unilaterally (e.g., changes in the paying office or appropriation data, changes to Awardee personnel proposed
by Awardee, etc.).

 

E. Amending the Agreement: The Government will be responsible
for effecting all modifications to this Agreement, with the concurrence of the Awardee for modifications that are not minor or
administrative. Administrative and material matters under this Agreement will be referred to OTAO.

 

F. Modification Communications: No other communications, whether
oral or in writing, that purport to change this Agreement are valid.

 

G. Government Property: If applicable, terms and conditions
applicable to Government Property shall be incorporated through Appendix D.

 

E. Disputes: For any disagreement, claim, or dispute arising
under this Agreement, the parties shall communicate with one another in good faith and in a timely and cooperative manner. Whenever
disputes, disagreements, or misunderstandings arise, the parties shall attempt to resolve the issue by discussion and mutual agreement
as soon as practicable. Failing resolution by mutual agreement, the aggrieved party shall request a resolution in writing from
the OTAO. The OTAO will review the matter and render a decision in writing within [***]. Thereafter, either party may pursue any
right or remedy provided by law in a court of competent jurisdiction as authorized by 28 U.S.C. 1491. Alternately, the parties
may agree by mutual consent to explore and establish and Alternate Disputes Resolution procedure to resolve this dispute. The Awardee
shall proceed diligently with performance under this agreement pending resolution of the dispute.

 

    7

     

    

 

ARTICLE 6. Inspection/Acceptance

 

A. Inspection: The Government has the right to inspect and test
all work called for by this Agreement, to the extent practicable at all places and times, including the period of performance,
and in any event before acceptance. The Government may also inspect the premises of the Awardee engaged in Agreement performance.
The Government shall perform inspections and tests in a manner that will not unduly delay the work. If the Government performs
any inspection or test on the premises of the Awardee, the Awardee shall furnish, at no increase in Agreement price, all reasonable
facilities and assistance for the safe and convenient performance of these duties. Except as otherwise provided in the Agreement,
the Government shall bear the expense of Government inspections or tests made at other than the Awardee’s premises.

 

B. The Government shall inspect/accept or reject the work ,
as promptly as practicable after completion/delivery, unless otherwise specified in the Agreement. Government failure to inspect
and accept or reject the work shall not relieve the Awardee from responsibility, nor impose liability on the Government, for nonconforming
work. Work is nonconforming when it is defective in material or workmanship or is otherwise not in conformity with Agreement requirements.
The Government has the right to reject nonconforming work. Inspection/Acceptance of the Prototype performed should not exceed [***]
after completion.

 

ARTICLE 7. Financial Matters

 

A. This Agreement is an expenditure type Other Transaction
Authority agreement. The payments provided under this Agreement are intended to compensate the Awardee on a cost basis for performance
under this Agreement. The Awardee shall provide its commercially reasonable efforts to complete a Prototype Project based on the
estimated cost. Payments are based on amounts generated from the Awardee’s financial or cost records.

 

B. Payment. Payments are based on amounts generated from the
Awardee’s financial or cost records. The Awardee shall be reimbursed for each element identified in the awarded cost proposal,
executed and accomplished in accordance with the performance schedule set forth in Appendix B. The schedule is predicated upon
the Government’s fiscal year, which begins on October 1 of each year, and ends on September 30 of the subsequent calendar
year.

 

C. Obligation. Under no circumstances shall the Government’s
financial obligation exceed the amount obligated in this Agreement or by amendment to the Agreement. The amount of Government funds
obligated by this Agreement and available for payment is set forth in the supplemental PD2 version of the agreement, and any subsequent
modifications. The Government may incrementally fund this agreement.

 

    8

     

    

 

D. The Government is not obligated to provide payment to the
Awardee for amounts in excess of the amount of obligated funds allotted by the Government.

 

E.. The Government shall pay the Awardee, upon submission of
proper invoices, the costs stipulated in Article 7B of this Agreement, less any deductions provided in this Agreement. Payments
will be made within thirty [***] of receipt of a request for payment.

 

F. Prior written approval by the OTAO, or the AOR, is required
for all travel directly and identifiably funded by the Government under this agreement. The Awardee shall present to the OTAO or
AOR, an itinerary for each planned trip, showing the name of the traveler, purpose of the trip, origin/destination, dates of travel,
and estimated cost broken down by line item as far in advanced of the proposed travel as possible, but no less than [***] before
travel is planned to commence. In the event that emergency travel is required (e.g. in the event of an outbreak) that would make
[***] notice impractical, travel requests may be submitted to the Government for an expedited review. Emergency travel requests
shall be labelled as such and shall include a brief summary of the emergency situation and rationale for expedited review.

 

G. WIDE AREA WORKFLOW PAYMENT INSTRUCTIONS

 

(a) Definitions. As used in this clause--

 

Department of Defense Activity Address Code (DoDAAC)
is a six position code that uniquely identifies a unit, activity, or organization.

 

Document type means the type of payment request
or receiving report available for creation in Wide Area WorkFlow (WAWF).

 

Local processing office (LPO) is the office responsible
for payment certification when payment certification is done external to the entitlement system.

 

(b) Electronic invoicing. The WAWF system is the method to
electronically process vendor payment requests and receiving reports, as authorized by DFARS 252.232- 7003, Electronic Submission
of Payment Requests and Receiving Reports.

 

(c) WAWF access. To access WAWF, the Awardee shall
(i) have a designated electronic business point of contact in the System for Award Management at
https://www.acquisition.gov; and (ii) be registered to use WAWF at https://wawf.eb.mil/ following the step-by-step procedures
for self-registration available at this website.

 

    9

     

    

 

(d) WAWF training. The Awardee should follow the
training instructions of the WAWF Web-Based Training Course and use the Practice Training Site before submitting payment requests
through WAWF. Both can be accessed by selecting the “Web Based Training” link on the WAWF home page at https://wawf.eb.mil/.

 

(e) WAWF methods of document submission. Document
submissions may be via Web entry, Electronic Data Interchange, or File Transfer Protocol.

 

(f) WAWF payment instructions. The Awardee must use
the following information when submitting payment requests and receiving reports in WAWF for this Agreement:

 

(1) Document type. The Awardee shall use the following
document type: Voucher

 

(2) Inspection/acceptance location. The Awardee
shall select the following inspection/acceptance location(s) in WAWF, as specified by the contracting officer.

 

(3) Document routing. The Awardee shall use the
information in the Routing Data Table below only to fill in applicable fields in WAWF when creating payment requests and receiving
reports in the system.

 

Routing Data Table

 

 

 

	Pay Official DoDAAC	[***]
	Issue By DoDAAC	W911QY
	Admin DoDAAC	W911QY
	Inspect By DoDAAC	[***]

 

    10

     

    

 

(4) Payment request and supporting
documentation. The Awardee shall ensure a payment request includes appropriate contract line item and subline item
descriptions of the work performed or supplies delivered, costs, fee (if applicable), and all relevant back-up documentation
in support of each payment request.

 

(5) WAWF email notifications. The Awardee shall
enter the email address identified below in the “Send Additional Email Notifications” field of WAWF once a document
is submitted in the system.

 

	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

 

    11

     

    

 

H. WAWF point of contact.

 

1. The Awardee may obtain clarification regarding invoicing
in WAWF from the following contracting activity’s WAWF point of contact.

See above.

 

2. For technical WAWF help, contact the WAWF helpdesk at 866-618-5988.

(End of Clause)

 

H. Comptroller General Access to Records: To the extent that
the total Government payments under this Agreement exceed [***], the Comptroller General, at its discretion, shall have access
to and the right to examine records of any Party to the Agreement or any entity that participates in the performance of this Agreement
that directly pertain to, and involve transactions relating to, the Agreement for a period of [***] after final payment is made.
This requirement shall not apply with respect to any Party to this Agreement or any entity that participates in the performance
of the Agreement, or any subordinate element of such Party or entity, that has not entered into any other agreement (contract,
grant, cooperative agreement, or “other transaction”) that provides for audit access by a government entity in the
year prior to the date of this Agreement. This paragraph only applies to any record that is created or maintained in the ordinary
course of business or pursuant to a provision of law. The terms of this paragraph shall be included in all sub-agreements to the
Agreement other than sub-agreements with a component of the U.S. Government. The Comptroller General may not examine records pursuant
to a clause included in an agreement more than [***] after the final payment is made by the United States under the agreement.

 

ARTICLE 8. Report and Data Requirements

 

1. Weekly Teleconferences and Communication

 

Awardee shall conduct weekly teleconferences with the Government
throughout the performance of the Agreement to discuss tasks accomplished and direction for the upcoming tasks. Awardee shall provide
agendas and read-ahead material as required [***] prior to the meetings and shall provide minutes of each meeting to the Government.
Awardee shall include key subcontractors as attendees at these teleconferences when applicable. The Awardee shall provide meeting
minutes within [***] after each formal scheduled meeting/teleconference conducted with JPEO CDP

 

    12

     

    

 

2. Quarterly Progress Reports

 

The Awardee shall submit a Quarterly Progress report
within [***] after the end of each quarter of performance. The Quarterly Progress report shall contain the technical progress
made during the previous quarter and the updated resource loaded Integrated Master Schedule (IMS) in Microsoft Project
format. The schedule update shall include the explanation for any changes in the schedule, and drivers for the changes, as
applicable. The report should also address any concerns that would impact the performance, schedule, or cost planned for the
effort. The Awardee shall report risk matrix format to include risk mitigation strategies. Note: Any identified changes
require formal notification to the OTAO in accordance with the Agreement provisions.

 

In addition, the Quarterly Progress Report shall contain regular
status updates of all Intellectual Property (IP) license(s) related to the effort to ensure that all license(s) are in good standing
as the project progresses. In the event of any change in IP license(s) status or potentially imminent change in status, the Awardee
shall immediately contact the OTA and GPM in writing.

 

The Government will have [***] to respond to the report with
any comments and the Awardee will have an additional [***] to revise the report or respond to those comments.

 

3. Quarterly Financial Status Report

 

The Awardee shall submit a Quarterly Financial Status Report
no later than [***] after the end of each quarter of performance. The Government will have [***] to respond to the report with
any comments and the Awardee will have an additional [***] to revise the report or respond to those comments. Reports will cover
work performed every [***] for the duration of the Period of Performance (PoP).

 

In addition, the Quarterly Financial Status Report shall include
quarterly expenditure forecasts with both the quarterly planned accrual and the cumulative total. Expenditure forecast submissions
shall include analysis of the cost drivers for Estimate to Complete changes, if any, from the previous projection. The Awardee
shall provide all submissions in Excel format, including all formulas.

 

4. Expenditure Forecasts

 

The Awardee shall submit the first expenditure forecast within
[***] after [***]. [***] forecast submissions shall include analysis of the cost drivers for Estimate to Complete changes, if any,
from the previous projection. The Awardee shall provide all submissions in Excel format, including all formulas.

 

    13

     

    

 

5. Final report

 

A Final Report shall be prepared at the end of the effort by
the Awardee. The Final Report shall narrate a complete summary of the project execution and associated results obtained. The narration
will include outstanding problems and their potential solutions, problems solved during the course of the agreement, and the solutions
to the solved problems. The Final Report shall demonstrate how the prototype was developed and advanced.

 

The Awardee shall submit a Draft Final Report by the [***] following
the end of the project. The Government shall provide comments to the Awardee by the [***] following receipt of the Awardee’s
Draft Final Report. The Awardee shall submit the Final Report on the [***] after receipt.

 

6. Ad Hoc Meetings

 

In addition to the monthly meetings and written quarterly program
updates, additional ad hoc meetings to address specific issues or to convey time-sensitive updates or scientific data related to
the program will be held.

 

7. Patents - Reporting of OTA Invention: The Awardee shall report
any OTA Inventions in accordance with the terms and conditions of this Other Transaction Agreement (OTA).

 

8. Regulatory Documentation and Technical Data Packages

 

The Awardee shall work in consultation with the Government Regulatory
and Quality Affairs staff for the development of all regulatory submission packages to the FDA and include Government Regulatory
and Quality Affairs staff in all formal discussions with the FDA. The Awardee shall provide the Government copies of all technical
data generated by the Awardee prior to and during performance of the project, necessary to pursue FDA approval and notify the Government
of FDA decisions as these take place.

 

If applicable, the Awardee shall prepare an IND
application in the Electronic Common Technical Document (eCTD) format for submission to the FDA and the Government. The
awardee shall submit all pre-IND and IND, pre-EUA, and/or BLA report submissions to the AOR for review. The Awardee will take
into consideration the comments timely provided by the AOR and provide the final document being sent to FDA to the AOR. The
Awardee shall provide all written communications to and/or from the FDA directly related to the project to the Government as
it takes place. The Awardee shall provide to the AOR all email traffic to the FDA regarding matters directly related to the
project and will forward all emails received from the FDA regarding matters material directly related to the project to the
AOR. The Awardee will allow a minimum of 2 government representatives to any meeting with the FDA. Meeting minutes will be
forwarded to the AOR within [***] of the meeting or teleconference.

 

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All documentation submitted to the government must have quality
oversight from an independent quality group not reporting to the executing management group (for example; clinical trials group,
data management group, etc).

 

9. Miscellaneous Data Submissions

 

If applicable, the Awardee must submit to the Government all
Point Papers, Briefings, Technical Performance Plans , Program Development Plans (PDP), target product profile (TPP), Regulatory
Strategy, Technology Transfer Report and Gap Analysis, Formulation Development, Feasibility and Optimization Reports, United States
Army Medical Research and Material Command Animal Care and Use Review Office (USAMRMC ACURO) Approvals, Human Resources Operations
Branch (HROB) Approvals, Technical Presentations and Publications, and any formal technical reports that have been prepared for
eventual submission to FDA or other regulatory agencies. Examples include the following reports related to: pharmaceutical development,
manufacturing development, manufacturing validation, completed batch records, certificates of analysis, analytical development
and validation, drug substance and product stability, nonclinical testing, and clinical testing.

 

Examples include clinical performance and clinical quality documentation.

 

10. Work Breakdown Structure (“WBS”)

Three-level WBS with costs and schedule (top level is program, level two (2) is phase, level three (3) are major tasks). For WBS
level two (2), show breakdown for labor, material, and other indirect costs.

 

WBS shall be updated annually or [***] after a Statement of
Work modification. Government review/approval is [***] after receipt of first submittal. Provide changes to draft within [***]
of such request. Provide final document within [***] after approval of changes is received.

 

11. Integrated Master Schedule

The Awardee shall provide within [***] after project award an IMS in Microsoft Project format. Any updates to the IMS shall be
included in the quarterly progress reports.

 

Submission shall be [***] after the end of each month of performance.
The Government will have [***] to respond to the report with any comments and the performer will have an additional [***] to revise
the schedule or respond to those comments.

 

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12. Incident Report,

 

The Awardee shall report any incident to the Government that
could result in more than a [***]. Telephonically contact the GPM within [***] of incident. A written summary report shall be submitted
within [***] of an incident, to include, what happened, what was the impact, if there are any available corrective actions and
a time line for when the corrective actions would be in place.

 

13. Quality Agreement.

 

The Awardee shall submit a quality agreement(s) within [***]
of award for Government review. Upon acceptance the agreement(s) is to be executed by both parties. This document must flow down
to all subawards.

 

ARTICLE 9. Most Favored Customer

 

A. Awardee agrees that it shall not offer, sell or otherwise
provide the production model of the Prototype to any entity at a price lower than that offered to the DoD. In the event that Awardee
sells the production model of the Prototype at a lower unit price than that price sold to the DoD, Awardee shall immediately notify
the OTAO in writing of the lower price. For prior purchases, the Awardee shall reimburse the DoD, the difference between the lower
price sold to the other customer(s) and the price sold to the DoD multiplied by the number of items sold. Such reimbursement shall
occur within [***] of the Awardee discovering that the lower price was given to another customer. Notwithstanding the foregoing,
the parties may agree to apply the difference in price paid by the other customer(s) and DoD into additional quantities required
by the DoD.

 

B. If Awardee develops a like product (commercialized version
or derivative of the production model of the Prototype) with similar capability and intended application, but at a lower unit price
(“Like Product”) regardless of quantity, Awardee shall make the DoD aware of that similar product and the technical
and price differences between that product and the Prototype. Such notification shall be made to the OTAO in writing, of which
email is an acceptable form, within [***] of such offering. Awardee agrees that no entity shall receive a lower price for any Like
Product than the DoD for like purchase quantities.

 

ARTICLE 10. Confidential Information

 

A. Definitions

 

(1) “Disclosing Party” means the Government or the
Awardee who discloses Confidential Information as contemplated by the subsequent Paragraphs.

 

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(2) “Receiving Party” means Government or the Awardee
who receives Confidential Information disclosed by a Disclosing Party.

 

(3) “Confidential Information” means information
and materials of a Disclosing Party which are designated as confidential or as a Trade Secret in writing by such Disclosing Party,
whether by letter or by use of an appropriate stamp or legend, prior to or at the same time any such information or materials are
disclosed by such Disclosing Party to the Receiving Party. Notwithstanding the foregoing, materials and other information which
are orally, visually, or electronically disclosed by a Disclosing Party, or are disclosed in writing without an appropriate letter,
stamp, or legend, shall constitute Confidential Information or a Trade Secret (as defined below) if such Disclosing Party, within
[***] the material or information and indicating that it is confidential or a Trade Secret, provided that any disclosure of information
by the Receiving Party prior to receipt of such notice shall not constitute a breach by the Receiving Party of its obligations
under this Paragraph. “Confidential Information” includes any information and materials considered a Trade Secret by
the Awardee. “Trade Secret” means all forms and types of financial, business, scientific, technical, economic, or engineering
or otherwise proprietary information, including, but not limited to, patterns, plans, compilations, program devices, formulas,
designs, prototypes, methods, techniques, processes, procedures, programs, or codes, whether tangible or intangible, and whether
or how stored, compiled, or memorialized physically, electronically, graphically, photographically, or in writing if—

 

(a) The Disclosing Party thereof has taken reasonable measures
to keep such information secret; and

 

(b) The information derives independent economic value, actual
or potential, from not being generally known to, and not being readily ascertainable through proper means by, the public.

 

B. Exchange of Information: The Government shall not be obligated
to transfer Confidential Information independently developed by or on behalf of the Government absent an express written agreement
between the Parties involved in the exchange providing the terms and conditions for such disclosure.

 

C. Authorized Disclosure: The Receiving Party agrees, to the
extent permitted by law, that Confidential Information shall remain the property of the Disclosing Party (no one shall disclose
unless they have the right to do so), and that, unless otherwise agreed to by the Disclosing Party, Confidential Information shall
not be disclosed, divulged, or otherwise communicated by it to third parties, nor shall any Confidential Information be used by
it for any purposes other than in connection with specified project efforts hereunder and the licenses granted in Article 11,
Intellectual Property Rights, and Article 12, Data Rights; provided that the duty to protect such “Confidential Information”
and “Trade Secrets” shall not extend to materials or information that:

 

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(a) Are received or become available without restriction to
the Receiving Party under a proper, separate agreement,

 

(b) Are not identified with a suitable notice or legend per
Article 12 entitled “Confidential Information” herein,

 

(c) Are lawfully in possession of the Receiving Party without
such restriction to the Receiving Party at the time of disclosure thereof as demonstrated by prior written records,

 

(d) Are or later become part of the public domain through no
fault of the Receiving Party,

 

(e) Are received by the Receiving Party from a third party having
no obligation of confidentiality to the Disclosing Party that made the disclosure,

 

(f) Are developed independently by the Receiving Party without
use of Confidential Information as evidenced by written records,

 

(g) Are required by law or regulation to be disclosed; provided,
however, that the Receiving Party has provided written notice to the Disclosing Party promptly so as to enable such Disclosing
Party to seek a protective order or otherwise prevent disclosure of such information.

 

D. Return of Proprietary Information: Upon the request of the
Disclosing Party, the Receiving Party shall promptly return all copies and other tangible manifestations of the Confidential Information
disclosed. As used in this section, tangible manifestations include human readable media as well as magnetic and digital storage
media.

 

E. Term: The obligations of the Receiving Party under this Article
shall continue for a period of seven (7) years from conveyance of the Confidential Information

 

F. The Government shall flow down the requirements of this Article
10 to their respective personnel, member entities, agents, and Awardees (including employees) at all levels, receiving such Confidential
Information under this Agreement.

 

ARTICLE 11. Intellectual Property Rights

 

A. Background IP and Materials. The Awardee and the Government
each retain any intellectual property (IP) rights to their own materials, data, technology, information, documents, or know-how—or
potential rights, such as issued patents, patent applications, invention disclosures, or other written documentation—that
exist prior to execution of this Agreement or are developed outside the scope of this Agreement (Background IP). Additionally,
during the term of this Agreement, neither Party to the Agreement will enter into an
agreement with any contract manufacturer or other third party, other than a Government-approved subawardee, whereby the third party
will obtain rights in OTA Inventions or Study Data, as those terms are defined in this Agreement, absent the mutual consent of
the Parties, such consent not to be unreasonably withheld, conditioned or delayed.

 

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B. Awardee’s Background IP. Awardee warrants that it has
filed patent application(s) or is the assignee of issued patent(s) listed below which contain claims that are related to research
contemplated under this Agreement. No license(s) to any patent applications or issued patents shall be granted under this Agreement,
and the application(s) and any continuing applications (except for continuing applications pursuant to this agreement) are specifically
excluded from the definitions of “OTA Invention” contained in this Agreement: provisional (application # 63/038,242)
on 12JUN2020 entitled SARS-CoV-2 biosynthetic convalescent plasma.

 

C. Patent Indemnity. The Awardee shall indemnify the Government
and its officers, employees and agents against liability, including costs, for actual or alleged direct or contributory infringement
of, or inducement to infringe, any United States or foreign patent, trademark or copyright, arising out of this Agreement, provided
the Awardee is reasonably notified of such claims and proceedings.

 

D. Patent Prosecution. Awardee agrees to take responsibility
for the preparation, filing, prosecution, and maintenance of any and all patents and patent applications listed as Awardee Background
IP that are relevant to the work performed under this Agreement. Awardee shall keep the Government reasonably advised on the status
of Awardee Background IP by providing an annual report on the status of Awardee Background IP. Prior to acting on a decision by
Awardee to abandon or not file in any country a patent or patent application covering an OTA Invention, which is defined below,
Awardee shall so inform the Government in a timely manner to allow Awardee to thoughtfully consider the Government’s comments
regarding such a proposed decision. Nothing in this ARTICLE shall restrict the Government in its preparation, filing, prosecution
and maintenance of a patent or patent application covering an OTA Invention solely owned by it.

 

E. Patent Enforcement. Awardee will have the first option to
enforce any patent rights covering an OTA Invention owned jointly by the Parties or solely by Awardee, at Awardee’s expense.
If Awardee chooses not to exercise this option, the Government may enforce patent rights covering a joint OTA Invention only with
Awardee’s prior written approval.

 

F. Ownership. Ownership of any invention, regardless of whether
it is not patentable, or is patentable under U.S. patent law that is conceived or first reduced to practice under this Agreement
(“OTA Invention”) will follow inventorship in accordance with U.S. patent law. The Bayh-Dole Act, 35 U.S.C. §§
200-212 does not apply to this Agreement and, as such, title to inventions will accrue to the inventor or inventor-organization.
The Parties represent and warrant that each inventor will assign his or her rights in any such inventions to his or her employing
organization. If either an Awardee employee or a Government employee makes a sole OTA Invention, the entire rights to that OTA
Invention will be respectively assigned to the Awardee or the Government. If an Awardee employee and a Government employee jointly
make an OTA invention, it will be owned jointly by the Awardee and the Government. Ownership of inventions made in whole or in
part with subawardee or collaborator employees, including employees of other components of the Government, will be determined solely
pursuant to an agreement between the Awardee and the applicable subawardee or collaborator.

 

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G. Patent Applications. The Parties will respectively have the
option to file a patent application claiming any OTA Invention made solely by their respective employees. The Parties will consult
with each other regarding the options for filing a patent application claiming a joint OTA Invention. Within [***] of being notified
of the discovery of an OTA invention or filing a patent application covering an OTA Invention, each Party will provide notice of
such discovery or filing to the other Party. The Parties will reasonably cooperate with each other in the preparation, filing,
and prosecution of any patent application claiming an OTA Invention. Any Party filing a patent application will bear expenses associated
with filing and prosecuting the application, as well as maintaining any patents that issue from the application, unless otherwise
agreed by the Parties.

 

H. Licenses. Upon the Awardee’s request, the Government
agrees to enter into good faith negotiations with the Awardee regarding the Awardee’s receipt of a nonexclusive commercialization
license covering the Government’s interest in any OTA Invention made in whole by a Government employee. Any OTA Invention
made solely by an Awardee employee is subject to a nonexclusive, nontransferable, irrevocable, paid-up license for the Government
to practice and have practiced the OTA Invention with “Unlimited rights,” as this term is defined in DFARS 252.227-7013a)(16),
as if this regulation were applicable to inventions, rather than technical data.

 

I. Executive Order No. 9424 of 18 February 1944 requires all
executive Departments and agencies of the Government to forward through appropriate channels to the Commissioner of Patents and
Trademarks, for recording, all Government interests in patents or applications for patents.

 

ARTICLE 12. Data Rights

 

A. All data generated in connection with the performance of
this Agreement, or that arises out of the use of any materials or enabling technology provided or used by the Awardee in the performance
of this Agreement, whether conducted by the Government or the Awardee (collectively, the “Study Data”), shall be owned
by the Awardee. Subject to Article 10, the Government shall have the right to use, modify, reproduce, release, perform, display,
or disclose data first produced in the performance of this Agreement within
the Government and otherwise for “Unlimited rights,” as this term is defined in DFARS 252.227- 7013(a)(16). The Government
may, under a separate agreement or by modification to this agreement and on terms mutually agreeable to the Government and the
Awardee, obtain any rights to use or disclose the Awardee’s material or data to the extent that such material or data was
produced outside the scope of this Agreement.

 

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Notwithstanding the above, as a result of this Agreement, the
Government shall obtain “Unlimited rights,” as this term is defined in DFARS 252.227-7013(a)(16) specific to any data
generated under this agreement.

 

B. The Awardee agrees to retain and maintain in good condition
until [***] after completion or termination of this Agreement, all data generated under this Agreement. In the event of exercise
of the Government’s rights as potentially granted under paragraph 2.C, the Awardee agrees to deliver at no additional cost
to the Government, all data, in Awardee’s possession and developed under this Agreement, necessary to develop the Prototype
within [***] from the date of the written request.

 

C. Marking of Data: The Awardee will mark any data delivered
under this Agreement with the following legend:

 

“Use, duplication, or disclosure is subject to the restrictions
as stated in Agreement No. W911QY-20-9-0019 between the Government and the Awardee.”

 

Any rights that the Awardee or the Government may have in data
delivered under this Agreement, whether arising under this Agreement or otherwise, will not be affected by Awardee’s failure
to mark data pursuant to this Article.

 

Any distribution markings shall be established by the Government
Project Manager and incorporated prior to distribution.

 

D. ll Technical Data and Software (each term as defined under
DFARS 252.227- 7013) which shall be delivered under this Agreement with less than unlimited rights shall be identified in reasonable
specificity and particular rights granted (Government Purpose, Limited or Restricted (all as defined in DFARS 252.227-7013)) prior
to entering into the Agreement. All other Technical Data and Software developed under funding of this agreement shall be delivered
with unlimited rights as provided for within this Article.

 

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ARTICLE 13. Regulatory Rights

 

The Parties will evaluate the regulatory framework for the Prototype
Project, including the need for Awardee to secure a Transfer of Regulatory Obligations or other authorization from the regulatory
Sponsor of a product regulated by the FDA; the possibility of Awardee serving as Sponsor of any necessary regulatory filings with
the FDA; and the need for one or more of the Parties to enter into other agreements to secure access to intellectual property or
regulatory information necessary to perform the research. These terms, along with other material terms of Awardee’s engagement,
shall be formalized either in the Statement of Work, or under a separate agreement.

 

The Prototype Project may include research with investigational
drugs, biologics or medical devices that are regulated by the U.S. Food and Drug Administration (FDA) and require FDA pre-market
approval or clearance before commercial marketing may begin. The Parties anticipate that for the Prototype Project contemplated
under this Agreement, Awardee will serve as the Sponsor of the Regulatory Application (an investigational new drug application
(IND), investigational device exemption (IDE), new drug application (NDA), biologics license application (BLA), premarket approval
application (PMA), or 510(k) pre-market notification filing (510(k)) or another regulatory filing submitted to FDA) that will control
research under this agreement. However, in some cases, the Government may serve as the regulatory Sponsor for research conducted
under this Agreement; and in other cases, the research may not be subject to FDA oversight, and therefore there will be no regulatory
Sponsor. The Government may serve as the regulatory Sponsor for research conducted under this Agreement; and in other cases, the
research may not be subject to FDA oversight, and therefore there will be no regulatory Sponsor.

 

The Senior Director Medical Regulatory (SDMR) is the JPEO-CBRND
representative for all regulatory and quality activities. The Awardee shall coordinate with the SDMR prior to communicating or
meeting with the FDA, or other regulatory authorities, as appropriate. The Awardee shall invite the SDMR to all FDA meetings and
regulatory discussions applicable to this Agreement.

 

In the event Awardee serves as regulatory Sponsor for the Prototype
Project, the Awardee agrees to the following:

 

A.       The Awardee will
provide to the Government all data including top-line summaries and key conclusions from all studies supporting the regulatory
filing and commercial approval to the extent that such data, summaries, and conclusions are funded by this Agreement. In addition,
the Awardee will offer the Government the opportunity to review and provide comments on a final draft of regulatory submissions
which include data funded by this Agreement. The Government will review any such submissions promptly upon receipt. The Awardee
will reasonably consider any comments provided by the Government, and prior to submission will provide notification to the Government
of any additional edits or revisions. The Contractor will keep the Government apprised of planned FDA meetings and post-meeting
outcomes relating to activities funded by this Agreement.

 

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B. Communications. The Awardee shall provide the Government
with all material communications and summaries thereof, both formal and informal, to or from FDA, regarding the Prototype Project
within [***], and ensure that the Government representatives are invited to participate in any formal or informal Sponsor meetings
with FDA. Awardee shall (1) ensure that the Government representatives are consulted and are invited to participate in any formal
or informal Sponsor meetings with FDA related to the Technology; and (2) notify the FDA that the Government has the right to discuss
with FDA any development efforts regarding the Prototype Project.

 

C. Material non-compliance with section A. or B of this Article
11. may result in termination of the Agreement.

 

D. Product Development Failure. Certain product development
failures may trigger certain remedies in Section “de.” below for the Government advanced developer funding the development
of the Prototype Project. This remedy is not available to the Government for any cause outside of the following:

 

1. if this agreement is terminated for nonperformance; or

 

2. the Awardee gives notice, required to be submitted to the
Government no later than [***], of any formal management decision to terminate a product development effort, or to file for Federal
bankruptcy protection.

 

e. If any of the product development failures listed in section
 “d” occur, the Awardee, upon the request of the Government:

 

1. Shall transfer possession, ownership and sponsorship or holdership
of any Regulatory Application (including any associated expedited review designation, priority review voucher, or marketing exclusivity
eligibility or award), regulatory correspondence, and supporting regulatory information related to the Prototype Project to the
Government or its designee;

 

2. Shall inform FDA of the transfer of sponsorship or holdership
of the Regulatory Application transferred under section (c)(i) above; and

 

3. Shall negotiate in good faith and upon fair and reasonable
terms a non-exclusive license to any patent, copyright, Technical Data or other intellectual property owned or controlled by the
Awardee, developed prior to or outside the scope of this Agreement that is necessary for the Government to pursue commercialization
of the Prototype Project, with a third party for sale to the Government or otherwise.

 

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f. This clause will survive the acquisition or merger of the
Awardee by or with a third party. This clause will also be included in any subcontracts/subawards relating to the development of
the Prototype Project. This clause will survive the expiration of this Agreement.

 

g. In accordance with Public Law 115-92, for any products which
Awardee serves as Sponsor, the Government may require Awardee to submit a fully executed sponsor authorization letter enabling
FDA to disclose information to JPEO CBRND EB and its government support contractors related to the IND product. JPEO CBRND EB shall
submit the executed letter to the FDA only if the IND product becomes a DoD medical product priority under Public Law 115-92, or
otherwise mutually agreed upon, and subject to modification of the Agreement.

 

h. Co-contact language - As IND sponsor, the Awardee shall submit
a letter to FDA indicating the Senior Director Medical Regulatory (SDMR) as a co-contact and that FDA is authorized to contact
SDMR for DoD regulatory/policy input as needed for prototype development effort. To the maximum extent practicable, the Government
will include the Awardee in any and all meetings and correspondence with the FDA. If it is not practicable to include the Awardee
in any interaction with the FDA, the Government will provide a summary of the interaction within [***].

 

i. The Awardee shall have its proposed animal use approved in
accordance with Department of Defense Instruction (DoDI) 3216.01, Use of Animals in DoD Programs, by a DoD Component Headquarters
Oversight Office. The Awardee shall furnish evidence of such registration and approval to the Agreements Officer before beginning
work under this agreement.

 

ARTICLE 14. Foreign Access to Data.

 

A. Export Compliance: The Parties will comply with any applicable
U.S. export control statutes or regulations in performing this Agreement.

 

ARTICLE 15. Scientific Publications and Press Releases.

 

A. The Parties shall jointly agree on a publication plan for
the Study Data derived from studies executed under this Agreement. This publication plan will identify key new Data to be disclosed
or presented and the target date for finalizing any related scientific abstract or manuscript. As part of its Quarterly Program
Reviews, the Awardee will share the publication plan with the Government. Any publication plan will allow either party a [***]
to file any patent applications it deems appropriate prior to any public disclosure of Study Data or OTA Inventions.

 

B. The Parties will jointly develop each abstract or manuscript
and agree on the authorship and the content of the final draft to be submitted; provided that authorship for each abstract and
manuscript will be determined based on whether a particular individual made a significant contribution to the conceptualization,
design, execution, or interpretation of a research study, as authorship is defined in the fifth edition of the Guidelines and
Policies for the Conduct of Research in the Intramural Research Program at NIH, available at: https://oir.nih.gov/sites/default/files/uploads/sourcebook/documents/ethical_conduct/guidelines-conduct_research.pdf.

 

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C. Prior to submission for publication, the Parties shall provide
drafts of proposed publications to the authors of such publications for review and comment, and shall provide copies to non-authors
for viewing purposes. Review periods are [***] for abstracts, or less than [***] if agreed by Project Managers and in order to
meet publication submission deadlines. Review periods are [***] for manuscripts. Contributing parties shall be appropriately accredited
in any publication.

 

D. The Parties will jointly agree on whether to issue one or
more press releases related to the resulting Data. If all Parties agree that one or both Parties will issue a press release, each
Party will also have the right to review and agree on the content in advance of its publication. Other parties, if any, contributing
to the studies, will have review rights and will be appropriately accredited in the press release. For data generated in studies
executed by Awardee outside the scope of this Agreement, the Awardee, at its sole discretion, may issue a press release related
to such data.

 

ARTICLE 16. Miscellaneous Clauses.

 

A. No Consent. Nothing in
the terms of this Agreement constitutes express or implied Government authorization and consent for Awardee or its subawardee (s)
to utilize, manufacture or practice inventions covered by United States or foreign patents in the performance of work under this
Agreement.

 

B. Patent Infringement. Each Party will advise
the other Party promptly and in reasonable written detail, of each claim or lawsuit of patent infringement based on the performance
of this Agreement. When requested by either Party, all evidence and information in possession of the Party pertaining to such claim
or lawsuit will be provided to the other at no cost to the requesting Party.

 

C. Limitation of Liability. In no event will either
Party be liable to the other Party or any third party claiming through such Party for any indirect, incidental, consequential or
punitive damages, or claims for lost profits, arising under or relating to this Agreement, whether based in contract, tort or otherwise,
even if the other Party has been advised of the possibility of such damages.

 

D. Disclosure of Information. Subject to Article
10, the Awardee shall not release to anyone outside the Awardee’s organization any unclassified information, regardless
of medium (e.g., film, tape, document), pertaining to any part of this Agreement or any program related to this Agreement, unless
(i) the OTAO has given prior written approval or (ii) the information is otherwise in the public domain before the date of release.
For purposes of this clause, Awardee’s Organization includes entities identified as Collaborators in Appendix A Table 1.

 

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E. Force Majeure. Neither Party will be liable
to the other Party for failure or delay in performing its obligations hereunder if such failure or delay arises from circumstances
beyond the control and without the fault or negligence of the Party (a Force Majeure event). Examples of such circumstances are:
pandemic, authorized acts of the government in either its sovereign or contractual capacity, war, insurrection, freight embargos,
fire, flood, or strikes. The Party asserting Force Majeure as an excuse must take commercially reasonable steps to minimize delay
or damages caused by unforeseeable events.

 

F. Essential Critical Infrastructure. The Government
expressly designates Awardee, for entire duration of this Agreement, as performing work on Essential Critical Infrastructure pursuant
to the U.S. Department of Homeland Security guidance and applicable U.S. Department of Defense guidance. See, e.g., https://www.dhs.gov/coronavirus/cybersecurity-and-critical-infrastructure.

 

G. Severability. If any provision of this Agreement,
or the application of any such provision to any person or set of circumstances, is determined to be invalid, unlawful, void or
unenforceable to any extent, the remainder of this Agreement, and the application of such provision to persons or circumstances
other than those as to which it is determined to be invalid, unlawful, void or unenforceable, will not be impaired or otherwise
affected and will continue to be valid and enforceable to the fullest extent permitted by law.

 

H. Choice of Law.
This Agreement and the resolution of disputes hereunder will be governed, construed, and interpreted by the statutes, regulations,
and/or legal precedent applicable to the Government of the United States of America. Unless explicitly stated, the Parties do
not intend that this Agreement be subject to the Federal Acquisition Regulation either directly or indirectly or by operation
of law. When a specific FAR requirement is incorporated by reference in this Agreement, the text of the clause alone will apply
without application or incorporation of other provisions of these regulations.

 

H. Order of Precedence. In the event of a conflict between
the terms of this Agreement and the attachments incorporated herein, the conflict shall be resolved by giving precedence in descending
order as follows: (i) the Articles of this Agreement, and the Appendices to the Agreement.

 

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ARTICLE 17. Human Subjects.

 

(a) Definitions. As used in this clause -

 

(1)       Assurance of compliance
means a written assurance that an institution will comply with requirements of 32 CFR Part 219, as well as the terms of the assurance,
which the Human Research Protection Official determines to be appropriate for the research supported by the Department of Defense
(DoD) component (32 CFR 219.103).

 

(2)       Human Research
Protection Official (HRPO) means the individual designated by the head of the applicable DoD component and identified in the component’s
Human Research Protection Management Plan as the official who is responsible for the oversight and execution of the requirements
of this clause, although some DoD components may use a different title for this position.

 

(3)       Human subject means
a living individual about whom an investigator (whether professional or student) conducting research obtains data through intervention
or interaction with the individual, or identifiable private information (32 CFR 219.102(f)). For example, this could include the
use of human organs, tissue, and body fluids from individually identifiable living human subjects as well as graphic, written,
or recorded information derived from individually identifiable living human subjects.

 

(4)       Institution means
any public or private entity or agency (32 CFR 219.102(b)).

 

(5)       Institutional Review
Board (IRB) means a board established for the purposes expressed in 32 CFR Part 219 (32 CFR 219.102(g)).

 

(6)       IRB approval means
the determination of the IRB that the research has been reviewed and may be conducted at an institution within the constraints
set forth by the IRB and by other institutional and Federal requirements (32 CFR 219.102(h)).

 

(7)       Research means
a systematic investigation, including research, development, testing, and evaluation, designed to develop or contribute to generalizable
knowledge. Activities that meet this definition constitute research for purposes of 32 CFR Part 219, whether or not they are conducted
or supported under a program that is considered research for other purposes. For example, some demonstration and service programs
may include research activities (32 CFR 219.102(d)).

 

(b)       The Awardee shall
oversee the execution of the research to ensure compliance with this clause. The Awardee shall comply fully with 32 CFR Part 219
and DoD Instruction 3216.02, applicable DoD component policies, 10 U.S.C. 980, and, when applicable, Food and Drug Administration
policies and regulations.

 

(c)       The Awardee shall not commence performance of research involving
human subjects that is covered under 32 CFR Part 219 or that meets exemption criteria under 32 CFR 219.101(b), or expend funding
on such effort, until and unless the conditions of either the following paragraph (c)(1) or (c)(2) have been met:

 

    27

     

    

 

(1)       The Awardee furnishes
to the HRPO, with a copy to the Agreements Officer, an assurance of compliance and IRB approval and receives notification from
the OTAO that the HRPO has approved the assurance as appropriate for the research under the Statement of Work and also that the
HRPO has reviewed the protocol and accepted the IRB approval for compliance with the DoD component policies. The Awardee may furnish
evidence of an existing assurance of compliance for acceptance by the HRPO, if an appropriate assurance has been approved in connection
with previous research. The Awardee shall notify the OTAO immediately of any suspensions or terminations of the assurance.

 

(2)       The Awardee furnishes
to the HRPO, with a copy to the OTAO, a determination that the human research proposed meets exemption criteria in 32 CFR 219.101(b)
and receives written notification from the OTAO that the exemption is determined acceptable. The determination shall include citation
of the exemption category under 32 CFR 219.101(b) and a rationale statement. In the event of a disagreement regarding the Awardee’s
furnished exemption determination, the HRPO retains final judgment on what research activities or classes of research are covered
or are exempt under the agreement.

 

(d)       DoD staff, consultants,
and advisory groups may independently review and inspect the Awardee’s research and research procedures involving human subjects
and, based on such findings, DoD may prohibit research that presents unacceptable hazards or otherwise fails to comply with DoD
procedures.

 

(e)       Failure of the Awardee to comply with the requirements of
this clause will result in the issuance of a stop-work order to immediately suspend, in whole or in part, work and further payment
under this Agreement, or will result in other issuance of suspension of work and further payment for as long as determined necessary
at the discretion of the OTAO.

 

(f)       The Awardee shall include the substance of this clause,
including this paragraph (f), in all subcontracts that may include research involving human subjects in accordance with 32 CFR
Part 219, DoD Instruction 3216.02, and 10 U.S.C. 980, including research that meets exemption criteria under 32 CFR 219.101(b).
This clause does not apply to subcontracts that involve only the use of cadaver materials.

 

    28

     

    

 

Appendix A

Statement of Work

 

[***]

 

    29

     

    

 

Appendix B

Project Schedule/Milestone Payment Schedule

 

[***]

  

    30

     

    

 

Appendix C

Key Personnel

 

[***]

 

    31

     

    

 

Appendix D

Government Property

 

[***]

 

    32

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